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annalenaalice03 · 6 years ago

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May Real Estate Market the Fastest on Record; Prices Up 6.3%

Sourced From: https://www.redfin.com/blog/2018/06/market-tracker-may-2018.html

Across the 174 markets that Redfin tracks, the typical home sold in May went under contract in 34 days, breaking April’s record of 36 days, which was the fastest month Redfin had recorded going back to 2010. Amid the speed, the national median home sale price rose to $305,600, a 6.3 percent increase from May 2017.

The number of newly listed homes for sale increased 4.3 percent compared to May of last year, driving a 3.6 percent increase in the number of homes sold. However, the overall supply of homes declined 5.4 percent during the same time period. Just 2.5 months of supply remained at the end of the month, compared to the six months that generally signals a balanced market.

Among homes that sold in May, 27.6 percent sold above their list price, the highest percentage Redfin has recorded, indicating strong competition for the few homes available. At the same time, nearly a quarter of homes for sale had a price drop in May, the highest percentage of price drops since September of 2017.

“Prices are still increasing, but not at the same rate we saw earlier in the spring,” said Redfin senior economist Taylor Marr. “The record percentage of homes sold above list price is at odds with the higher percentage of price drops in May. This tells us that while it’s still very much a seller’s market, price growth and rising mortgage rates may be pushing buyers to the limit of what they’re able to pay.”

Market Summary May 2018 Month-Over-Month Year-Over-Year

Median sale price $305,600 1.5% 6.3%

Homes sold 292,900 18.4% 3.6%

New listings 373,500 7.6% 4.3%

All Homes for sale 728,300 5.6% -5.4%

Median days on market 34 -3 -4

Months of supply 2.5 -0.3 -0.2

Sold above list 27.6% 1.3% 1.2%

Median Off-Market Redfin Estimate $289,600 0.8% 7.4%

Average Sale-to-list 98.6% 0.3% -0.1%

For the seventh month in a row, San Jose topped the nation with price growth over 25 percent. The supply of San Jose homes fell 13.8 percent compared to last year. That drop is actually the smallest decline in a 16-month stretch of inventory declines, an indication of the intensity of San Jose’s inventory shortage. A bit of good news for San Jose buyers: the number of homes newly listed in May ticked up 11.2 percent compared to last year.

After a prolonged period of inventory declines, some metro areas are finally seeing more homes hit the market. Washington, D.C. and Portland, OR have now had four months in a row of year-over-year increases in inventory. Seattle inventory increased for the second month in a row, up 17.4 percent in May compared to last year.

“Two months of growing inventory is a positive sign for Seattle buyers, but the previous 43 consecutive months of inventory declines won’t be reversed overnight,” said Jessie Culbert, a Redfin agent in Seattle. “Even so, we can already feel a slight easing in the market. Homes are still selling quickly and often over-asking, but where last May a seller may have gotten 15 to 20 offers, this May it was two to five.”

Other May Highlights

Competition

Denver was the fastest market, with the typical home going under contract in just six days. Seattle and Tacoma, WA were the next fastest markets at seven median days on market, followed by Boston and Grand Rapids, MI at eight median days on market. The most competitive market in May was San Jose where 83.8% of homes sold above list price, followed by 79.6% in San Francisco, 76.2% in Oakland, 63.1% in Tacoma, WA, and 61.9% in Seattle.

Prices

San Jose had the nation’s highest price growth, rising 27.6% since last year to $1,250,000. Tacoma, WA had the second highest price growth at 19.6% year-over-year, followed by Memphis, TN (16.9%), Las Vegas, (15.9%), and Rochester, NY (15.4%). No metros saw price declines in May.

Sales

Thirteen out of 73 metros saw sales surge by double digits from last year. Warren, MI led the nation in year-over-year sales growth, up 38.5%, followed by Baltimore, up 31.8%. Camden, NJ rounded out the top three with sales up 24.7% from a year ago. Buffalo, NY saw the largest decline in sales since last year, falling 17.2%. Home sales in Rochester, NY and Baton Rouge, LA declined by 16.6% and 12.8%, respectively.

Inventory

Indianapolis had the largest decrease in overall inventory, falling 37.7% since May of last year. Rochester, NY (-37.1%), Buffalo, NY (-32.8%), and Milwaukee (-22.9%) also saw far fewer homes available on the market than a year ago. Portland, OR had the highest increase in the number of homes for sale, up 35.3% year over year, followed by Detroit (28.4%) and Allentown, PA (24.4%).

Pricing Strategy

To see trends in sellers’ pricing strategies, we compare the list price to the Redfin Estimate, Redfin’s automated home-value estimate. When sellers consistently price their homes below the Redfin Estimate in a market, this can indicate a common strategy to deliberately underprice to create a bidding war. The median list price-to-Redfin Estimate ratio was 93.2% in San Francisco, the lowest of any market. This indicates the typical home for sale in May was listed at 94.1% of its estimated value. Only 5.9% of homes in San Francisco were listed for more than their Redfin Estimate. Conversely, the median list price-to-Redfin Estimate ratio was 102.4% in Miami and 102.1% in West Palm Beach, FL, which means sellers are listing their homes for more than the estimated value in those metro areas. In Miami, 84.7% of homes were listed above their Redfin Estimate, the highest percentage of any metro.

Below are market-by-market breakdowns for prices, inventory, new listings and sales for markets with populations of 750,000 or more. For downloadable data on all of the markets Redfin tracks, visit the Redfin Data Center.

Median Sale Price

Redfin Metro Median Sale Price Month-Over-Month Year-Over-Year

Albany, NY $209,400 4.2% 9.6%

Allentown, PA $197,000 7.4% 7.8%

Atlanta, GA $244,900 4.2% 11.3%

Austin, TX $319,000 1.3% 3.9%

Bakersfield, CA $235,000 3.1% 9.6%

Baltimore, MD $272,000 3.0% 0.7%

Baton Rouge, LA $204,300 2.2% 9.1%

Birmingham, AL $214,900 13.7% 8.0%

Boston, MA $495,000 3.1% 8.8%

Buffalo, NY $145,200 7.6% 5.5%

Camden, NJ $179,500 6.8% 4.1%

Charlotte, NC $250,000 2.0% 10.0%

Chicago, IL $252,100 2.0% 2.9%

Cincinnati, OH $185,000 2.8% 10.6%

Cleveland, OH $149,900 4.1% 4.8%

Columbus, OH $212,000 6.1% 9.3%

Dallas, TX $299,900 3.4% 1.7%

Denver, CO $415,500 0.1% 10.4%

Detroit, MI $134,000 11.9% 12.8%

Fort Lauderdale, FL $265,000 3.9% 10.4%

Fort Worth, TX $244,900 3.8% 8.8%

Fresno, CA $268,800 3.4% 8.8%

Grand Rapids, MI $200,000 5.3% 7.7%

Greenville, SC $210,000 6.1% 10.5%

Hampton Roads, VA $230,000 1.9% 4.1%

Honolulu, HI $595,000 8.2% 10.4%

Houston, TX $242,000 0.8% 3.0%

Indianapolis, IN $185,000 5.7% 9.5%

Jacksonville, FL $225,000 1.1% 7.1%

Kansas City, MO $215,000 4.9% 7.5%

Knoxville, TN $197,600 5.7% 9.8%

Las Vegas, NV $272,200 0.9% 15.9%

Long Island, NY $430,000 -2.3% 6.2%

Los Angeles, CA $630,000 3.3% 9.0%

Louisville, KY $189,700 5.1% 2.5%

Memphis, TN $195,000 18.0% 16.9%

Miami, FL $297,800 3.0% 10.3%

Milwaukee, WI $215,000 7.9% 9.7%

Minneapolis, MN $270,000 1.9% 9.1%

Montgomery County, PA $300,000 2.0% 0.0%

Nashville, TN $289,000 1.4% 7.4%

New Orleans, LA $225,000 4.7% 7.3%

Oakland, CA $770,000 2.7% 10.8%

Oklahoma City, OK $170,100 -0.5% 2.8%

Omaha, NE $206,000 8.4% 10.8%

Orange County, CA $725,000 3.6% 7.4%

Orlando, FL $245,000 2.1% 11.4%

Oxnard, CA $600,000 0.9% 4.5%

Philadelphia, PA $205,000 3.3% 7.6%

Phoenix, AZ $266,000 3.6% 9.1%

Pittsburgh, PA $169,500 3.7% 7.3%

Portland, OR $399,900 1.1% 7.5%

Providence, RI $267,500 4.1% 9.2%

Raleigh, NC $282,500 0.0% 4.6%

Richmond, VA $245,000 2.1% 2.5%

Riverside, CA $361,000 0.3% 6.2%

Rochester, NY $150,000 9.1% 15.4%

Sacramento, CA $404,600 2.4% 7.9%

Salt Lake City, UT $317,500 3.5% 7.6%

San Antonio, TX $227,000 4.6% 5.5%

San Diego, CA $575,000 0.0% 6.5%

San Francisco, CA $1,440,000 1.1% 10.8%

San Jose, CA $1,250,000 3.2% 27.6%

Seattle, WA $587,400 1.3% 15.2%

St. Louis, MO $185,000 4.5% 6.9%

Tacoma, WA $368,500 8.4% 19.6%

Tampa, FL $226,900 1.8% 8.1%

Tucson, AZ $214,400 1.8% 7.2%

Tulsa, OK $169,500 2.9% 4.3%

Warren, MI $216,000 5.4% 10.8%

Washington, DC $409,900 3.8% 2.5%

West Palm Beach, FL $280,000 5.2% 7.7%

Worcester, MA $272,700 5.9% 5.4%

National $305,600 1.5% 6.3%

Homes Sold

Redfin Metro Homes Sold Month-Over-Month Year-Over-Year

Albany, NY 874 16.7% 3.8%

Allentown, PA 920 38.1% 2.4%

Atlanta, GA 11,838 31.6% 7.1%

Austin, TX 3,368 16.4% -0.6%

Bakersfield, CA 879 14.3% 8.8%

Baltimore, MD 5,274 32.9% 31.9%

Baton Rouge, LA 942 -0.4% -12.8%

Birmingham, AL 1,826 28.9% 13.5%

Boston, MA 4,378 22.6% -5.8%

Buffalo, NY 822 1.9% -17.2%

Camden, NJ 2,049 -2.5% 24.7%

Charlotte, NC 4,061 14.3% 0.4%

Chicago, IL 13,852 36.7% 21.7%

Cincinnati, OH 2,723 28.2% 2.1%

Cleveland, OH 2,837 23.1% -3.2%

Columbus, OH 3,516 49.7% 12.3%

Dallas, TX 6,273 15.5% -1.7%

Denver, CO 6,119 30.4% 11.0%

Detroit, MI 2,320 -16.1% 18.6%

Fort Lauderdale, FL 3,450 5.7% -0.2%

Fort Worth, TX 3,357 14.0% -0.8%

Fresno, CA 904 8.0% 1.2%

Grand Rapids, MI 1,729 40.0% 15.8%

Greenville, SC 1,378 44.9% 11.0%

Hampton Roads, VA 2,525 30.8% 2.4%

Honolulu, HI 815 -2.3% -8.7%

Houston, TX 8,471 13.9% 0.7%

Indianapolis, IN 3,383 14.2% -2.0%

Jacksonville, FL 2,729 27.8% -1.2%

Kansas City, MO 3,667 22.3% -1.2%

Knoxville, TN 1,490 10.7% -3.7%

Las Vegas, NV 3,820 6.8% -11.3%

Long Island, NY 2,220 -3.3% -1.8%

Los Angeles, CA 6,651 11.0% -6.1%

Louisville, KY 1,672 28.4% 9.4%

Memphis, TN 1,417 15.8% 13.0%

Miami, FL 2,877 3.9% -2.4%

Milwaukee, WI 2,043 18.9% -0.8%

Minneapolis, MN 6,744 55.8% 10.8%

Montgomery County, PA 2,696 32.2% -1.9%

Nashville, TN 3,851 31.9% 7.5%

New Orleans, LA 1,515 20.3% 5.3%

Oakland, CA 2,725 13.2% 1.2%

Oklahoma City, OK 2,265 14.7% 7.3%

Omaha, NE 1,465 33.9% 4.9%

Orange County, CA 2,886 8.9% -9.2%

Orlando, FL 4,627 6.9% 6.3%

Oxnard, CA 812 14.5% -1.2%

Philadelphia, PA 2,791 30.5% 4.8%

Phoenix, AZ 9,809 8.4% 1.6%

Pittsburgh, PA 2,564 27.9% 4.3%

Portland, OR 3,589 11.0% -7.0%

Providence, RI 1,803 18.2% -2.4%

Raleigh, NC 2,541 11.9% 2.5%

Richmond, VA 1,878 21.9% -5.2%

Riverside, CA 5,426 5.2% -7.2%

Rochester, NY 952 22.8% -16.6%

Sacramento, CA 3,074 7.1% -2.4%

Salt Lake City, UT 1,790 12.2% -6.3%

San Antonio, TX 2,889 11.7% -2.0%

San Diego, CA 3,395 8.3% -7.6%

San Francisco, CA 1,143 15.0% 2.6%

San Jose, CA 1,600 9.6% -4.2%

Seattle, WA 4,657 12.4% -7.3%

St. Louis, MO 4,445 27.3% 4.1%

Tacoma, WA 1,613 18.3% 2.3%

Tampa, FL 6,362 1.3% 0.8%

Tucson, AZ 1,706 5.4% 6.8%

Tulsa, OK 1,369 18.5% 8.5%

Warren, MI 5,490 37.9% 38.5%

Washington, DC 10,768 23.5% 12.4%

West Palm Beach, FL 3,069 -8.9% -12.5%

Worcester, MA 858 12.2% -11.2%

National 292,900 18.4% 3.6%

New Listings

Redfin Metro New Listings Month-Over-Month Year-Over-Year

Albany, NY 1,523 18.4% -2.5%

Albuquerque, NM 1,736 10.4% 0.3%

Allentown, PA 1,400 2.3% 0.7%

Atlanta, GA 12,799 2.8% 5.9%

Austin, TX 4,630 6.3% 1.4%

Bakersfield, CA 1,106 0.4% 0.8%

Baltimore, MD 5,793 4.0% 4.1%

Baton Rouge, LA 1,369 8.1% 0.3%

Birmingham, AL 1,822 -8.1% -2.8%

Boston, MA 8,185 14.2% 8.9%

Buffalo, NY 1,623 24.8% -0.1%

Camden, NJ 2,682 0.1% -0.6%

Charlotte, NC 5,202 10.9% 5.5%

Chicago, IL 16,163 1.5% 3.0%

Cincinnati, OH 3,196 10.5% 4.2%

Cleveland, OH 3,735 9.9% 1.6%

Columbus, OH 3,999 20.6% 7.3%

Dallas, TX 8,771 5.8% 8.6%

Denver, CO 6,805 10.0% 7.9%

Detroit, MI 4,437 40.8% 58.5%

Fort Lauderdale, FL 4,214 0.3% -1.3%

Fort Worth, TX 4,419 5.4% 4.9%

Fresno, CA 1,113 8.7% 1.6%

Grand Rapids, MI 2,099 34.9% 3.3%

Greenville, SC 1,534 0.6% 6.6%

Hampton Roads, VA 3,135 4.6% 1.5%

Honolulu, HI 1,097 -5.6% -1.8%

Houston, TX 12,198 4.5% 3.8%

Indianapolis, IN 4,024 14.7% 7.8%

Jacksonville, FL 3,032 -1.8% 5.0%

Kansas City, MO 4,461 4.5% 13.1%

Knoxville, TN 1,704 4.5% 10.8%

Las Vegas, NV 4,510 1.6% 1.1%

Long Island, NY 4,641 11.4% 7.4%

Los Angeles, CA 8,857 2.3% -2.9%

Louisville, KY 1,885 9.5% 3.0%

Memphis, TN 1,558 4.4% -2.9%

Miami, FL 4,285 6.9% -2.8%

Milwaukee, WI 2,504 20.3% 0.4%

Minneapolis, MN 8,368 23.1% 2.4%

Montgomery County, PA 3,693 2.9% -0.5%

Nashville, TN 4,906 7.9% 6.8%

New Orleans, LA 1,809 0.8% 0.1%

Oakland, CA 3,558 13.3% 8.2%

Oklahoma City, OK 2,519 4.5% 4.4%

Omaha, NE 1,580 -1.4% -0.5%

Orange County, CA 3,833 0.2% -1.5%

Orlando, FL 5,019 5.7% -3.6%

Oxnard, CA 1,095 4.9% -5.1%

Philadelphia, PA 3,380 -0.1% 0.2%

Phoenix, AZ 9,508 -2.2% -1.5%

Pittsburgh, PA 3,261 6.2% 7.7%

Portland, OR 5,345 17.6% 17.0%

Providence, RI 3,105 21.1% 9.3%

Raleigh, NC 3,164 7.4% 7.8%

Richmond, VA 2,438 7.3% 4.0%

Riverside, CA 6,876 1.3% -0.6%

Rochester, NY 1,592 12.0% -3.7%

Sacramento, CA 4,408 14.6% 5.9%

Salt Lake City, UT 2,402 10.4% -2.2%

San Antonio, TX 3,971 13.4% 0.8%

San Diego, CA 4,345 4.5% -2.4%

San Francisco, CA 1,305 -0.1% 4.1%

San Jose, CA 1,991 11.5% 11.2%

Seattle, WA 6,843 27.8% 9.1%

St. Louis, MO 5,283 6.7% 0.5%

Tacoma, WA 2,271 25.3% 7.3%

Tampa, FL 6,639 0.7% -1.0%

Tucson, AZ 1,854 1.6% 11.0%

Tulsa, OK 1,525 0.7% -0.3%

Warren, MI 8,311 46.2% 43.7%

Washington, DC 12,313 -1.9% 1.1%

West Palm Beach, FL 3,701 -6.5% -0.1%

Worcester, MA 1,613 18.1% 9.6%

National 373,500 7.6% 4.3%

All Homes for Sale

Redfin Metro All Homes for Sale Month-Over-Month Year-Over-Year

Albany, NY 2,575 9.9% -20.6%

Albuquerque, NM 3,205 -24.2% -36.7%

Allentown, PA 3,631 31.4% 24.4%

Atlanta, GA 30,413 25.0% -6.1%

Austin, TX 7,660 6.7% -3.3%

Bakersfield, CA 1,971 -1.8% -7.0%

Baltimore, MD 11,711 3.8% 2.0%

Baton Rouge, LA 3,799 -3.3% 24.4%

Birmingham, AL 4,919 -3.4% -19.1%

Boston, MA 8,306 17.2% -3.8%

Buffalo, NY 1,879 17.1% -32.8%

Camden, NJ 7,995 7.7% -0.8%

Charlotte, NC 11,139 6.3% -20.4%

Chicago, IL 39,621 5.4% -7.8%

Cincinnati, OH 7,657 7.4% -6.2%

Cleveland, OH 8,071 4.7% -12.6%

Columbus, OH 6,539 13.5% -5.7%

Dallas, TX 14,820 2.1% 7.7%

Denver, CO 6,336 16.8% -0.6%

Detroit, MI 5,609 18.3% 28.4%

Fort Lauderdale, FL 14,133 2.1% 1.1%

Fort Worth, TX 6,429 -0.3% -3.0%

Fresno, CA 1,471 -2.7% -11.2%

Grand Rapids, MI 2,137 18.5% -10.1%

Greenville, SC 4,174 5.0% 0.4%

Hampton Roads, VA 7,278 1.3% -12.6%

Honolulu, HI 3,297 -1.3% 7.1%

Houston, TX 25,748 3.0% -6.6%

Indianapolis, IN 4,571 5.2% -37.7%

Jacksonville, FL 6,465 -2.0% -7.5%

Knoxville, TN 4,907 6.7% -2.6%

Las Vegas, NV 9,642 2.0% -13.3%

Long Island, NY 10,755 7.8% -7.5%

Los Angeles, CA 15,675 1.3% -9.5%

Louisville, KY 2,950 6.0% -7.1%

Memphis, TN 2,974 3.0% -17.7%

Miami, FL 16,988 -2.6% -5.8%

Milwaukee, WI 5,107 9.2% -22.9%

Minneapolis, MN 10,199 14.3% -16.4%

Montgomery County, PA 8,066 15.8% 0.7%

Nashville, TN 10,447 7.4% 7.7%

New Orleans, LA 6,666 4.0% 13.2%

Oakland, CA 2,713 6.9% -7.4%

Oklahoma City, OK 5,225 0.4% -15.6%

Omaha, NE 1,738 8.0% -13.4%

Orange County, CA 7,390 2.2% -9.8%

Orlando, FL 8,721 -2.8% -18.2%

Oxnard, CA 1,681 6.8% -0.1%

Philadelphia, PA 7,329 10.7% -7.9%

Phoenix, AZ 18,418 -6.8% -15.2%

Pittsburgh, PA 9,662 4.8% -8.8%

Portland, OR 6,323 19.3% 35.3%

Providence, RI 5,418 16.1% -9.2%

Raleigh, NC 6,716 3.9% -5.8%

Richmond, VA 3,265 7.1% -14.4%

Riverside, CA 14,840 -1.6% -8.4%

Rochester, NY 1,908 17.9% -37.1%

Sacramento, CA 5,051 13.9% 5.0%

Salt Lake City, UT 2,754 -21.7% -14.3%

San Antonio, TX 7,802 1.0% -7.0%

San Diego, CA 6,048 1.4% 2.8%

San Francisco, CA 1,249 -2.8% -12.2%

San Jose, CA 1,507 16.4% -13.8%

Seattle, WA 4,922 32.2% 17.4%

St. Louis, MO 13,657 15.9% 5.7%

Tacoma, WA 1,953 20.9% -11.6%

Tampa, FL 11,899 -3.9% -11.2%

Tucson, AZ 4,468 -3.3% -8.5%

Tulsa, OK 4,867 26.6% 17.0%

Warren, MI 9,540 29.8% 20.3%

Washington, DC 22,662 4.0% 17.5%

West Palm Beach, FL 14,261 -3.5% -2.1%

Worcester, MA 1,910 13.8% -15.2%

National 728,300 5.6% -5.4%

Median Off-Market Redfin Estimate

Redfin Metro Estimate Month-Over-Month Year-Over-Year

Albany, NY $208,500 0.6% 4.6%

Allentown, PA $199,700 1.1% 4.8%

Atlanta, GA $203,100 1.0% 9.9%

Austin, TX $293,700 0.7% 2.1%

Bakersfield, CA $205,800 1.0% 5.1%

Baltimore, MD $247,400 0.6% 2.8%

Baton Rouge, LA $150,200 0.8% 1.7%

Birmingham, AL $143,900 0.8% 5.8%

Boston, MA $476,200 0.8% 4.7%

Buffalo, NY $148,600 0.5% 6.7%

Camden, NJ $188,300 0.6% 3.3%

Charlotte, NC $193,700 0.8% 15.4%

Chicago, IL $232,500 0.8% 3.0%

Cincinnati, OH $161,400 0.9% 7.5%

Cleveland, OH $132,300 1.1% 4.2%

Columbus, OH $181,000 1.0% 10.9%

Dallas, TX $248,600 0.8% 9.0%

Denver, CO $402,700 1.4% 10.2%

Detroit, MI $97,200 0.9% 20.0%

Fort Lauderdale, FL $252,400 0.6% 8.2%

Fort Worth, TX $203,800 1.2% 10.8%

Fresno, CA $244,000 0.8% 9.1%

Grand Rapids, MI $153,200 1.8% 8.3%

Greenville, SC $160,500 1.0% 8.3%

Hampton Roads, VA $218,900 0.5% 3.7%

Honolulu, HI $684,900 0.6% 4.4%

Houston, TX $200,000 0.7% 6.1%

Indianapolis, IN $151,800 1.1% 8.5%

Jacksonville, FL $206,200 1.0% 14.5%

Kansas City, MO $178,300 1.0% 8.2%

Knoxville, TN $142,900 1.0% 5.4%

Las Vegas, NV $256,000 1.4% 16.3%

Long Island, NY $426,300 0.3% 6.6%

Los Angeles, CA $606,300 0.9% 8.4%

Louisville, KY $145,200 0.8% -3.2%

Memphis, TN $130,400 -0.1% 8.0%

Miami, FL $285,500 0.5% 6.9%

Milwaukee, WI $199,800 1.2% 8.3%

Minneapolis, MN $248,200 1.1% 5.7%

Montgomery County, PA $309,900 0.5% 3.6%

Nashville, TN $237,200 0.9% 12.1%

New Orleans, LA $163,600 0.7% -5.4%

Oakland, CA $755,100 1.4% 10.4%

Oklahoma City, OK $137,100 0.6% 1.0%

Omaha, NE $163,600 1.2% 6.5%

Orange County, CA $700,800 0.7% 6.8%

Orlando, FL $221,500 0.7% 9.2%

Oxnard, CA $589,200 0.6% 5.7%

Philadelphia, PA $196,100 1.0% 9.6%

Phoenix, AZ $256,500 0.9% 7.1%

Pittsburgh, PA $135,100 0.1% 0.5%

Portland, OR $384,300 0.8% 4.3%

Providence, RI $284,800 0.8% 6.6%

Raleigh, NC $253,500 0.9% 6.6%

Richmond, VA $215,600 0.6% 7.2%

Riverside, CA $353,600 0.8% 8.8%

Rochester, NY $138,100 1.0% 4.8%

Sacramento, CA $391,800 1.0% 7.3%

Salt Lake City, UT $309,500 1.4% 9.8%

San Antonio, TX $184,700 0.7% 7.3%

San Diego, CA $580,300 0.8% 7.8%

San Francisco, CA $1,336,000 2.0% 14.0%

San Jose, CA $1,263,900 2.9% 27.2%

Seattle, WA $555,800 2.0% 15.0%

St. Louis, MO $150,300 1.0% 1.4%

Tacoma, WA $332,000 1.4% 13.0%

Tampa, FL $209,700 0.9% 9.9%

Tucson, AZ $198,300 1.1% 7.4%

Tulsa, OK $134,800 0.5% 1.4%

Warren, MI $202,200 1.0% 6.2%

Washington, DC $378,700 0.5% 3.0%

West Palm Beach, FL $259,100 0.5% 3.8%

Worcester, MA $274,600 0.7% 6.6%

National $289,600 0.8% 7.4%

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ihelpsellllc · 6 years ago

Text

May Real Estate Market the Fastest on Record; Prices Up 6.3%

Sourced From: https://www.redfin.com/blog/2018/06/market-tracker-may-2018.html

Market Summary May 2018 Month-Over-Month Year-Over-Year

Median sale price $305,600 1.5% 6.3%

Homes sold 292,900 18.4% 3.6%

New listings 373,500 7.6% 4.3%

All Homes for sale 728,300 5.6% -5.4%

Median days on market 34 -3 -4

Months of supply 2.5 -0.3 -0.2

Sold above list 27.6% 1.3% 1.2%

Median Off-Market Redfin Estimate $289,600 0.8% 7.4%

Average Sale-to-list 98.6% 0.3% -0.1%

Other May Highlights

Competition

Prices

Sales

Inventory

Pricing Strategy

Median Sale Price

Redfin Metro Median Sale Price Month-Over-Month Year-Over-Year

Albany, NY $209,400 4.2% 9.6%

Allentown, PA $197,000 7.4% 7.8%

Atlanta, GA $244,900 4.2% 11.3%

Austin, TX $319,000 1.3% 3.9%

Bakersfield, CA $235,000 3.1% 9.6%

Baltimore, MD $272,000 3.0% 0.7%

Baton Rouge, LA $204,300 2.2% 9.1%

Birmingham, AL $214,900 13.7% 8.0%

Boston, MA $495,000 3.1% 8.8%

Buffalo, NY $145,200 7.6% 5.5%

Camden, NJ $179,500 6.8% 4.1%

Charlotte, NC $250,000 2.0% 10.0%

Chicago, IL $252,100 2.0% 2.9%

Cincinnati, OH $185,000 2.8% 10.6%

Cleveland, OH $149,900 4.1% 4.8%

Columbus, OH $212,000 6.1% 9.3%

Dallas, TX $299,900 3.4% 1.7%

Denver, CO $415,500 0.1% 10.4%

Detroit, MI $134,000 11.9% 12.8%

Fort Lauderdale, FL $265,000 3.9% 10.4%

Fort Worth, TX $244,900 3.8% 8.8%

Fresno, CA $268,800 3.4% 8.8%

Grand Rapids, MI $200,000 5.3% 7.7%

Greenville, SC $210,000 6.1% 10.5%

Hampton Roads, VA $230,000 1.9% 4.1%

Honolulu, HI $595,000 8.2% 10.4%

Houston, TX $242,000 0.8% 3.0%

Indianapolis, IN $185,000 5.7% 9.5%

Jacksonville, FL $225,000 1.1% 7.1%

Kansas City, MO $215,000 4.9% 7.5%

Knoxville, TN $197,600 5.7% 9.8%

Las Vegas, NV $272,200 0.9% 15.9%

Long Island, NY $430,000 -2.3% 6.2%

Los Angeles, CA $630,000 3.3% 9.0%

Louisville, KY $189,700 5.1% 2.5%

Memphis, TN $195,000 18.0% 16.9%

Miami, FL $297,800 3.0% 10.3%

Milwaukee, WI $215,000 7.9% 9.7%

Minneapolis, MN $270,000 1.9% 9.1%

Montgomery County, PA $300,000 2.0% 0.0%

Nashville, TN $289,000 1.4% 7.4%

New Orleans, LA $225,000 4.7% 7.3%

Oakland, CA $770,000 2.7% 10.8%

Oklahoma City, OK $170,100 -0.5% 2.8%

Omaha, NE $206,000 8.4% 10.8%

Orange County, CA $725,000 3.6% 7.4%

Orlando, FL $245,000 2.1% 11.4%

Oxnard, CA $600,000 0.9% 4.5%

Philadelphia, PA $205,000 3.3% 7.6%

Phoenix, AZ $266,000 3.6% 9.1%

Pittsburgh, PA $169,500 3.7% 7.3%

Portland, OR $399,900 1.1% 7.5%

Providence, RI $267,500 4.1% 9.2%

Raleigh, NC $282,500 0.0% 4.6%

Richmond, VA $245,000 2.1% 2.5%

Riverside, CA $361,000 0.3% 6.2%

Rochester, NY $150,000 9.1% 15.4%

Sacramento, CA $404,600 2.4% 7.9%

Salt Lake City, UT $317,500 3.5% 7.6%

San Antonio, TX $227,000 4.6% 5.5%

San Diego, CA $575,000 0.0% 6.5%

San Francisco, CA $1,440,000 1.1% 10.8%

San Jose, CA $1,250,000 3.2% 27.6%

Seattle, WA $587,400 1.3% 15.2%

St. Louis, MO $185,000 4.5% 6.9%

Tacoma, WA $368,500 8.4% 19.6%

Tampa, FL $226,900 1.8% 8.1%

Tucson, AZ $214,400 1.8% 7.2%

Tulsa, OK $169,500 2.9% 4.3%

Warren, MI $216,000 5.4% 10.8%

Washington, DC $409,900 3.8% 2.5%

West Palm Beach, FL $280,000 5.2% 7.7%

Worcester, MA $272,700 5.9% 5.4%

National $305,600 1.5% 6.3%

Homes Sold

Redfin Metro Homes Sold Month-Over-Month Year-Over-Year

Albany, NY 874 16.7% 3.8%

Allentown, PA 920 38.1% 2.4%

Atlanta, GA 11,838 31.6% 7.1%

Austin, TX 3,368 16.4% -0.6%

Bakersfield, CA 879 14.3% 8.8%

Baltimore, MD 5,274 32.9% 31.9%

Baton Rouge, LA 942 -0.4% -12.8%

Birmingham, AL 1,826 28.9% 13.5%

Boston, MA 4,378 22.6% -5.8%

Buffalo, NY 822 1.9% -17.2%

Camden, NJ 2,049 -2.5% 24.7%

Charlotte, NC 4,061 14.3% 0.4%

Chicago, IL 13,852 36.7% 21.7%

Cincinnati, OH 2,723 28.2% 2.1%

Cleveland, OH 2,837 23.1% -3.2%

Columbus, OH 3,516 49.7% 12.3%

Dallas, TX 6,273 15.5% -1.7%

Denver, CO 6,119 30.4% 11.0%

Detroit, MI 2,320 -16.1% 18.6%

Fort Lauderdale, FL 3,450 5.7% -0.2%

Fort Worth, TX 3,357 14.0% -0.8%

Fresno, CA 904 8.0% 1.2%

Grand Rapids, MI 1,729 40.0% 15.8%

Greenville, SC 1,378 44.9% 11.0%

Hampton Roads, VA 2,525 30.8% 2.4%

Honolulu, HI 815 -2.3% -8.7%

Houston, TX 8,471 13.9% 0.7%

Indianapolis, IN 3,383 14.2% -2.0%

Jacksonville, FL 2,729 27.8% -1.2%

Kansas City, MO 3,667 22.3% -1.2%

Knoxville, TN 1,490 10.7% -3.7%

Las Vegas, NV 3,820 6.8% -11.3%

Long Island, NY 2,220 -3.3% -1.8%

Los Angeles, CA 6,651 11.0% -6.1%

Louisville, KY 1,672 28.4% 9.4%

Memphis, TN 1,417 15.8% 13.0%

Miami, FL 2,877 3.9% -2.4%

Milwaukee, WI 2,043 18.9% -0.8%

Minneapolis, MN 6,744 55.8% 10.8%

Montgomery County, PA 2,696 32.2% -1.9%

Nashville, TN 3,851 31.9% 7.5%

New Orleans, LA 1,515 20.3% 5.3%

Oakland, CA 2,725 13.2% 1.2%

Oklahoma City, OK 2,265 14.7% 7.3%

Omaha, NE 1,465 33.9% 4.9%

Orange County, CA 2,886 8.9% -9.2%

Orlando, FL 4,627 6.9% 6.3%

Oxnard, CA 812 14.5% -1.2%

Philadelphia, PA 2,791 30.5% 4.8%

Phoenix, AZ 9,809 8.4% 1.6%

Pittsburgh, PA 2,564 27.9% 4.3%

Portland, OR 3,589 11.0% -7.0%

Providence, RI 1,803 18.2% -2.4%

Raleigh, NC 2,541 11.9% 2.5%

Richmond, VA 1,878 21.9% -5.2%

Riverside, CA 5,426 5.2% -7.2%

Rochester, NY 952 22.8% -16.6%

Sacramento, CA 3,074 7.1% -2.4%

Salt Lake City, UT 1,790 12.2% -6.3%

San Antonio, TX 2,889 11.7% -2.0%

San Diego, CA 3,395 8.3% -7.6%

San Francisco, CA 1,143 15.0% 2.6%

San Jose, CA 1,600 9.6% -4.2%

Seattle, WA 4,657 12.4% -7.3%

St. Louis, MO 4,445 27.3% 4.1%

Tacoma, WA 1,613 18.3% 2.3%

Tampa, FL 6,362 1.3% 0.8%

Tucson, AZ 1,706 5.4% 6.8%

Tulsa, OK 1,369 18.5% 8.5%

Warren, MI 5,490 37.9% 38.5%

Washington, DC 10,768 23.5% 12.4%

West Palm Beach, FL 3,069 -8.9% -12.5%

Worcester, MA 858 12.2% -11.2%

National 292,900 18.4% 3.6%

New Listings

Redfin Metro New Listings Month-Over-Month Year-Over-Year

Albany, NY 1,523 18.4% -2.5%

Albuquerque, NM 1,736 10.4% 0.3%

Allentown, PA 1,400 2.3% 0.7%

Atlanta, GA 12,799 2.8% 5.9%

Austin, TX 4,630 6.3% 1.4%

Bakersfield, CA 1,106 0.4% 0.8%

Baltimore, MD 5,793 4.0% 4.1%

Baton Rouge, LA 1,369 8.1% 0.3%

Birmingham, AL 1,822 -8.1% -2.8%

Boston, MA 8,185 14.2% 8.9%

Buffalo, NY 1,623 24.8% -0.1%

Camden, NJ 2,682 0.1% -0.6%

Charlotte, NC 5,202 10.9% 5.5%

Chicago, IL 16,163 1.5% 3.0%

Cincinnati, OH 3,196 10.5% 4.2%

Cleveland, OH 3,735 9.9% 1.6%

Columbus, OH 3,999 20.6% 7.3%

Dallas, TX 8,771 5.8% 8.6%

Denver, CO 6,805 10.0% 7.9%

Detroit, MI 4,437 40.8% 58.5%

Fort Lauderdale, FL 4,214 0.3% -1.3%

Fort Worth, TX 4,419 5.4% 4.9%

Fresno, CA 1,113 8.7% 1.6%

Grand Rapids, MI 2,099 34.9% 3.3%

Greenville, SC 1,534 0.6% 6.6%

Hampton Roads, VA 3,135 4.6% 1.5%

Honolulu, HI 1,097 -5.6% -1.8%

Houston, TX 12,198 4.5% 3.8%

Indianapolis, IN 4,024 14.7% 7.8%

Jacksonville, FL 3,032 -1.8% 5.0%

Kansas City, MO 4,461 4.5% 13.1%

Knoxville, TN 1,704 4.5% 10.8%

Las Vegas, NV 4,510 1.6% 1.1%

Long Island, NY 4,641 11.4% 7.4%

Los Angeles, CA 8,857 2.3% -2.9%

Louisville, KY 1,885 9.5% 3.0%

Memphis, TN 1,558 4.4% -2.9%

Miami, FL 4,285 6.9% -2.8%

Milwaukee, WI 2,504 20.3% 0.4%

Minneapolis, MN 8,368 23.1% 2.4%

Montgomery County, PA 3,693 2.9% -0.5%

Nashville, TN 4,906 7.9% 6.8%

New Orleans, LA 1,809 0.8% 0.1%

Oakland, CA 3,558 13.3% 8.2%

Oklahoma City, OK 2,519 4.5% 4.4%

Omaha, NE 1,580 -1.4% -0.5%

Orange County, CA 3,833 0.2% -1.5%

Orlando, FL 5,019 5.7% -3.6%

Oxnard, CA 1,095 4.9% -5.1%

Philadelphia, PA 3,380 -0.1% 0.2%

Phoenix, AZ 9,508 -2.2% -1.5%

Pittsburgh, PA 3,261 6.2% 7.7%

Portland, OR 5,345 17.6% 17.0%

Providence, RI 3,105 21.1% 9.3%

Raleigh, NC 3,164 7.4% 7.8%

Richmond, VA 2,438 7.3% 4.0%

Riverside, CA 6,876 1.3% -0.6%

Rochester, NY 1,592 12.0% -3.7%

Sacramento, CA 4,408 14.6% 5.9%

Salt Lake City, UT 2,402 10.4% -2.2%

San Antonio, TX 3,971 13.4% 0.8%

San Diego, CA 4,345 4.5% -2.4%

San Francisco, CA 1,305 -0.1% 4.1%

San Jose, CA 1,991 11.5% 11.2%

Seattle, WA 6,843 27.8% 9.1%

St. Louis, MO 5,283 6.7% 0.5%

Tacoma, WA 2,271 25.3% 7.3%

Tampa, FL 6,639 0.7% -1.0%

Tucson, AZ 1,854 1.6% 11.0%

Tulsa, OK 1,525 0.7% -0.3%

Warren, MI 8,311 46.2% 43.7%

Washington, DC 12,313 -1.9% 1.1%

West Palm Beach, FL 3,701 -6.5% -0.1%

Worcester, MA 1,613 18.1% 9.6%

National 373,500 7.6% 4.3%

All Homes for Sale

Redfin Metro All Homes for Sale Month-Over-Month Year-Over-Year

Albany, NY 2,575 9.9% -20.6%

Albuquerque, NM 3,205 -24.2% -36.7%

Allentown, PA 3,631 31.4% 24.4%

Atlanta, GA 30,413 25.0% -6.1%

Austin, TX 7,660 6.7% -3.3%

Bakersfield, CA 1,971 -1.8% -7.0%

Baltimore, MD 11,711 3.8% 2.0%

Baton Rouge, LA 3,799 -3.3% 24.4%

Birmingham, AL 4,919 -3.4% -19.1%

Boston, MA 8,306 17.2% -3.8%

Buffalo, NY 1,879 17.1% -32.8%

Camden, NJ 7,995 7.7% -0.8%

Charlotte, NC 11,139 6.3% -20.4%

Chicago, IL 39,621 5.4% -7.8%

Cincinnati, OH 7,657 7.4% -6.2%

Cleveland, OH 8,071 4.7% -12.6%

Columbus, OH 6,539 13.5% -5.7%

Dallas, TX 14,820 2.1% 7.7%

Denver, CO 6,336 16.8% -0.6%

Detroit, MI 5,609 18.3% 28.4%

Fort Lauderdale, FL 14,133 2.1% 1.1%

Fort Worth, TX 6,429 -0.3% -3.0%

Fresno, CA 1,471 -2.7% -11.2%

Grand Rapids, MI 2,137 18.5% -10.1%

Greenville, SC 4,174 5.0% 0.4%

Hampton Roads, VA 7,278 1.3% -12.6%

Honolulu, HI 3,297 -1.3% 7.1%

Houston, TX 25,748 3.0% -6.6%

Indianapolis, IN 4,571 5.2% -37.7%

Jacksonville, FL 6,465 -2.0% -7.5%

Knoxville, TN 4,907 6.7% -2.6%

Las Vegas, NV 9,642 2.0% -13.3%

Long Island, NY 10,755 7.8% -7.5%

Los Angeles, CA 15,675 1.3% -9.5%

Louisville, KY 2,950 6.0% -7.1%

Memphis, TN 2,974 3.0% -17.7%

Miami, FL 16,988 -2.6% -5.8%

Milwaukee, WI 5,107 9.2% -22.9%

Minneapolis, MN 10,199 14.3% -16.4%

Montgomery County, PA 8,066 15.8% 0.7%

Nashville, TN 10,447 7.4% 7.7%

New Orleans, LA 6,666 4.0% 13.2%

Oakland, CA 2,713 6.9% -7.4%

Oklahoma City, OK 5,225 0.4% -15.6%

Omaha, NE 1,738 8.0% -13.4%

Orange County, CA 7,390 2.2% -9.8%

Orlando, FL 8,721 -2.8% -18.2%

Oxnard, CA 1,681 6.8% -0.1%

Philadelphia, PA 7,329 10.7% -7.9%

Phoenix, AZ 18,418 -6.8% -15.2%

Pittsburgh, PA 9,662 4.8% -8.8%

Portland, OR 6,323 19.3% 35.3%

Providence, RI 5,418 16.1% -9.2%

Raleigh, NC 6,716 3.9% -5.8%

Richmond, VA 3,265 7.1% -14.4%

Riverside, CA 14,840 -1.6% -8.4%

Rochester, NY 1,908 17.9% -37.1%

Sacramento, CA 5,051 13.9% 5.0%

Salt Lake City, UT 2,754 -21.7% -14.3%

San Antonio, TX 7,802 1.0% -7.0%

San Diego, CA 6,048 1.4% 2.8%

San Francisco, CA 1,249 -2.8% -12.2%

San Jose, CA 1,507 16.4% -13.8%

Seattle, WA 4,922 32.2% 17.4%

St. Louis, MO 13,657 15.9% 5.7%

Tacoma, WA 1,953 20.9% -11.6%

Tampa, FL 11,899 -3.9% -11.2%

Tucson, AZ 4,468 -3.3% -8.5%

Tulsa, OK 4,867 26.6% 17.0%

Warren, MI 9,540 29.8% 20.3%

Washington, DC 22,662 4.0% 17.5%

West Palm Beach, FL 14,261 -3.5% -2.1%

Worcester, MA 1,910 13.8% -15.2%

National 728,300 5.6% -5.4%

Median Off-Market Redfin Estimate

Redfin Metro Estimate Month-Over-Month Year-Over-Year

Albany, NY $208,500 0.6% 4.6%

Allentown, PA $199,700 1.1% 4.8%

Atlanta, GA $203,100 1.0% 9.9%

Austin, TX $293,700 0.7% 2.1%

Bakersfield, CA $205,800 1.0% 5.1%

Baltimore, MD $247,400 0.6% 2.8%

Baton Rouge, LA $150,200 0.8% 1.7%

Birmingham, AL $143,900 0.8% 5.8%

Boston, MA $476,200 0.8% 4.7%

Buffalo, NY $148,600 0.5% 6.7%

Camden, NJ $188,300 0.6% 3.3%

Charlotte, NC $193,700 0.8% 15.4%

Chicago, IL $232,500 0.8% 3.0%

Cincinnati, OH $161,400 0.9% 7.5%

Cleveland, OH $132,300 1.1% 4.2%

Columbus, OH $181,000 1.0% 10.9%

Dallas, TX $248,600 0.8% 9.0%

Denver, CO $402,700 1.4% 10.2%

Detroit, MI $97,200 0.9% 20.0%

Fort Lauderdale, FL $252,400 0.6% 8.2%

Fort Worth, TX $203,800 1.2% 10.8%

Fresno, CA $244,000 0.8% 9.1%

Grand Rapids, MI $153,200 1.8% 8.3%

Greenville, SC $160,500 1.0% 8.3%

Hampton Roads, VA $218,900 0.5% 3.7%

Honolulu, HI $684,900 0.6% 4.4%

Houston, TX $200,000 0.7% 6.1%

Indianapolis, IN $151,800 1.1% 8.5%

Jacksonville, FL $206,200 1.0% 14.5%

Kansas City, MO $178,300 1.0% 8.2%

Knoxville, TN $142,900 1.0% 5.4%

Las Vegas, NV $256,000 1.4% 16.3%

Long Island, NY $426,300 0.3% 6.6%

Los Angeles, CA $606,300 0.9% 8.4%

Louisville, KY $145,200 0.8% -3.2%

Memphis, TN $130,400 -0.1% 8.0%

Miami, FL $285,500 0.5% 6.9%

Milwaukee, WI $199,800 1.2% 8.3%

Minneapolis, MN $248,200 1.1% 5.7%

Montgomery County, PA $309,900 0.5% 3.6%

Nashville, TN $237,200 0.9% 12.1%

New Orleans, LA $163,600 0.7% -5.4%

Oakland, CA $755,100 1.4% 10.4%

Oklahoma City, OK $137,100 0.6% 1.0%

Omaha, NE $163,600 1.2% 6.5%

Orange County, CA $700,800 0.7% 6.8%

Orlando, FL $221,500 0.7% 9.2%

Oxnard, CA $589,200 0.6% 5.7%

Philadelphia, PA $196,100 1.0% 9.6%

Phoenix, AZ $256,500 0.9% 7.1%

Pittsburgh, PA $135,100 0.1% 0.5%

Portland, OR $384,300 0.8% 4.3%

Providence, RI $284,800 0.8% 6.6%

Raleigh, NC $253,500 0.9% 6.6%

Richmond, VA $215,600 0.6% 7.2%

Riverside, CA $353,600 0.8% 8.8%

Rochester, NY $138,100 1.0% 4.8%

Sacramento, CA $391,800 1.0% 7.3%

Salt Lake City, UT $309,500 1.4% 9.8%

San Antonio, TX $184,700 0.7% 7.3%

San Diego, CA $580,300 0.8% 7.8%

San Francisco, CA $1,336,000 2.0% 14.0%

San Jose, CA $1,263,900 2.9% 27.2%

Seattle, WA $555,800 2.0% 15.0%

St. Louis, MO $150,300 1.0% 1.4%

Tacoma, WA $332,000 1.4% 13.0%

Tampa, FL $209,700 0.9% 9.9%

Tucson, AZ $198,300 1.1% 7.4%

Tulsa, OK $134,800 0.5% 1.4%

Warren, MI $202,200 1.0% 6.2%

Washington, DC $378,700 0.5% 3.0%

West Palm Beach, FL $259,100 0.5% 3.8%

Worcester, MA $274,600 0.7% 6.6%

National $289,600 0.8% 7.4%

The post May Real Estate Market the Fastest on Record; Prices Up 6.3% appeared first on Redfin Real-Time.

The post May Real Estate Market the Fastest on Record; Prices Up 6.3% appeared first on .

from https://ihelpsell.net/may-real-estate-market-the-fastest-on-record-prices-up-6-3/

0 notes

investmart007 · 6 years ago

Text

Redfin Report: May Real Estate Market the Fastest on Record; Prices Up 6.3%

New Post has been published on https://is.gd/Bh7gHb

Redfin Report: May Real Estate Market the Fastest on Record; Prices Up 6.3%

SEATTLE/ June 14, 2018 (STLRealEstate.News) — (NASDAQ: RDFN)–The typical home that sold in May went under contract in 34 days, according to Redfin (www.redfin.com), the next-generation real estate brokerage. May broke April’s record of 36 days, which was the fastest month Redfin had recorded going back to 2010. Amid the speed, the national median home sale price rose to $305,600, a 6.3 percent increase from May 2017 across the 174 markets that Redfin tracks.

Market Summary

May 2018

Month-Over-Month

Year-Over-Year

Median sale price

$305,600

1.5%

6.3%

Homes sold

292,900

18.4%

3.6%

New listings

373,500

7.6%

4.3%

All Homes for sale

728,300

5.6%

-5.4%

Median days on market

-3

-4

Months of supply

2.5

-0.3

-0.2

Sold above list

27.6%

1.3%

1.2%

Median Off-Market Redfin Estimate

$289,600

0.8%

7.4%

Average Sale-to-list

98.6%

0.3%

-0.1%

For the seventh month in a row, San Jose topped the nation with price growth over 25 percent. The supply of San Josehomes fell 13.8 percent compared to last year. That drop is actually the smallest decline in a 16-month stretch of inventory declines, an indication of the intensity of San Jose’s inventory shortage. A bit of good news for San Jose buyers: the number of homes newly listed in May ticked up 11.2 percent compared to last year.

After a prolonged period of inventory declines, some metro areas are finally seeing more homes hit the market. Washington, D.C. and Portland, OR have now had four months in a row of year-over-year increases in inventory. Seattleinventory increased for the second month in a row, up 17.4 percent in May compared to last year.

Other May Highlights

Competition

The most competitive market in May was San Jose where 83.8% of homes sold above list price, followed by 79.6% in San Francisco, 76.2% in Oakland, 63.1% in Tacoma, WA, and 61.9% in Seattle.

Prices

No metros saw price declines in May.

Sales

Buffalo, NY saw the largest decline in sales since last year, falling 17.2%. Home sales in Rochester, NY and Baton Rouge, LA declined by 16.6% and 12.8%, respectively.

Inventory

Portland, OR had the highest increase in the number of homes for sale, up 35.3% year over year, followed by Detroit(28.4%) and Allentown, PA (24.4%).

Pricing Strategy

To see trends in sellers’ pricing strategies, Redfin compares the list price to the Redfin estimate, Redfin’s automated home-value estimate. When sellers consistently price their homes below the Redfin Estimate in a market, this can indicate a common strategy to deliberately underprice to create a bidding war.

The median list price-to-Redfin Estimate ratio was 93.2% in San Francisco, the lowest of any market. This indicates the typical home for sale in May was listed at 94.1% of its estimated value. Only 5.9% of homes in San Francisco, CAwere listed for more than their Redfin Estimate.

Conversely, the median list price-to-Redfin Estimate ratio was 102.4% in Miami and 102.1% in West Palm Beach, FL, which means sellers are listing their homes for more than the estimated value in those metro areas. In Miami, 84.7% of homes were listed above their Redfin Estimate, the highest percentage of any metro.

To read the full report, complete with data and charts, please visit the following link: https://www.redfin.com/blog/2018/06/market-tracker-may-2018.html.

About Redfin

About Redfin Redfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer’s favor. Founded by software engineers, Redfin has the country’s #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry’s lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, subscribe here. To view Redfin’s press center, click here.

______

SOURCE: Redfin

#national median home sale price #Real Estate Market #rising mortgage rates #stl.properties #STLRealEstate.News #TodayNews

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sunburstknobs · 6 years ago

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cheappatiofurnitures · 6 years ago

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See the rest of the story at http://www.cheap-patio-furniture.com/miami-florida-houses-need-to-sell/

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chesterscherr · 7 years ago

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fast cash house buyers

See the rest of the story at http://finalnews.edmontoniphonerepair.net/2018/05/26/fast-cash-house-buyers/

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