Real Estate Homes on Market Taking Much Longer to Sell in Past Six Months
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
Real Estate: Homes Taking Longer to Sell Over Recent Months
Summary
The latest HouseHunt, Inc. Market Conditions Survey reveals that 75% of real estate agents report homes now take over 30 days to sell, indicating a shift toward a more balanced market.
Article
In the past six months, the time it takes for homes to sell in the U.S. has increased significantly. According to HouseHunt’s recent national survey, 75% of agents say homes remain on the market for more than 30 days, with 30% noting it takes over 60 days.
Just three months ago, 52% reported that homes took over 30 days to sell, compared to 35% six months ago when buyer demand was still high.
Key Findings from the Current Market Conditions Survey
1. Home Prices Remain Steady: Currently, 82% of agents report receiving 95% or more of the asking price, up from 80% last quarter and slightly down from 90% in early 2005.
2. Appreciation Trends: About 50% of respondents report a year-to-year home price appreciation of 10% or more in the fourth quarter, an increase from 46% in the third quarter and 42% in the second.
3. Fewer Multiple Offers: Only 50% of agents now report multiple offers, down from 70% earlier this year.
4. Buyer-Seller Balance: The market is becoming more balanced, with an almost equal demand from buyers and sellers, compared to a 61-39% buyer advantage in the previous quarter.
5. First-Time Buyers: This group remains steady at 35%, with significant activity in the South and Midwest. Demand from investors and for second homes has decreased.
6. Increasing Inventory: An inventory build-up is noted, with 65% reporting an upward trend and 55% seeing a good supply across all price ranges, up from 38% six months ago.
7. Market Growth: Job and population growth continue to drive housing demand.
Michael Bearden, CEO of HouseHunt, Inc., emphasized the resilience of the housing market, supported by a strong economy and consumer demand, even amidst challenges like rising mortgage rates and energy costs. He remains optimistic about a stable market supporting the U.S. economy in 2006.
Insights from Industry Experts
- Virginia Beach, VA: Clint Johnson notes a market softening, with fewer multiple offers and more negotiations on closing costs. Median home prices reached $230,000, a 15-20% increase from last year.
- Lithonia, GA: Rod Sullivan observes more sellers than buyers, with a good supply of unsold homes and an average market time of 90-120 days. Median home prices are around $150,000.
- Greenwood, IN: Steve Gaines reports a similar trend with an average market time of 90-120 days. The median home price stands at $175,000.
- Middletown, DE: Diane Ash highlights lower property taxes attracting buyers from nearby states. Homes are on the market for 30-60 days, with a median price of $300,000.
- Mokena, IL: Tim Ireland sees an even split between buyers and sellers, with homes taking 60-90 days to sell. The median price is $261,190.
- Lorton, VA: Leah and Neville Bradshaw note a high median price of $543,000, up 10-15% from last year, with strong activity from first-time buyers.
- Pacific Palisades, CA: Dan Urbach reports a shift to a balanced market. Median home prices are at $2 million, up 15-20% from last year, with sales averaging 30-60 days.
This evolving real estate landscape reflects a transition to a more balanced market, offering new opportunities and challenges for buyers and sellers alike.
You can find the original non-AI version of this article here: Real Estate Homes on Market Taking Much Longer to Sell in Past Six Months.
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