Charlotte and Seattle Top List of U.S. Housing Market Hot Spots HouseHunt Survey identifies where listings are selling in 30 days or less
RISMEDIA, July 31, 2006—While much of the country is experiencing a balanced housing market between buyer demand and seller supply, a recent HouseHunt national survey has identified a dozen metro area hot spots where most listings are selling in 30 days or less, sellers greatly outnumber buyers, and 46% of sellers are getting 100% or more of their asking prices.
The survey also found that 78% of sellers are still getting multiple offers.
Annual price appreciation in the hot spot areas averages five to 10%.
Topping the list of hot housing markets is Charlotte, NC, where the median price for an existing home is $174,500 – that’s $56,500 under the latest national median price of $231,000 reported by the National Association of Realtors.
Next come: Seattle, WA; Nashville, TN; Salt Lake City, UT; St. Louis, MO; Washington DC/Northern Virginia; Portland, OR; Austin, TX; San Jose and San Francisco in Northern California; and selected suburbs in Los Angeles, Orange, San Diego and Riverside counties in Southern California. Certain Chicago, IL, metro areas like Orland Park are also active.
The HouseHunt survey also turned up numerous non-metropolitan communities around the country where local housing markets are still extremely active. Such as: Glenwood Springs, CO; Eagle River, AK; Meridian and Emmett, ID; Dallastown, PA; Covington, GA; and the university town of Newark, DE.
Sixty-two percent of sales activity in the hot spot markets is coming from repeat and move-up buyers, plus population gains. Case in point is Charlotte.
“Our market is rapidly changing due to the tremendous influx of people relocating from other parts of the country,” reported Kay and Joe Casey of Keller Williams Realty, exclusive HouseHunt agents for Northeast and Southwest Charlotte and Lake Norman. “As a result, multiple offers are becoming the norm, and prices are often above the asking price. Also, sellers are no longer accepting offers contingent on the sale of a home.”
Donna Forrest-Johnston of RE/MAX Executive Realty and exclusive HouseHunt agent for Downtown and Southeast Charlotte, reported higher median home prices and a limited unsold inventory. She identified all of uptown Charlotte plus Ballantyne, South Park, Myers Park, Lake Wylie, Elizabeth, Chantilly and Dilworth as hot spots.
In metro Seattle, Fran Omholt of Coldwell Banker Danforth & Associates in Federal Way reported median home prices of $399,000 and a limited supply of inventory. Greatest activity is coming from move-up buyers. Omholt is the exclusive HouseHunt agent for suburban Renton.
Beverly Burleson of Skyline Properties, exclusive HouseHunt agent for Central Seattle, said many sellers are getting more than 100% of asking prices. Median home price is $428,000, with a limited supply of unsold homes. She described local housing hot spots as Columbia City, Hillman City, Madrona, and Madison Valley.
Also reporting a limited supply of inventory is David Bemis of Realty Executive of Utah in Midvale, exclusive HouseHunt agent for Salt Lake City and Sandy, UT, where the median home price is about 200,000: “The Salt Lake Avenues and Sugarhouse areas continue to be a fast paced market, seeing full price competing offers. These areas are older homes styles with easy access to downtown activities. The southwest part of the valley is seeing record new housing starts. Prices are increasing almost monthly.”
Inventories are described as limited to good in the San Francisco Bay area by Julianne Chan of Pacific Union Real Estate in Danville, CA , exclusive HouseHunt agent for several Contra Costa County communities including Danville, Orinda, Lafayette and Pleasant Hill: “Housing prices have increased due to a good reputation for schools and good commuting access to freeways and to rapid transit (BART).” Seven digit home prices are commonplace.
Michael Bearden, president and CEO of HouseHunt, Inc., noted: “We’ve found that our quarterly ‘Current Market Conditions’ national surveys have accurately identified changing market trends because our 1,500 member agents are actively involved every day with thousands of buyers and sellers in 47 states. There is no lag time waiting for monthly or quarterly sales reports.”
HouseHunt’s second quarter national survey found that the overall U.S. housing market had achieved a rare balance between buyer demand and seller supply for the first time in eight years. Only 14% of member agent respondents reported that the average time from listing to contract was 30 days or less.
HouseHunt is a consumer-oriented Internet firm that provides valuable free information and services to homeowners, home buyers and home sellers through member agents serving exclusive territories and its primary websites, HouseHunt.com and moveUP.com.
Metro Market Hot Spots Median Home Prices*
Charlotte, NC $174,500
Seattle, WA $338,600
Nashville, TN $165,300
Salt Lake City, UT $184,000
St. Louis, MO $137,200
Washington, DC $422,500
Portland, OR $267,700
Austin, TX $167,200
San Francisco/San Jose, CA $720,400/746,000
Los Angeles/So. California $396,200/712,600
U.S. $231,000
*National Association of Realtors |
