What’s hot in real estate trends? Sales! With no segment hotter than the ever-dwindling starter home market. Moving at a furious pace, the 2017 spring buying season has shaped up to be uber-competitive, and the breakneck pace is the fastest seen in decades according to economic research at Realtor.com.
A Record-High Number of Buyers
With a record-high number of buyers pounding the pavement, homes are flying off the shelves. Median days on the market for homes on Realtor.com have dropped to the lowest levels since the end of the recession. One-of-three homes is selling in under 30 days nationally – 5 days faster than last year and 2 days faster than last month.
Overall, May sales maintained momentum, with homes moving 8% faster than last year. With prices reaching double-digit growth, buyers are running out of options.
A Record-Low Number of (Affordable) Homes
Can everyone say ‘supply and demand’? Residential real estate prices soared to new heights in May with for-sale inventory experiencing extremely limited growth according to Realtor.com data. And it doesn’t appear there’s an end to the inventory shortage in sight.
Nationwide median home prices broke $250,000 for the first time earlier in the spring, now reaching $275,000 – a whopping 10% higher than one year ago. This lack of affordable housing will remain a critical issue for millennials and other first-time home buyers, as well as retirees looking to downsize to urban dwellings and starter-sized homes.
What About the Spring Inventory Increase?
Real estate trends point to late spring showing a total inventory increase, with 560,000 new listings hitting the market in May. However, inventory still remains substantially lower than one year ago. That which is not priced beyond the reach of the average buyer is quickly being snatched up.
Sales smokin’ but listings burning out? Get a few tips and tricks to turn up the heat with the help of your friends at Properties Online.