Bidding Wars Heat Up in Unassuming Towns

You’d expect bidding wars in major cities such as San Francisco, Boston, and New York—but Akron, Ohio? The Midwestern town has seen the biggest spike in multiple-offer situations on listings in the nation, according to realtor.com®. And as housing demand picks up in the spring, ushering in the typically busy selling season across the nation, other unassuming metros are becoming hotbeds for buyer competition. “Multiple-offer scenarios are no longer reserved for the usual big, fast-moving markets,” says Javier Vivas, director of economic research at realtor.com®. “Demand for homes has spilled outward into secondary, smaller markets, and more buyers are gearing up to face fierce competition in more places around the country.”

Realtor.com® pinpointed the cities that have seen the most acute spikes in bidding wars by looking at the percentage of homes that have sold above their asking prices. The site evaluated listing and sales data from March 2015 to February 2016 and then compared it to data from March 2017 to February 2018. The following seven locales saw the biggest upticks in the percentages of homes selling above asking price:

1. Akron, Ohio

  • Share of homes selling above ask: 20.6 percent
  • Increase in the share of homes selling above ask: 91.7 percent

2. Worcester, Mass. 

  • Share of homes selling above ask: 41.5 percent
  • Increase in the share of homes selling above ask: 88.1 percent

3. Lexington, Ky.

  • Share of homes selling above ask: 22.7 percent
  • Increase in the share of homes selling above ask: 86.4 percent

4. Irvine, Calif.

  • Share of homes selling above ask: 30.3 percent
  • Increase in the share of homes selling above ask: 85.5 percent

5. Greensboro, N.C.

  • Share of homes selling above ask: 29 percent
  • Increase in the share of homes selling above ask: 81 percent

6. Sioux Falls, S.D.

  • Share of homes selling above ask: 32.8 percent
  • Increase in the share of homes selling above ask: 74.2 percent

7. Madison, Wis.

  • Share of homes selling above ask: 40.9 percent
  • Increase in the share of homes selling above ask: 73.4 percent

Source: Housing Knife Fights! 10 Surprising Cities Where Bidding Wars Are Booming,” realtor.com®

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April 2018 RE/MAX National Housing Report

Rising Prices, Fewer Sales Driven by Record-Breaking Low Inventory

If you are looking for a new home, chances are you’re not finding many homes on the market. If you’re a seller, you have likely noticed the value of your home is rising — no matter what part of the country you live in.

According to the April 2018 RE/MAX National Housing Report, home prices continued to climb year-over-year for the 24th consecutive month in March, while home sales continued to decline for a fourth consecutive month, making it a seller’s market in most regions of the country.

When the Months Supply of Inventory falls below six months, it’s a seller’s market, and all 54 metro areas surveyed for the monthly housing reported under six months of inventory.

Read the full article in RE/MAX’s newsroom

Watch the 40 second summary video on YouTube

Washington State NWMLS Market Snapshot for March 2018

MLS figures for March show a surge in both new listings and pending sales compared to February as the spring market heats up. Compared to a month ago, pending sales climbed more than 29 percent, while the volume of new listings jumped more than 45 percent from February to March.

March 2018 RE/MAX National Housing Report

Inventory Limits February Home Sales While Pushing Up Prices

One word sums up February home sales across the country – inventory. The lack of homes for sale continues to be the key factor as February marks the third consecutive month of year-over-year declines in home sales, coupled with quick sales and record prices.

According to the March RE/MAX National Housing Report, home sales dropped 0.2% from February 2017, while the Days on Market average of 62 days was the lowest of any February in the report’s nine-year history.

The Months Supply of Inventory was 3.1 – also a RE/MAX National Housing Report February record – and underscored an average decline in inventory of 13.7% among the 52 markets reporting.

Out of 52 markets, 18 metro areas saw double-digit percentage increases in median sales price year-over-year. While only two metros saw a year-over-year decrease in median sales price – Albuquerque, NM, and Burlington, VT.

Read the full article in RE/MAX’s newsroom

Watch the 40 second summary video on YouTube

Washington State NWMLS Market Snapshot for February 2018

February 2018 RE/MAX National Housing Report

Speed of January Sales Felt More Like Spring Selling Season

The record speed of January home sales may signal that buyers aren’t waiting around for the typical spring selling season to begin. Despite home sales being down 2.8% year-over-year, the February RE/MAX National Housing Report shows homes sold in a mere 60 days last month, marking the fewest Days on Market of any January in the nine-year history of the report.

Days on Market typically decline each month leading into the heart of the spring and summer buying season in July and start increasing monthly as fall progresses into winter.

The Median Sales Price of $224,000 also set a January record — up 6.7% year-over-year. Out of 53 markets, 51 posted gains, marking January as the 22nd consecutive month of year-over-year price increases dating back to April 2016.

Read the full article in RE/MAX’s newsroom

Watch the 40 second summary video on YouTube

Washington State NWMLS Market Snapshot for January 2018