Warning: Undefined variable $custom_content in /home4/comcompare/public_html/mortgagenews/wp-content/plugins/code-snippets/php/snippet-ops.php(582) : eval()'d code on line 7
Last updated on February 3rd, 2021 at 11:28 am
Realtor.com recently looked at the numbers on listings, sales prices, and Days on Market and according to their report, “nearly 400,000 fewer homes have been listed compared to last year, leaving a gaping hole in the U.S. housing inventory.
As a result, home prices are accelerating at double last year’s pace while homes sell 12 days faster than last year, on average.”
Realtor.com’s Director of Economic Research Javier Vivas noted that “In a normal year as you reach October that line of buyers has eased.
These are not normal times and we are continuing to see that line of buyers increase while some sellers are reluctant to list their properties.
Selling your home and moving in a pandemic is impacting sellers from listing their homes.”
The low mortgage rates and the trend of working from home, has led many buyers to bid higher than the asking price.
According to the stats and facts from realtor.com, homes on the market lag far behind the inventory of 2019. “Since mid-March (the beginning of the COVID pandemic), a total of 2.91 million unique properties have been put on the market for sale.
Which are approximately 390,000 fewer homes than the 3.30 million listed during the same period last year.”
For the week ending September 19, year-over-year homes on the market fell 39 %.
Because of the major decline in inventory, the median listing prices for that week increased 11 % compared to last year.
Vivas said, “The historically low mortgage rates have buyers lining up who are willing to circumvent obstacles better than sellers can.”
The popular Boston metro area’s median listing price increased by 15.4%. Total listings declined by 34.6 % while homes sold 17 days faster year over year.
In the desirable close-in suburb of Brookline known for its highly rated school system, new construction in a “landmark” building of 1,534 square feet 2-bedroom 2-bath condo on the main street is currently listed for $1,450,000 and it probably won’t last long in the market.
Pittsburgh still considered an affordable market continues to become more desirable. Median listing year-over-year prices were up 23% while listings were down 35.7%.
Buyers moved fast resulting in listings selling 10 days faster than last year. Carrie Holverson and her husband Harry retried to Pittsburgh four years ago from California. They purchased a condominium in downtown.
“I’m so glad we bought when we did. I love seeing Pittsburgh come alive,” Holverson said. “Our daughter moved here recently.
She’s looking to buy her first home which she never even entertained buying in Northern California. She can get a nice home here for $200,000 or less,” Holverson adds.
The listing price for an updated brick townhouse of 1,206 square foot home is $229,500 in Pittsburgh now has a contingent offer after only three days on the market.
“As we are moving the fourth quarter we still are looking at more buyers and fewer sellers,” tells the report.
