A robust spring market is causing sellers to up their asking prices, according to a preliminary analysis of May data from REALTOR.com®.
The past three months have set new records, prior to that, the highest median list price was July 2015. The median list price in May is $250,000 – 9 percent higher than a year ago. That also marks the highest median list price since REALTOR.com® began collecting such data in 2013.
This spring real estate market is coming in strong, just as expected, pent-up demand and low mortgage rates are driving consumers into the market with urgency. However, the recurring issue of limited supply is leading to higher prices.
In May, homes will have spent a median of 65 days on the market, which is three days faster than April but about the same length of time as a year ago. Inventories are increasing, up 4 percent from a month ago. More listings have been added to the market so far in May. Yet, that is still 4 percent lower than it was a year ago.
REALTOR.com®’s site traffic this month posted a 30 percent growth in searches for homes for sale compared to a year ago.
Source: “America’s 20 Hottest Real Estate Markets for May 2016,” REALTOR.com® (May 26, 2016)
For the professional guidance and advice you need to make a wise decision, call or text Bob Reid at Coldwell Banker AJS-Schmidt at (616) 821-4375.