Note from Bill: Wondering what the median list price is for homes in your area? Average days on market? Which price ranges are moving fast due to low inventory? If you’re looking for specifics on anywhere in the Greater Phoenix area I’d be happy to get you those numbers. I have complete Real Estate market updates available on all Valley cities and towns. Just shoot me an email or give me a call and I’ll get that right out to you.
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Residential real estate is off to the races with spring home buying season velocity driven by strong demand, low interest rates, and slight inventory growth, according to realtor.com®’s preliminary analysis of February data. Housing inventory is moving six days faster than last year and four days faster than January. Median listing prices are also up, clocking in at $230,000 nationwide, an eight percent increase from last year and a one percent increase from last month.
“It looks like the groundhog was correct—spring is coming early this year, and not just when it comes to the weather,” says Jonathan Smoke, chief economist of realtor.com®. Early readings on February inventory and activity indicate that the spring home buying season has begun. We don’t usually see this type of acceleration until March or April. On a local level, the acceleration is really dramatic with nine of the top ten hottest markets shaving three weeks or more from their median age in January.”
The median age of inventory is now estimated at 96 days, which is down six percent year over year and four percent from January. Median listing price for February is estimated at $230,000, up eight percent year over year and one percent from January. Listing inventory is down 4 percent year over year but has begun its seasonal increase of one percent month over month.
Realtor.com®’s Hottest Markets receive two to five times the number of views per listing compared to the national average. In terms of supply, these markets are seeing inventory move 44-78 days more quickly than the rest of the US. They have also seen days on market drop by a combined average of 32 percent month-over-month or an average of 22 days.
California dominates the list again this month with eight of the top 10 markets, while Florida, Texas and Colorado feature multiple markets.
San Francisco retains the first spot this month, as California maintains its dominance with eight of the top 10 markets and the majority of the top 20. Boulder, Colorado Springs, Portland and Eureka-Arcata-Fortuna are new entrants to the top 20. Santa Cruz-Watsonville, Boulder, and Portland were the biggest gainers, moving up 11, 8, and 7 spots respectively. Colorado joins California and Florida as having multiple markets in the 20 hottest markets.
For more information, visit www.realtor.com.
Reprinted with permission from RISMedia. ©2016. All rights reserved.
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Great list if you are selling.
You’re right, it really is! And if you’re relocating or buying say a second home or investment property, a suburb of any of these cities might be a wise choice right now. As a city’s popularity increases its home prices are generally out of reach of a large portion of buyers and so the surrounding towns and cities realize the benefits of that upturn within a year or two.