Stewart Title produces some nice go-to graphics for real estate pros
Nice graphic posted by Stewart Title tells the story of Collin County Real Estate with data from Texas Real Estate Center at Texas A&M
The housing market began to bounce back in May, 2020 but new data released today by realtor.com® shows that consumers are showing an increasing preference for suburban and rural areas as they return to the market. In May, online listing views on realtor.com® in suburban ZIP codes grew by 13 percent, nearly doubling the pace of growth of urban areas.
While time on market has slowed nationally due to complications surrounding deal closings during the pandemic, suburban and rural markets are seeing lower increases due to strong consumer interest. Time on market increased by 25 percent in rural areas, 30 percent in suburban areas and 35 percent in urban areas year-over-year. This represents the widest gap in percent change since realtor.com® started tracking the metric in 2016.
More than half (54) of the nation’s 100 largest metros are seeing increased interest in the suburbs. Suburban listing views in May 2020 exceeded those from May 2019, as well as the start of the year. Out of the nearly 20,000 ZIP codes tracked in realtor.com®‘s Hottest Market rankings, suburban ZIP codes saw a median jump of 404 spots, while rural ZIPs saw a median jump of 846 spots. Hottest Markets are determined by popularity (online listing views) and time on market.
“This migration to the suburbs is not a new trend, but it has become more pronounced this spring,” said Javier Vivas, realtor.com® director of economic research. “After several months of shelter-in-place orders, the desire to have more space and the potential for more people to work remotely are likely two of the factors contributing to the popularity of the burbs.”
For the past several years, it’s been common to see suburban areas outpace urban areas in growth of views per property. However, May marks the second largest discrepancy since realtor.com® started tracking the metric in 2016. Views per property in rural and suburban ZIP codes were up an average of 16 and 13 percent, year-over-year respectively. Views per property in urban areas were up 7 percent year-over-year on average.
“Suburban interest typically peaks during the summer, as families look to move before the start of the school year. However, suburban interest in May outpaced last year’s July peak, which could indicate even stronger interest in the suburbs as the summer homebuying season continues to heat up,” said Vivas.
Top 10 metros where suburban listing views increased most year-over-year:
LOCAL REAL ESTATE AGENTS
Fairfield Inn & Suites will be going in along U.S. 380 at Hardin Blvd. in McKinney, Texas.
We are seeing more FOR SALE signs popping up again in local Collin County neighborhoods. Great time to move to Texas and into a home.
Zillow reports: “January marked the reversal of a longstanding trend in the housing market. A modest annual gain in for-sale inventory last month means that for the first time in at least a half decade, the U.S. housing market began the calendar year with more homes available for sale than the year prior.”
January real estate inventory shows 1.6 million U.S. homes listed for sale on Zillow Real Estate Market Report, an increase of 1.2 percent from 2018.
While signs are going up here, the numbers of people wanting to move have jumped in the higher-taxed areas of the country.
Most of the for sale signs are going up in California, so target your move to Texas ads there and in Seattle on social media, said Brian Bearden. He says be sure to look in Lucas, Texas, and Wylie, east of Allen, if you want bigger lots. The new neighborhoods with big homes there look amazing. Most real estate agents in DFW don’t seem to know about these larger houses and lots out in the country.
High taxes and lower quality of life with overcrowding and bad West Coast traffic have sparked an increase in homes available:
San Jose, California. up by 42.9 percent
Seattle, Washington, up by 36.9 percent
San Diego, CA, up by 31.9 percent
Los Angeles, CA, up by 29.1 percent
San Francisco, CA, up by 25 percent.
Zillow reports median U.S. home value in January was $225,300, an increase of 7.5 percent year above January 2018.
If you are moving to Texas from California or New York, buy friendly. Get one property for your home and another to rent for what you are paying for your tiny crowded place on East or West coast, Bearden said.
Dallas Area Residential Sales Report – McKinney TX 2018 Recap