There are many things to evaluate when looking at how the housing market is doing. Experts consider REO activity, active listing numbers, home prices, average days on market, foreclosure percentages, sold-to-list price ratios, and so much more.
A recent Home Value Forecast by Pro Teck Valuation Services found that there are less than 4 months of inventory remaining in markets, on average. This indicates that the market is favoring those who are selling right now, but is creating a problem for all of those who are competing to buy a home. There is an increasing shortage of supply for the high demand.
In fact, 29 of the hottest markets are all seeing double digit percentage drops in the number of active listings. Further, although the construction of new housing is on the rise, this number overall is actually at a historical low. Plus, since the housing market crash, a lot of investors purchased homes and turned them into rental units to make profit so there also limits the purchasable housing supply.
The research by Pro Teck Valuation Services ranked the following as being the top 10 hottest markets. Next to them we included their remaining months of inventory.
1. Anaheim, Santa Ana, and Irvine, CA 3.83
2. Bellingham, WA 2.5
3. Boise City, ID 2.63
4. Charlotte, Concord, Gastonia, NC/SC 3.96
5. Chico, CA 3.72
6. Durham, Chapel Hill, NC 3.89
7. Grand Rapids, MI 3.51
8. Lafayette, West Lafayette, IN 3.61
9. Los Angeles, Long Beach, Glendale, CA 3.78
10. Medford, OR 3.68
Thank you for reading our latest article. If you, or someone you know, are thinking about buying a home or selling a house, then please do not hesitate to contact us The Wise Team. We can be reached by calling 714-698-WISE (9473).
We look forward to hearing from you!