On your mark. Get set. Sold! That is basically what it seemed like for real estate listings in January. According to the latest data from Realtor.com®, the typical U.S. home sold faster than in any prior January last month. Not surprisingly, many buyers feel that it is a race against time with both home prices and mortgage rates rising. Furthermore, many renters are dealing with skyrocketing rental prices thus placing more of a sense of urgency to buy a home.
Days on market
The number of days that listings stay on the market is a common endpoint followed across all markets. Below are some findings uncovered in the most recent Realtor.com® Monthly Housing Report:
- The typical U.S. home spent 61 days on the market in January 2022.
- Compared to January 2021, homes spent an average of 10 days less on the market in January 2022.
- Compared to the month of January in 2017 – 2019, homes spent an average of 29 days on the market in January 2022.
- The Miami metro market led the nation in fewest days on the market. (29 days fewer on the market than the national average)
The lack of inventory of homes for sale is certainly contributing to rising prices. With this said, this is forcing many buyers to accelerate their home search plans. In most years, we typically start to see increased buyer activity in the spring which is why it is considered “the spring buying season”. However, given the current inventory and home pricing dynamics in the market combined with steadily rising interest rates, many more buyers are entering the market now.
Of course, the recent rise in Omicron variant cases has also contributed to the reduction in inventory. On the bright side, it appears as though cases of COVID-19 are decreasing and this should result in more sellers feeling comfortable with listing their homes for sale. Therefore, it is largely expected that the inventory of homes for sale should gradually improve as we enter the spring months.
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!