GSA Daily Staff Report
Published April 12, 2010

Home sales in Greenville increased nearly 17.8% in March, compared to the same month in 2009, according to the latest data from the Greater Greenville Association of Realtors.

Sales totaled 577 for the month, up from 490 in March 2009 and from 372 in February.

Association CEO Nick Sabatine attributed the spike to an expiring federal tax credit for first-time homebuyers.

“I think there were a number of first-time homebuyers who were trying to get in under the wire, and I think that trend will continue next month,” Sabatine said.

Through April 30, first-time home buyers can receive an $8,000 tax credit, while repeat home buyers can receive a $6,500 tax credit for buying a residence.

Average sales price, meanwhile, dropped 6.4% to $168,789 during the month. The median price of a home sold in March dropped lightly, from $139,900 to $139,000. The recent peak for median price was in 2008 at $153,724.

Sabatine said prices could increase some this summer. While the tax credit for first-time homebuyers is driving sales, Sabatine said the overall real estate market seems to be improving.

Homes remained on the market in March for an average of 110 days, down from 119 days in February. A year ago, the average time on the market was 106 days.