Columbus #12! — 20 Markets With Strongest Kickoff to 2017

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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:

  1. San Francisco
  2. San Jose, Calif.
  3. Vallejo, Calif.
  4. Dallas
  5. San Diego
  6. Sacramento, Calif.
  7. Yuba City, Calif.
  8. Denver
  9. Stockton, Calif.
  10. Fresno, Calif.
  11. Oxnard, Calif.
  12. Columbus, Ohio
  13. Colorado Springs, Colo.
  14. Nashville, Tenn.
  15. Detroit
  16. Modesto, Calif.
  17. Los Angeles
  18. Tampa, Fla.
  19. Santa Rosa, Calif.
  20. Fort Wayne, Ind.

Source: “The 20 Hottest Markets for U.S. Real Estate in January 2017,” realtor.com® (Jan. 26, 2017)

 

Is Summer Truly Housing’s Hottest Season?

Fotolia_32750180_XS-267x300The spring is traditionally real estate’s busiest time of year. But one real estate economist believes that this summer may trump the spring as the most robust time of buying or selling a home for 2016.

“From a buyer’s perspective you have more choice, but you’re also competing against far more buyers,” says Ken Johnson, a real estate broker as well as a professor of finance and associate dean at Florida Atlantic University’s College of Business. “Sellers are also looking to sell over the summer, particularly if they have children and want to get a deal done before school starts again.”

The groundwork for a booming summer market has already been laid out. New-home sales in April posted their strongest month in more than eight years. Existing-home sales were up for the second consecutive month. What’s more, historically low mortgage rates may increase the demand for housing this summer.

“In some cities, especially in the Midwest, prices have plenty of room to go up,” says Johnson. “Real estate is still a really good buy in places like Cincinnati, Chicago and Cleveland.”

In some markets – like Dallas, Denver, and Houston – home prices are rising rapidly and some people are concerned prices may be overheating. However, Johnson doesn’t predict a downturn in prices any time soon, and he believes most markets will continue to perform strongly due to strong demand. That said, he does believe that those looking to buy into real estate as an investment may have a more difficult time finding a good deal.

“In markets like South Florida, Seattle and Portland, you may find you’re going to start to see lower probabilities that you’ll be able to successfully market your property,” Johnson says. “But while you may see extended marketing time and prices going flat, there’s no reason to believe there’s going to be a big dent in prices in these cities.”

Source: “Economist Says Summer May Be the Hottest Season to Buy and Sell,” RISMedia (June 5, 2016)

These 20 Housing Markets Are Booming — Columbus in top 20

Where is the housing market most on the upswing for buyers and sellers this spring? Realtor.com® recently analyzed 300 of the largest housing markets to come up with a list of the nation’s 20 hottest real estate markets. The rankings are based on the number of views per listing on realtor.com® (which helps to gauge buyer demand) as well as the median age of inventory (to analyze the supply).

California cities made up half of the nation’s 20 hottest real estate markets. But landing No. 1 on the list was Denver, which has seen limited inventories of homes for-sale at a time when it’s seeing substantial economic growth and increased buyer demand.

Realtor.com® ranked the following 20 housing markets as the hottest in May:

  1. Denver-Aurora-Lakewood, Colo.
  2. San Francisco-Oakland-Hayward, Calif.
  3. San Jose-Sunnyvale-Santa Clara, Calif.
  4. Dallas-Fort Worth-Arlington, Texas
  5. Vallejo-Fairfield, Calif.
  6. Boston-Cambridge-Newton, Mass.-N.H.
  7. Santa Cruz-Watsonville, Calif.
  8. Santa Rosa, Calif.
  9. Ann Arbor, Mich.
  10. Detroit-Warren-Dearborn, Mich.
  11. San Diego-Carlsbad, Calif.
  12. Sacramento-Roseville-Arden-Arcade, Calif.
  13. Boulder, Colo.
  14. Fargo, N.D.-MN
  15. Los Angeles-Long Beach-Anaheim, Calif.
  16. Austin-Round Rock, Texas
  17. Oxnard-Thousand Oaks-Ventura, Calif.
  18. Manchester-Nashua, N.H.
  19. Columbus, Ohio
  20. Stockton-Lodi, Calif.

Source: “The 20 Hottest U.S. Real Estate Markets in May 2015,” realtor.com

10 Metros Poised for Highest Price Gains — Columbus #2

GROWTHExpect more from the Midwest real estate market as it heats up and outpaces the rest of the nation, according to Clear Capital’s Home Data Index Market Report, which looked at data through December 2014.

Price growth in the Midwest is expected to outpace the rest of the country in all tiers by 1.6 percentage points in 2015 — nearly double that of the national average, according to Clear Capital’s forecasts.

Several metro areas in the Midwest are projected to see some of the largest price growths over the next year. Ohio is leading the pack with the highest number of metros in Clear Capital’s forecast. Columbus, Dayton, Cleveland, and Cincinnati are expected to see price growth from 2.2 percent to 4.5 percent this year. In Dayton, median home prices surged 16.5 percent in 2014 year-over-year. That’s a big jump, considering the metro area saw a price drop of 2.3 percent one year ago.

Still, the Western region of the U.S. continued to outshine the other three regions with an 8.7 percent price growth at the end of 2014, Clear Capital notes. But that’s more than a 10 percentage point drop from the 18.9 percent growth the region saw in 2013. The Midwest, showing strong gains recently, posted a 7.7 percent price growth year-over-year as of December 2014, while the South followed at 6 percent and the Northeast at 2.9 percent.

“Overall, 2014 was a good year, with prices up virtually across the board, though the rate of price growth has declined consistently since the year began,” says Alex Villacorata, vice president of research and analytics at Clear Capital. “As we turn the calendar, we expect this trend to continue. Nearly all markets have experienced significant turbulence over the last decade and are only now showing signs of stabilization. This stabilization is likely to persist through the first half of the year until the market’s recovery strength can again be measured going into the traditional buying season.

Top 10 Major Metro Markets

According to Clear Capital’s latest report, here are the 10 major metros poised for the highest price gains in 2015.

  1. Milwaukee-Waukesha-West Allis, Wis.
    Year-over-year: 5.8%
    2015 forecast: 4.9%
  2. Columbus, Ohio
    Year-over-year: 9.7%
    2015 forecast: 4.5%
  3. Denver-Aurora, Colo.
    Year-over-year: 9.7%
    2015 forecast: 4%
  4. Dallas-Fort Worth-Arlington, Texas
    Year-over-year: 9.1%
    2015 forecast: 3.9%
  5. Atlanta-Sandy Springs-Marietta, Ga.
    Year-over-year: 12.6%
    2015 forecast: 3.3%
  6. Chicago-Naperville-Joliet, Ill.-Ind.-Wis.
    Year-over-year: 8.5%
    2015 forecast: 3.1%
  7. Orlando, Fla.
    Year-over-year: 8.2%
    2015 forecast: 2.6%
  8. Dayton, Ohio
    Year-over-year: 9.7%
    2015 forecast: 2.6%
  9. Sacramento-Arden-Arcade-Roseville, Calif.
    Year-over-year: 9.3%
    2015 forecast: 2.5%
  10. Cleveland-Elyria-Mento, Ohio
    Year-over-year: 7.9%
    2015 forecast: 2.5%

Source: Clear Capital