Demand And Seller Supply For Real Estate Market

In greater comfort in eight years, the whole U.S. real estate sector is experiencing a rare balance between home buyer demand and home seller supply, according to the latest “Current Market Conditions” quarterly survey.

Only 45% of respondents reported more buyers than sellers, compared to a 61%-39% ratio six months time ago. Thirty-one percent reported more sellers than buyers; is going to be 24% said their markets are almost evenly divided. Typically the South, the Midwest, the Northeast as well as California, the buyer-seller ratio closely matches the national action figures.

National survey is a result of real estate agents in 47 states mirrors the latest monthly sales activity reported by the nation’s Association of Realtors (NAR), which estimated the nation’s associated with unsold homes available at 5.3 months for both January and February. A list of 5.5 to.0 months is considered a balanced market between sellers and buyers.

“The last time we experienced a well-balanced housing market was at January, 1998, many of us had a half-dozen.4 month supply of unsold homes,” said Walt Molony, a NAR spokesperson. “The record for budget friendly inventory was in January of 2005, when we reported a 3.7 month supply.”

There are exceptions to the latest balanced housing market reports – especially in many Western States and Alaska, where buyers still outnumber sellers with substantial margin – but overall results indicate an orderly transition to more normal housing economies. This appears to be the introduction of the ‘soft landing’ many economists are predicting for homes for sales and certainly good news for consumers and Realtors after five connected with market imbalance.

Thomas M. Stevens, NAR president, noted: “Housing is simply returning to an ordinary market. We’re still seeing double digit annual price gains but we should get down to single digit appreciation fairly soon.” Nationally, sales of existing homes rose in February following a five-month decline. The nation’s median home price for all housing types was $209,000 in February, up 10.6% from $189,000 a year in the past.

Current Market Conditions responses closely reflect local economic news and population change.

For example, Neil Kalinski of Diamond GMAC, exclusive agent for Tempe, AZ, said move-up Real Estate Agency Astoria NY are driving his market. Median home price is $260,000, up 25-30% nowadays year. He reports more buyers than sellers in this growing suburban Phoenix community and home campus for Arizona State University. Time on the sector is 30 days or less, with sellers usually getting 100% or more of asking prices. “Overall, our market has slowed somewhat. Charges are starting to level off, which must be good for both buyers and distributors.”

Helena Talbot of Talbot and Company, exclusive agent for Leesburg, Sterling, Ashburn and Dulles, VA, reported more sellers than buyers nicely median price of $400,000. Average time on the market from listing to contract is 90-120 days. Most sellers are getting really 95% of selling prices. “Our greatest activity is out of move-up buyers,” Talbot said. “Average price appreciation is up 10% to 15% in the past year.”

Saralou Durham of RE/MAX Preferred Group, exclusive agent for Montgomery, Anderson Township, Hyde Park and Mt. Adams previously Cincinnati metro area in Ohio, reported a 50-50 market between buyers and sellers. Average time on the industry is 60-90 days. Sellers are getting about 95% of asking prices, she known. Median home prices range from $181,750 to $397,500. “Exciting changes continue in Mt. Adams, meeting the requirements both young professionals and empty nesters.” She stressed the proximity to downtown business and shopping and the quality of schools.” Durham added: “Demand achievable homes is so strong that vacant lots are being purchased and old homes are being torn down to rebuild new units.”

Finally, Lonnie Maples of Realty Executives, exclusive real estate agent for Riverside, CA, reported more buyers than sellers and a good supply of carry. Median price for a house is $435,000 in this fast-growing metro environment. Appreciation is estimated at 15-20% previously year. Average time on the information mill 60 to three months. Greatest activity is from first-time buyers, he expressed. Sellers are getting at least 95% of asking price bands.

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