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Flying Off the Shelves -- Three Major Markets Where Homes are Selling in Under Two Weeks |
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Flying Off the Shelves -- Three Major Markets Where Homes are Selling in Under Two Weeks
RENO, NV--(Marketwired - March 27, 2017) - The spring season's residential real estate rush is approaching fast. However, national home price growth remains chilly, but a warmer spring demand will require informed, fast-acting and well-positioned buyers. Median marketing time -- measured by days on market (DOM) -- has been steadily decreasing nationwide since the trough of the market five years ago. The national median DOM is hovering around the 6 week mark at 43 days for performing properties, a decrease of roughly half from the peak of 85 days in January 2012. Today, three markets have been consistently selling fair market homes in under two weeks all winter -- Raleigh, Lincoln, and Denver -- nearly a month faster than the national rate. There are another five major markets -- Portland, San Francisco, Fresno, San Jose, and Seattle -- where homes are consistently selling in less than three weeks. These markets are located in the West, where price growth has continued to outpace the rest of the nation for several years and affordability remains a top concern. National first quarter price growth is stable at 0.9%, where it has hovered since last November. Quarterly growth is relatively homogeneous with all regions reporting quarterly growth between 0.8% and 1.0%. The West is still edging out the rest of the nation in QoQ growth. San Antonio is now the nation's fastest growing major metropolitan market. Prices are increasing at the rate of 1.8% per quarter -- twice as fast as the national average. Jacksonville is close behind at 1.7% QoQ growth, jumping up a half percentage point from 1.2% since just last month. Nashville, Fresno, and Portland round out the top 5 fastest growing markets at the 1.6% quarterly growth mark. San Jose, on the opposite end of the spectrum, continues to tread water as the least performant major market in the nation with zero recorded growth over the last quarter. Home price growth in the east-coast market of Baltimore has rapidly decreased from 1.0% to 0.2% in just the last month -- the nation's largest single-month change. "Along with an increase in temperatures, the spring season also brings out the buyers and an increase in demand to the housing market, which most often translates to faster price growth and a decrease in marketing times," states Alex Villacorta, Ph.D., Vice President of Research and Analytics at Clear Capital. "But what's great news for homeowners -- particularly those looking to get out of negative equity or sell outright -- is unfortunately bad news for prospective buyers. This springtime uptick in demand is likely to put buyers in a major time pinch in areas where marketing time is already lightning fast. This situation coupled with the already precarious affordability situation for buyers can lead to a self-fulfilling prophecy of sorts for the market as a whole, one where buyers rush to purchase homes at or above asking price in fear of waiting too long and losing out -- pushing prices up and pulling marketing times even lower. Buyers will need to remain vigilant this spring and constantly keep their eyes peeled for new supply entering the market, and most importantly be wary of rushing to purchase at sky-high prices. "
View More : http://www.marketwired.com/mw/release.do?id=2205337&sourceType=3
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