I agree with @Jonathan Twombly about the Class A MFRE. The market here in the Upstate is being saturated with high end condos in the heart of downtown. The demand seems to be there because these multi-family units are selling pretty quick. Land areas in the West End of downtown Greenville are being bought up and higher-end condos are being built. Price ranges from $400k-700k. Kind of ridiculous in my opinion, but like I said, the demand is there. Will it be oversaturated........only time will tell.
As far as SFR goes......buyer demand is high and inventories are low. We currently have a 6 month supply of inventory. If a property is priced accordingly and marketed well, it's under contract fairly quick! I'm working with about 4-5 clients right now that are frustrated because once they see a property they like, it's under contract. I've informed my out of state clients that if they see something they like, it will most likely be gone by the time they get down here to view the property. Median sales prices are up +7.6% ($170,000) and avg sales prices are up +5% ($201,419).
Another thing that's crazy about the market here is the bank owned properties aren't budging one bit. I'm working with a few investors now that want to buy up these foreclosure/bank owned properties and the banks don't want to sell for anything less than the price they have it listed at. Some of these properties are listed at market value or $10-20k below. It doesn't leave much room to make a profit if you buy them for what the banks are currently asking.
