SANTA MONICA, CA / ACCESSWIRE / March 25, 2018 / Even though it's still cold in many parts of the country, the real estate market is already heating up. According to February data from realtor.com, many areas are beginning to see a lot of movement in the housing market.
Javier Vivas, the director of economic research at realtor.com stated the following: ''Rapid mortgage rate jumps, and confirmation of a brighter economic outlook have inflated the pool of home buyers early in the year, putting an extra squeeze on the mid and entry-level market.''
Reclaiming Historical Highs
Now that winter is almost over, the listing prices for homes have already started their usual spring climb. In fact, they've recently reclaimed historical highs. Prices have already reached a median of $275,000, which was the peak for last summer.
This means we are likely to see the median price go even higher before this summer is over. For February the listing prices have increased 10 percent when compared to February 2017, according to Neil Shekhter, founder and CEO of Santa Monica-based NMS Properties.
Insufficient Housing Supply
The biggest problem is a lack of homes that are currently for sale. Housing inventory grew slightly from January at just 2 percent. However, it was down approximately 8 percent from the previous February. An increase in demand has all but extinguished the amount of new construction in recent months.
Some markets have seen the shortage for listings really intensify this past month. Buyers are scrambling to find homes and they're moving off the market much quicker than they were at this same time in 2017. Homes are now on the market a median of 83 days before being purchased.
Where Homes are Selling the Fastest
California cites are currently dominating the housing market. There is a town in Texas, however, that is among the top five right now. Realtor.com recently came up with its list of the hottest markets for real estate in the nation. They used key indicators of days that homes stayed on the market and listing views to find their results.
San Francisco remained in the number one spot while Midland, Texas rose from number 5 in January to the number 2 spot. California, however, still accounts for 13 out of the 20 top markets. The others in the top 20 belongs to Texas, Washington, Colorado, Indiana, and Ohio.
Spokane, Washington had the biggest jump, moving 13 spots from where the city had been in January. Fort Wayne, Indiana also moved up 9 spots. Spokane seems to be a hot spot for home buyers trying to escape high home prices in Seattle.
Launching NMS Properties in 1988, Neil Shekhter assumed the role of CEO in January 1995. The real estate management company focuses on multi-family and mixed-use properties in the Greater Los Angeles area and in Santa Monica. Over the course of 2017, NMS deployed 40 furnished apartments in Los Angeles, and Neil Shekhter plans to triple that number in 2018. The company currently manages some of its properties while testing a pilot with MY SUITE.
Neil Shekhter - Founder and CEO of NMS Properties
Apartments For Rent In Los Angeles by NMS Residential
Apartments For Rent In Santa Monica by NMS Residential
Contact Information: Gina Alberts - [email protected]
SOURCE: NMS Properties, Inc.