It’s no secret that prices have hit seasonal and historical peaks in the recent years. As more people update their homes with new technology or add additions, their value increases from what it had been once before as well as inflation. Despite these prices, homes sold at a record pace this August. The sales are up 8% from this time last year. While the types of sales were not recorded, flipping homes has become an increasing trend for some, people are willing to buy an outdated home for less and put a little more money to have it updated.
According to realtor.com, the median age of listing properties on their website for August has been 66 days. While this is 2 more days than July, it is 6 fewer days compared to August 2016. Homes are noticing a smaller amount of days on the market, which is a good sign for sellers.
Regardless of the high numbers, there will be 500,000 new listings by the end of August. This is the biggest yearly increase since March 2016. The median listing price remained the same as July at $275,000 but also another increase from August 2016, a 10% increase to be exact.
Realtor.com created a “top 20” list of medium to large metropolitan markets where homes are selling the fastest. California managed to snag 10 of the 20 spots, 6 of the dominating the top 10.
Ranking the top three spots is Northern California with Vallejo, San Jose, and San Francisco in that order. Stockton, CA managed to get spot 5 which is a decrease from last month. Our metropolitan of San Diego ranked #9, gaining 4 spots higher than last month. In the final #10, Sacramento managed to squeeze in as an increase from last month. The other towns ranking in the remaining 10 spots are: Modesto, Santa Rosa, Fresno, and Oxnard.
You can find the rest of the list at: http://www.realtor.com/news/trends/hottest-markets-august-2017/