Fewer Listings, Less Time on Market: Buyers Should Prepare
By Kerry Smith
A realtor.com report finds that active site listings for Fla. metro areas are down as much as 56% year-to-year in Jacksonville, 53% around Tampa and 31% in Central Fla.
ORLANDO, Fla. – For current homebuyers, spring will likely be fiercely competitive. Real estate professionals should prepare their house hunters for record low inventories and rapidly rising home prices based on a realtor.com study of listings on its website.
In one of the four Florida metro areas listed by realtor.com, Jacksonville, the inventory of homes for sale is down 56% year-to-year. Even in the metro area with the smallest year-to-year drop, Miami-Fort Lauderdale-West Palm Beach, active inventory on realtor.com fell 25.8%.
“Demand for housing was already strong coming into the year and we don’t see that slowing down with millennials reaching prime home-buying age, and many remote workers still in the market for more space,” says Danielle Hale, realtor.com’s chief economist.
“At the same time, sellers failed to materialize in January, which has pushed the number of homes for sale to new lows and suggests that our new normal of rising prices and brisk sales is here to stay at least through the first half of the year,” she adds. “Those thinking of getting into the market this spring should brace themselves for a competitive season, especially in the market for existing homes.”
In January the number of homes for sale nationwide plunged 42.6% year-over-year, a new low, according to realtor.com’s records. New listings (ones added to all active listings) in the 50 largest U.S. metros were down by the largest amounts in Cleveland; Jacksonville, and Memphis, Tenn., which posted drops at 37.1%, 36.9% and 32.6%, respectively, according to realtor.com’s January Housing Trends Report.
Median national home listing prices on realtor.com increased by 15.4% compared to a year earlier, reaching $346,000 in January. The nation’s median listing price per square foot grew by 17.5% in January compared to a year ago, realtor.com’s report shows.
Florida metros – Active listings year-to-year – Change in days on market
- Jacksonville – down 56.1% – down 20 days
- Tampa-St. Petersburg-Clearwater – down 53% – down 9 days
- Orlando-Kissimmee-Sanford – down 30.8% – down 2 days
- Miami-Fort Lauderdale-West Palm Beach – down 25.8% – up 5 days