Looking at Newly Released Stats—a LOT Changed in February

Some market updates whisper; February’s data for Greater Greenville spoke plainly. The newest GGAR release showed a market shaking off winter, correcting unrealistic pricing, and settling into something that looks a lot like normal. The episode lays out what moved (and what didn’t), why certain numbers appear “off” at first glance, and how to read February without overreacting to headlines.

Newly Released Stats Reveal in Greenville

Newly Released Stats Reveal: The episode walks through the latest GGAR tables with a clear caveat: February’s snapshot includes figures that are routinely revised a month later. Even so, several themes come through—stable listing flow, improving contract activity compared to late 2022, and buyers/sellers learning the “new dance” of a post-frenzy market.

New listings: steady, not surging

February posted 1,456 new listings, essentially flat versus 1,468 a year earlier. After stretches of YOY declines last fall, January briefly turned positive; February returned to “unchanged.” Translation: inventory relief still needs a true uptick in new supply. For sellers, flat listings mean less competition. For buyers, selection remains tighter than ideal.

Pending sales: early counts understate reality

The first print shows 784 pending for February—and that’s expected to be wrong (as usual with the most recent month). A good example: January initially showed 741 and was revised to 1,121. Using that pattern, the episode anticipates February will likely settle closer to ~1,200 pending, which would put the YOY decline nearer 10–15% (versus the deep 25–30% dips of Oct–Dec 2022). The signal: momentum at the start of 2023 resembled early 2022 more than late-2022 headlines implied.

Closed sales: pullback, but not a plunge

1,023 closings in February, down 12% from 1,162 a year prior. That’s a much smaller gap than January (–30.4%), November, or December. As contracts from early 2023 moved to closing, the episode notes a practical shift: more buyers are proceeding under the “new normal” rather than waiting for rate or price miracles.

Days on market: Overpricing is costly

The sharp mover: Days on market until sale jumped to 58 from 30 a year ago—+93.3% YOY, and up from 49 in January. The reasoning is straightforward: listings priced above market simply sit. In the prior frenzy, sellers could overshoot and still get bailed out by demand; now, even a modest overreach can stall showings and offers. Well-priced, well-marketed homes in bread-and-butter areas are still finding buyers in weeks, not months.

Median price: essentially flat, and that matters

The median rose by only $100 YOY—$289,900 → $290,000—effectively flat. Because the median avoids skew from a few luxury sales, it’s the better gauge here. The episode’s working threshold to watch is $285,000: dipping below that would imply a drop beyond normal seasonality. February, at $290,000, is the lowest in roughly a year—but could be the near-term bottom if spring pipelines keep feeding contracts. Seasonality still applies: medians typically crest in spring/summer, soften in fall/winter, then climb again.

Percent of list received: back to earth, in a good way

After the 2021–2022 stretch of consistent >100% outcomes, February sat at 97.8% of the list price received (the same as January), a level comparable to pre-pandemic norms. Negotiation is alive again. Sellers shouldn’t expect automatic premiums; buyers shouldn’t expect fire-sale discounts. It’s balanced by comparison to the frenzy.

Affordability and rates: a small lift despite higher costs

The Housing Affordability Index ticked up from 79 → 82 in February. Even with stubborn rates, the episode notes mortgage indices eased a bit after early-March bank turmoil, which could help the March print as well—depending on how prices behave.

Inventory and months of supply: higher, but still low

Total inventory surged to 3,466 from 1,416 a year ago (+144.8% YOY). Context matters: even there, it’s still below typical pre-pandemic levels. Months’ supply read 2.8 for February (likely to be revised nearer to ~2.5). That remains a seller’s market by the traditional six-month yardstick (the episode even floats that the post-pandemic “buyer’s market” line may live lower than six months now, though that broader debate is set aside here).

Price bands: mid- to upper-tiers pulled more weight

Closings grew in several brackets:

• $500k–$750k: +31.3% YOY

• $1M+: +19.5% YOY

• $350k–$500k: +19.2% YOY

• $250k–$350k: +4.9% YOY The only down bracket cited: $750k–$1M (–5.5%), likely a function of limited availability rather than demand collapse. Another nuance: “fixer-upper” pricing is normalizing; buyers want a real discount when the condition requires work, which also tugs on median behavior.

Reading February without overreading it

Two things can be true at once:

1. Compared with late-2022, the market tone improved—pending and closed declines shrank, and buyer activity looks more routine.

2. It’s still not a breeze—overpricing pushes DOM up, selection isn’t lush, and rates aren’t back to ultra-low.

   
   

Put differently: February looked less like a cliff and more like a landing. And the newly released February Greenville stats suggest that as sellers and buyers recalibrate, the system functions better: realistic pricing, normal negotiation, and steadier pipelines.

What buyers and sellers can take from this

For sellers:

• Pricing precision matters. Overshooting even 3–5% can add months to the DOM.

• Expect offers around ~98% of the list in many cases, with occasional concessions in play.

• If the condition is “project-heavy,” pricing must reflect it; buyers won’t pay top-of-market for a fixer.

  
  

For buyers:

• Inventory is higher than last year but still thin; be ready when the right fit appears.

• Look closely at stale listings—some are simply mispriced rather than flawed.

• Pending revisions imply more real activity than the initial print suggests; competition exists, just not the 2021 style.

  
  

For everyone watching medians:

• Keep an eye on $285,000 as a practical line in the sand for non-seasonal softening.

• Seasonality still rules. If the spring/summer peak fails to top last year, that’s a different conversation; if it does, February likely marked the trough.

Watch Or Listen To The Selling Greenville Podcast

Subscribe to the Selling Greenville podcast for real-time insights, bold perspectives, and unfiltered takes on the Upstate housing scene. Whether you’re buying, selling, or simply watching the market unfold, this is where Greenville goes to stay informed.

Bottom Line

The newly released February Greenville stats depict a market moving from shock to structure. Listings held steady, closings steadied, and percent-of-list slid back to normal. Days on market rose for overpriced homes—an expected and healthy correction. The median price was essentially flat, with spring likely to decide whether February was the local low.

It’s not 2021, and that’s okay. February’s read shows a functioning market—one where realistic pricing, clear marketing, and timely decisions win. If the spring pattern lifts medians and revised pendings land near expectations, the path ahead looks busy, not bubbly.

Ien Araneta

Journal & Podcast Editor | Selling Greenville