This Week in Real Estate
Lately, in all Real Estate News the focus has been around the shortage of inventory and how the Market is in almost full recovery mode. In California, the number of homes listed for sale has shrunk an average of 48% since last year. According to the latest data from Realtor.com, the average time a home in California stays on the market is 31 days, down 53% from last year. Nationwide, the median age of a home listing was 98 days. Of the 146 markets surveyed, home prices were up in 78 cities and down in 39 year over year. Shortage of homes to buy may last another year, but by 2014 the shortage will decrease. These statistics makes our team feel really good because we are way better than the average in the U.S. for days on market.
Trulia economist Jed Kolko predicts, the shortage of inventory will only last a year. He stated, “Now, the punch line: It could be at least another year until national inventory starts expanding. Of course, inventory will probably turn up this spring and summer because of the regular seasonal pattern, but the underlying trend will be less inventory than is typical for each season, not more. … Ultimately, the inventory turnaround will depend not only on how fast prices are rising, but also on whether prices will have been rising for long enough to encourage homeowners to sell and builders to build.”
Where do homes linger longer?
According to Realtor.com’s February Trend Data, most of the cities where homes stay for sale the longest are in the Northeast and in the Carolina’s.
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