Ready? Get set? Let's first go look at those boiling-hot metros where homes spendthe least time on market. Why do home buyers and sellers
alike track days-on-market stats every bit as obsessively as money managers fixate on the Dow, baseball fans on weight-on-base averages, or 'Bachelor' fans on ambush breakups? Well, it all depends on which side of the sales aisle you're on.
Sellers, of course, want their homes to move to closing as quickly as possible, maybe even spurring a sweet price war en route. Buyers, on the other hand, are eager to avoid said price wars and maybe even have a bunch of different homes to choose from.
But contrary to what you might assume from reading real estate news headlines,there are metro areas where homes aren't being snapped up at a breakneck pace.It's a big country, after all. So we got curious. What could we learn from how long homes spend on the market in different metros?
The realtor.com® team of data wizards set out to learn where 'For Sale' signs are coming down about as quickly as Tickle Me Elmo toys flew off the shelves circa 1996—and where abodes are taking the longest to sell. It turns out, those two opposing lists portray clashing versions of America's real estate market today.
3. Salt Lake City, UT
Median days on market: 38.2
Median list price: $372,450
Salt Lake City homes
People are flocking to Utah, particularly Salt Lake City, like luna moths to flame.
That’s probably because the economy is booming with one of the lowest unemployment rates in the U.S., ringing in at just 2.7% in December 2017, according to the U.S. Bureau of Labor Statistics. That's leading to plenty of transplants. The city is expected to gain an additional 600,000 residents over the next 50 years, according to a University of Utah research brief.
Pair that with a relatively low cost of living, compared with some of the other cities on our list, a great public transportation system, and nearby ski slopes, and you have yourself a great big shortage of homes for sale.
“Anything under $350,000 is selling pretty easily,” She listed one home just outside the city limits for about $285,000. Within a few days, she had three offers at $300,000. “We have zero days on market with some places—no sign even goes out because it's already gone.”
Buyers and sellers, take note(s)!
“That info can give home buyers an idea of how much competition they face, how limited homes are in the market, and how quickly they need to make a decision if they find a home they like,” says Chief Economist Danielle Hale of realtor.com.
And sellers can get a reality check about how long their home should spend on the market—if it's priced right and in good condition.
'It helps them get an idea of how long they have to move somewhere else,” Hale says. “In a really hot market, you can probably sell your home without making updates. But if you make updates, your home is more competitive.”
Nationally, the median number of days on the market is falling—there are too many buyers and not enough properties for sale, particularly in booming tech hubs. It hit a low of 60 days in the high-home-buying season of both May and June 2017, according to realtor.com data. That's down from 89 days in June 2012. (Our data go back only to May 2012.)
To figure out where these home-buying headaches are the worst (or are relatively painless), we looked at the median number of days that for-sale homes in the 300 largest metros spent on market from February 2017 through January 2018.* We limited our rankings to just one metro per state to ensure some geographic diversity.
Where They're Lingering Longest
Rounding out the metros with the fewest median days on the market are Portland, OR (44.3); Boise, ID (46); Sioux Falls, SD (46.8); Omaha, NE (47.2); and Minneapolis (47.3).
Need to slow down a bit? Let's take a look at the other end of the market, where homes are taking the longest to sell.
Take your time: Where homes sit on the market the longest
Sellers, of course, want their homes to move to closing as quickly as possible, maybe even spurring a sweet price war en route. Buyers, on the other hand, are eager to avoid said price wars and maybe even have a bunch of different homes to choose from.
But contrary to what you might assume from reading real estate news headlines,there are metro areas where homes aren't being snapped up at a breakneck pace.It's a big country, after all. So we got curious. What could we learn from how long homes spend on the market in different metros?
The realtor.com® team of data wizards set out to learn where 'For Sale' signs are coming down about as quickly as Tickle Me Elmo toys flew off the shelves circa 1996—and where abodes are taking the longest to sell. It turns out, those two opposing lists portray clashing versions of America's real estate market today.
Median days on market: 38.2
Median list price: $372,450
Salt Lake City homes
People are flocking to Utah, particularly Salt Lake City, like luna moths to flame.
That’s probably because the economy is booming with one of the lowest unemployment rates in the U.S., ringing in at just 2.7% in December 2017, according to the U.S. Bureau of Labor Statistics. That's leading to plenty of transplants. The city is expected to gain an additional 600,000 residents over the next 50 years, according to a University of Utah research brief.
Pair that with a relatively low cost of living, compared with some of the other cities on our list, a great public transportation system, and nearby ski slopes, and you have yourself a great big shortage of homes for sale.
“Anything under $350,000 is selling pretty easily,” She listed one home just outside the city limits for about $285,000. Within a few days, she had three offers at $300,000. “We have zero days on market with some places—no sign even goes out because it's already gone.”
Buyers and sellers, take note(s)!
“That info can give home buyers an idea of how much competition they face, how limited homes are in the market, and how quickly they need to make a decision if they find a home they like,” says Chief Economist Danielle Hale of realtor.com.
And sellers can get a reality check about how long their home should spend on the market—if it's priced right and in good condition.
'It helps them get an idea of how long they have to move somewhere else,” Hale says. “In a really hot market, you can probably sell your home without making updates. But if you make updates, your home is more competitive.”
Nationally, the median number of days on the market is falling—there are too many buyers and not enough properties for sale, particularly in booming tech hubs. It hit a low of 60 days in the high-home-buying season of both May and June 2017, according to realtor.com data. That's down from 89 days in June 2012. (Our data go back only to May 2012.)
To figure out where these home-buying headaches are the worst (or are relatively painless), we looked at the median number of days that for-sale homes in the 300 largest metros spent on market from February 2017 through January 2018.* We limited our rankings to just one metro per state to ensure some geographic diversity.
Where They're Lingering Longest
Rounding out the metros with the fewest median days on the market are Portland, OR (44.3); Boise, ID (46); Sioux Falls, SD (46.8); Omaha, NE (47.2); and Minneapolis (47.3).
Need to slow down a bit? Let's take a look at the other end of the market, where homes are taking the longest to sell.
Take your time: Where homes sit on the market the longest
No comments:
Post a Comment