Housing inventory is at its lowest point in 13 years and the median time a property stays on the market is at a record low. Apparently, we are in the midst of a buying frenzy. If you have a property to flip, hooray!
Many of you with properties to sell realize, however, that housing prices have still not come back to where they were five years ago. You may be able to sell faster, but still not be able to ask the price you wish you could get.
Reporting agencies who keep track of this sort of thing, are saying that buyer traffic is up 40 percent over this time last year. The median price of a home in the U.S. is $184,000 or almost 12 percent higher than in March 2012. In 2008, however, the median U.S. housing price was $232,000 according to the U.S. census.
According to the National Association of Realtors, in 2012 a property sat on the market an average of three months. Today that number has dropped to only two months.
How do these number effect you? Are you buying? Selling? Working with a buyer or seller?
For our companies, even the rental business is faster – homes listed for rent are filling much faster than they did 12 months ago, and we’re more quickly acquiring properties to add to our rental inventory.
This appears to be good news for all of us and for our economy overall. How is this impacting you and your business?