Have you ever heard the saying that demand for new cars was so great that when they were delivered, you had to be very careful since the paint wasn’t yet dry? There are some housing markets that have such a shortage of listings available for sale, listings remain on the market just a few days – if that. In some circumstances there are multiple offers in just a few hours after being listed for sale.
So what were the locales with the fewest number of days on the market for housing? ZipRealty came up with the following rankings:
Wherever there is a short supply, expect demand to push up prices. In the same report, ZipRealty ranked cities by the greatest increase in median home prices in the past 12-months.
Just for clarification, one data source is not necessarily the same as another. For example, in June the Houston Association of Realtors® (HAR) reported a median price of $214,000 for single family homes, up 11.3 percent, compared to the ZipRealty median of $215,000. And while the HAR data showed a 11.3 percent gain, ZipRealty’s number was up 12 percent. At the same time, the Real Estate center at Texas A&M University showed a June 2014 median price for Houston of $210,500, up 9.9 percent. So who’s right? They all are since they each contain a different set of data. The HAR data are purely single family. The Real Estate Center data include single-family, townhouse condos and high-rise properties. The ZipRealty data are a subset of the single family sales.
To see the HAR report click http://www.har.com/mls/dispPressRelease.cfm?MONTH=07&YEAR=14 To review the Real Estate Center’s Houston data click http://recenter.tamu.edu/data/hs/hs280.asp
To read the entire Zip Realty mid-year report click http://www.ziprealty.com/blog/ziprealty-names-fastest-moving-housing-markets-mid-year
These findings once again support my TINSTAANREM clause “There Is No Such Thing As A National Real Estate Market.” Some markets today are in hot demand, while others have limited inventory. In both, prices will continue to rise. Some are still struggling.
Housing continues down the road named recovery. Normal is not far away.