Fast-Paced Luxury Sales Raise Entry-Level Price Point realtor.com | August 10, 2018
It’s a good time to be selling high-end real estate: The luxury market is posting a record number of sales, and 19 major areas also saw double-digit gains in July, according to realtor.com®’s 2018 Luxury Home Index. The index measures the entry-level luxury price tier, which is the top 5 percent of residential sales among 91 U.S. counties.
In 49 of the 91 markets analyzed by realtor.com®, the luxury tier had an entry point of at least $1 million. The number of sales at or above $1 million climbed 12 percent over the last year, realtor.com® reports.
“The strong economy is bolstering demand for luxury homes,” says Danielle Hale, realtor.com®’s chief economist. “They are selling fast and demand for these homes has pushed the entry-level price point to more than $1 million in half of the markets studied. Although there are some pockets of weaker performance, we’ve seen double-digit price growth in 19 markets for the first time in four years.”
Luxury homes are selling faster, too. The median age of inventory in the 91 luxury markets tracked was 108 days in July, down 11 days or by 9.3 percent year over year, realtor.com® reports.
The fastest-growing luxury market in July: Sarasota, Fla., which continued to hold onto its top spot on realtor.com®’s list. Luxury sales prices in Sarasota have risen 21.2 percent since last May. Half of all luxury homes there have also sold within 157 days, which is 21 days faster than a year ago. Rounding out realtor.com®’s list of the top five fastest-growing luxury markets in July were Queens, N.Y.; Maui, Hawaii; Santa Clara, Calif.; and Boulder, Colo. Each of the cities posted a yearly growth of between 13 to 16 percent.
The Housing Hot List for October realtor.com article by Daily Real Estate News | October 30, 2017
Listing prices for residential homes remained near record highs in October, according to a preliminary analysis by realtor.com®. The median list price nationwide was $274,000, near the $275,000 record set in June.
One point of relief for “market-fatigued buyers” who’ve faced low inventories for the past few years is that supplies of new listings are up slightly from a year ago, says Danielle Hale, realtor.com®’s chief economist. By the end of October, about 420,000 new listings will have hit the market over the entire month, realtor.com® predicts.
Some housing markets are more lively than others, with California continuing to see some of the most activity. Realtor.com® released its “hottest market” list for October, which is based on how quickly homes are selling and the amount of clicks cities receive on listings at realtor.com®.
20 Markets with Strongest Kickoff to 2017 realtor.com | January 26, 2017
The time it has taken for homes to sell nationwide in January has decreased at a rate of 4 percent compared to a year ago, despite record-high housing prices, according to realtor.com®’s latest housing report.
“We saw evidence of a stronger-than-normal off season starting last September and October due to pent-up demand and surging interest from first-time buyers,” says realtor.com® chief economist Jonathan Smoke. “The downside to this strong off season is that we have started 2017 with a new low volume of available homes for sale and a new high for prices.”
Listing inventories are down 11 percent in January compared to a year ago. Also, the median list price for the month is an estimated $250,000 — 10 percent higher than January 2015, realtor.com® notes. Nevertheless, “the threat of rates approaching multiyear highs in the months ahead is creating a sense of urgency [among buyers],” Smoke says.
The following are the top-performing markets this month:
The Surprising Cities Gentrifying the Fastest Article by Daily Real Estate News | January 23, 2017
In the late 1980s, many residents were moving out of Charleston, S.C.,’s Eastside neighborhood due to a lack of job opportunities. The area became depressed. But things are changing there and throughout America, as many cities are undergoing rapid gentrification due to escalating home prices. But modern urban gentrification can get complicated, urban planners say.
“It’s a trade-off,” says David Fiorenza, an urban economics professor at Villanova University. “Whole communities can be displaced. But people [also] can benefit from it, because home values and business values go up … and eventually, there will be more jobs and better schools.”
Realtor.com®’s research team analyzed cities whose populations were 50,000 or more between 2000 and 2015 and examined the U.S. Census Tracts of neighborhoods of 1,200 to 8,000 residents. The team focused on lower-income areas where home values had the potential for gentrification and then compared home values and residents’ income and education levels from 2000 to 2015 to find out which cities are seeing the most significant turnaround.
Realtor.com® noted the following cities are seeing the most gentrification lately:
Target Markets for Investors in 2017 Article by Daily Real Estate News | January 18, 2017
For prime investment locations, it may be time to look South. Forbes teamed up with Local Market Monitor, a company that tracks more than 300 housing markets, to uncover the top cities for investors in the new year. The markets that dominate this year’s list reflect two major benefits: affordability and growth.
If you are planning on making an investment, either by buying a home or by buying a rental property, these are really good markets,” says Ingo Winzer, Local Market Monitor CEO. “These are markets where… you are probably going to get a good return and you are not taking an extraordinary risk.”
Dallas topped this year’s list. Home prices there average $233,000, up nearly 4 percent from a year ago. Yet, the city’s housing market is still considered underpriced by 3 percent compared to its historic average. Local Market Monitor predicts home prices in Dallas to increase 31 percent by 2020, due to a boom in job and population growth.
Here are the 15 cities investors could do particularly well in this year, according to the study:
Dallas, TX: 31% (the percentage increase predicted for home prices by 2020)
The Hottest Housing Markets in December Article by Daily Real Estate News
Demand among home buyers doesn’t seem to be decreasing heading into the winter months. The median list price remained the same from November to December, when usually it decreases.
The current median price reached a record high for December of $250,000, which is 9 percent higher than a year ago, according to realtor.com®’s latest housing report. Further, the median number of days that properties are staying on the market is about 88 days for December, which is five days faster than a year ago.
California cities continue to dominate some of the fastest housing markets, making up 12 of the top 20 markets. San Francisco continued to hold on to the number one spot for the fourth month in a row.
Realtor.com® analyzed markets to determine where homes are selling the fastest and buyers are checking out listings the most (based on realtor.com® views). Here are the 20 markets that topped its list for December:
November’s Hot List: The Top 20 Markets Article by Daily Real Estate News | November 28, 2016
California real estate professionals are staying busy. Cities in California continue to dominate lists of the most booming housing markets in the country. But they’re not alone. Many markets across the country are seeing elevated sales this fall.
“After an eventful election, demand for real estate appears to be carrying momentum going into the holiday season,” says Javier Vivas, manager of economic research for realtor.com®. “We expect that to be put to the test, as mortgage rates sky rocket to new highs. But forecasts expect growth as we enter the new year, which should keep waves of buyers intent on entering the market.”
Inventory of homes for sale is down 5 percent in November from October, but the combo of low supply and high demand is keeping prices high, realtor.com® notes. The median list price nationwide remained at $250,000 for the fourth consecutive month, a new record for November.
Realtor.com® flagged the following 20 markets as the hottest in the country in November, where homes are selling the fastest and demand is highest (based on page views):