In a look at housing market data from around the nation in January, Forbes declares that “overall, it looks like 2018 is off to a good start in most markets,” with many experiencing increased demand amidst anemic inventory, leading to gains not typically seen at the start of the year. On the whole, the median listing price in the country was up 8% compared to January 2017, while days on market decreased to below 3 months and inventory plummeted 8%.
As the article outlines, “with inventory selling faster than it did last January, the country is facing a housing shortage, especially for first-time buyers.” Looking at the Puget Sound market, the numbers reveal a more competitive climate for buyers, as the days on market decreased 16.7% year-over-year and the number of homes available for sale declined nearly as much (16.2%).
Other markets of note include Las Vegas, where days on market are down over 20% from 2017 and the number of active listings fell 28%. Denver is facing a growing population which is putting pressure on the housing market, where days on market are down 14.4% compared to last year. Atlanta is also seeing inventory shortages contributing to fast home sales, as Wendy Bunch, broker/owner of RE/MAZ Pure (Atlanta) tells Forbes, “we are encountering situations where a buyer plans to look at homes later in the week, and by the time that day arrives, the homes they intended to look at are under contract.”
Want more insight on 2018 real estate? Read the full Forbes article here and stay tuned for the 2017 Annual Market Report & 2018 Predictions, expected in March.