Kernersville Market Report – 2nd QTR 2020

The Average Sales Price for Single-Family Homes in this market is $ 262,676.  This is an increase of 9.1% from the 2nd QTR in 2019.  For Townhome Listings, the Average Sales Price s $226,521.  This is an increase of 33.7% from the 2nd QTR in 2019.

At the end of the 2nd QTR 2020, there are 227 Single-Family homes and 31 Townhomes pending in Kernersville, NC.

At the end of June, there are 114 Single-Family Homes and 45 Townhomes still available for sale.

In the 2nd QTR 2020, Sellers were receiving 99.5% of their list price for Single-Family Homes and 99.3% of their list price for Townhomes.

A total of 240 Single-Family properties closed during the 2nd QTR in 2020.  This is a slight increase of .8% from 2019 when there were 238 closings.

A total of 24 Townhomes closed during the 2nd QTR in 2020.  This is a decrease of 7.7% from 2019 when there were 26 closings.

Of the Single-Family Homes closed, 210 were under contract the first 30 days on the market. The most active price point is in the $200,000 to $299,999 range which made up 43% of the closed properties in the 2nd QTR 2020.

Analysis of the absorption rate indicates an inventory of 1.4 months for Single-Family homes and 4.7 months inventory for Townhomes in the Kernersville Real Estate Market.

The economic principles of supply and demand determine the price of a product.  In Real Estate, the Supply is the available Inventory of Homes for Sale and Demand is the number of active buyers in the market looking to purchase a property.

Across the U.S. real estate markets, there has been a shortage of inventory for several years and at the same time heavy buyer demand.  These economic factors have created multiple offer situations and driven up home prices.  We will continue to be in a Seller’s Market until the supply of homes comes back to more normal levels.

Below are 2 interactive charts showing the Inventory of Homes and Median Sales Price for Single-Family Homes in Kernersville, North Carolina.  You can scroll over the charts to see monthly data points.  As you can see, the supply of homes has been shrinking drastically, especially in the last five years because of high buyer demand.

Inventory Levels

Median Sales Price

The Shiloh Community is located off of Hwy 68 North in Guilford County with a Kernersville postal address.  Construction began in 2018 and continues in 2020.  Most of the properties are 2 stories and feature 2 car garage spaces.  Three or Four bedroom models are available.  Homes are built on a crawl space foundation.

Current list prices range from $389,000 to $409,000.

The typical lot size is around .47 acre.  Schools serving the community are Stokesdale Elementary, North West Middle School, and North West High School.

There is a Homeowner’s Association.  The HOA dues are $250 paid annually.

The Kernersville Real Estate Market has adjusted to the restrictions in place with COVID-19.  Houses are still being shown and going under contract at a brisk pace.

For Buyers

Serious buyers wanting to take advantage of the low mortgage rates need to make buying a home their #1 priority.   Buyers need to sign up to be alerted by text and email when a new listing matches their criteria.  An appointment needs to arranged immediately to view the property.

For Sellers

When reviewing multiple offers on your home, besides the price offered, consider all the terms, the amount of the buyer’s down payment, settlement date, and contingencies.  Make sure the potential buyer is preapproved, or if paying cash, you have received a proof of funds letter.  After looking at all the offers, consider the one that best suits your needs.

If you have offers that are close to what you want, you might ask your listing agent to contact their agents to see if those buyers would be willing to write a back-up offer.  That way, if something happens with the first contract, there is already another contract in place to step in.