- Homes on the market this spring are expected to be sold within 22 days.
- Five of the 10 hottest markets are in California, with the Vallejo-Fairfield area taking the top spot.
Is a potential seller lollygagging when it comes to putting their home on the market? Or do you have a buyer who’s moving like molasses on making an offer?
Then you may want to show them realtor.com’s latest market analysis that says this spring will be the hottest buying season yet.
According realtor.com Manager of Economic Research Javier Vivas, the median days on market for homes are the lowest they’ve been since the end of the recession, despite booming prices.
“Calendars might say spring is only a week old, but we’re already in the thick of the most frenzied spring homebuying season on record,” Vivas said in a press release.
Currently, the median number of days a home stays on the market is 69 — eight days fewer than March 2015. And experts are predicting the buying market will speed up to a fever pace with homes only staying on the market for 22 days as the spring season goes into full swing.
But buyers have to be cognizant of booming home prices due to the ever present issue of low inventory, says Vivas. The median home price in March was $260,000, an 8 percent year-over-year increase.
The National Association of Realtors also predicted a robust spring buying season in their latest Pending Home Sales Index report.
“Looking ahead to the busy spring months, Yun expects to see continued ebbs and flows in activity as new supply struggles to replace listings that are going under contract at a very quick pace. This is especially the case at the lower- and mid-market price ranges, where choices are minimal and prices are being bid higher by multiple offer,” the associated noted.