December 2015 was certainly unseasonably warm through much of the nation, especially across the eastern portions. As January’s weather is regulating, real estate patterns are returning to normal as well. This means fewer properties are for sale. Also, existing listings are crawling at a snail’s pace. Fortunately, the market may be poised to spring up like planted seeds waiting for the sunshine. There are signs that buyers will pounce soon.
The initial data is showing positive growth will continue throughout the year. More and more potential buyers are searching the web for listings. It is a sign that spring and summer will be popular times for home purchases.
Now, buyers have little selection. As with the normal winter pattern, sales have slowed. However, January 2016’s median age of inventory is 100 days, which means homes are selling 4 percent faster than one year ago. The median list price is now $227,000, which is up 8 percent as well.
After identifying how many times listings have been viewed and the age of inventory in the country’s biggest markets, economists were able to pinpoint the top 20 cities enjoying the most action. In these areas, listings were viewed up to five times more than the national average and sold 30 to 50 days faster.
San Francisco led the list and joined another 10 California areas that dominated the top 20 hottest real estate markets for 2016. Nashville made the largest gain and ended in the top 10. Multiple cities in Texas and Florida made the list as well. Florida seems to be gaining momentum and may overcome California in the coming hear.