Newly Listed Homes Increase 9% as Median Prices Keep Rising, According to ZipRealty’s Housing Trends Report
The median home sales price of $270,000 in May 2013 reflects a 16.2% jump from May 2012 prices. “For-sale inventory at the end of May 2013 was 28% lower than a year ago, but listed inventory increased slightly from April to May 2013, whereas inventory shrank by 12% in that same time period a year ago,” says ZipRealty CEO and President Lanny Baker. “On a year-over-year basis, pending sales are rising more rapidly than new listings as of May, but potential home buyers will undoubtedly welcome the 9% increase in new listings we saw in May 2013 compared to May 2012.”
As real estate markets throughout the United States show signs of rebounding, many home owners are once again considering selling their homes. Home values across the nation plummeted in recent years because of the overall recession. As a result most real estate markets became a “buyer’s market.”
ZipRealty’s new Housing Trends Report is showing a 16.4% year-over-year increase in median home prices in 24 metros, according to MLS data. The median home price in these metro areas rose to $262,409 as of April 30, 2013.
“We’re seeing sales close quickly – in 32 days on average – at nearly full listing price or 98.9% of their asking price,” says ZipRealty CEO and President Lanny Baker. “In fact, homes are selling at 100% or more of their list price in nine cities we analyzed, and in two weeks or less in six cities we analyzed,” he notes.
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Cape Cod, Massachusetts
Remodeling Projects That Don't Make Financial Sense for Home Sellers.
For most people, the "dream home" they purchased when they were in their 20s falls short of qualifying as a dream home a few years down the road. If you purchased your home before you had children, for example, you may quickly find that you need more space.
After months of looking, you’ve finally found the home of your dreams. It’s the right price, in a neighborhood you love, and even has that backyard you’ve been hoping for. You tell your agent about it, and then they give you the bad news: it’s pending.