The 2016 home buying season is going to be a hot one, according to new data from Realtor.com, with homes in March already moving 13 percent more quickly than last year, even as prices hit record highs.
Properties on realtor.com stayed on the market for only 77 days in March, moving 12 days faster than a year ago and 19 faster than last month – a clear sign that the spring buying season has begun. The median home was listed at $238,000, 8 percent higher than one year ago and 3 percent higher than February. For-sale housing inventory is increasing on a monthly basis, but still lower than one year ago.
“The early readings on March inventory and activity on realtor.com indicate that early bird buyers are emerging in markets that typically have buyers sidelined with winter weather,” says Jonathan Smoke, chief economist of realtor.com. While listings continue to see monthly growth, inventory is picking up momentum with the median age of inventory moving 12 days faster than March 2015 and 19 days faster than February 2016. If the monthly inventory trend continues it could lead to a significant uptick in sales this year.”
The Median age of inventory is now estimated at 77 days, down 13 percent year over year and down 20 percent from February. Median listing price for March should reach a record high of $238,000 an eight percent increase year over year and a three percent increase month over month.
Listing inventory in March is expected to show a three percent increase over February. However, inventory is still expected to decrease two percent year over year.
Realtor.com’s Hottest Markets receive two to five times the number of views per listing compared to the national average. In terms of supply, these markets are seeing inventory move 32-57 days more quickly than the rest of the U.S. They have also seen days on market drop by a combined average of 11 percent year over year.
For more information, visit www.realtor.com.