New Reality? Buyers Face Fewer Choices
/Many markets are seeing so few new listings that they may not be able to meet the strong buyer demand heading into real estate’s traditionally busiest season. Listings are down more than 7 percent compared to a year ago across the country, according to the latest data by the National Association of REALTORS®.
Where Homes Are Selling the Fastest
Realtor.com® inventory data shows the following metro areas had listings that stayed on the market the shortest amount of time in January:
- San Jose-Sunnyvale-Santa Clara, Calif.: 43 days
- San Francisco-Oakland-Hayward, Calif.: 47 days
- San Diego-Carlsbad, Calif.: 55 days
- Seattle-Tacoma-Bellevue, Wash.: 57 days
- Nashville-Davidson-Murfreesboro-Franklin, Tenn.: 58 days
- Vallejo-Fairfield, Calif.: 58 days
- Greeley, Colo.: 58 days
“Competition is likely to heat up even more heading into the spring for house hunters looking for homes in the lower- and mid-market price range,” says Lawrence Yun, NAR’s chief economist.
Read more: Existing-Home Sales Reach Decade High
Realtor.com® notes that the following markets are particularly very light on listings:
- Chicago: -13% (active listings compared to a year ago)
- Philadelphia: -14%
- Washington: -15%
- Seattle: -17%
- Minneapolis: -18%
- St. Louis: -12%
- Baltimore: -16%
- Cleveland: -18%
- Orlando, Fla.: -19%
On the other hand, home shoppers may find more choices this year in a few select markets. Notably, Las Vegas is seeing an 18 percent increase in active listings compared to a year ago; Pittsburgh is seeing a 9 percent increase; and Houston and San Antonio are posting a 6 percent increase.