RISMedia's Real Estate Magazine

NOV 2018

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

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44 November 2018 RISMedia's REAL ESTATE "Buyers have the least amount of options than they've ever seen be - fore," says Javier Vivas, director of Economic Research at realtor.com, adding that "competition has virtual - ly doubled over the past five years." Realtor.com analyzed the 50 larg - est metropolitan statistical areas, fo- cusing on the most significant drops in inventory. Here are the cities where inventory is the most limited: 1. Sacramento, Calif. Median list price: $453,000 Decrease in inventory: -55.1 percent Drop in square footage on the market: 10,409,000 2. Charlotte, N.C. Median list price: $334,600 Decrease in inventory: -52.2 percent Drop in square footage on the market: 17,257,000 3. Indianapolis, Ind. Median list price: $260,000 Decrease in inventory: -49.6 percent Drop in square footage on the market: 10,726,000 4. Buffalo, N.Y. Median list price: $190,000 Decrease in inventory: -47.1 percent Drop in square footage on the market: 2,843,000 5. Detroit, Mich. Median list price: $248,500 Decrease in inventory: -46.4 percent Drop in square footage on the market: 16,299,000 6. Minneapolis, Minn. Median list price: $337,100 Decrease in inventory: -41.3 percent Drop in square footage on the market: 12,688,000 7. Milwaukee, Wis. Median list price: $250,000 Decrease in inventory: -37.3 percent Drop in square footage on the market: 4,953,000 8. Louisville, Ky. Median list price: $249,500 Decrease in inventory: -36.8 percent Drop in square footage on the market: 3,454,000 9. Richmond, Va. Median list price: $311,500 Decrease in inventory: -36.8 percent Drop in square footage on the market: 4,192,000 10. Seattle, Wash. Median list price: $552,600 Decrease in inventory: -35.1 percent Drop in square footage on the market: 4,687,000 Meanwhile, some of the larger mar - kets are experiencing an inventory rebound, with less sellers holding underwater mortgages and many hoping to sell while prices continue to rise, according to the report. However, this localized market shift hasn't been widespread enough to reverse the shortages on a nation - al level. RE For more information on the report and the methodol- ogy used, visit www.realtor.com. Liz Dominguez is RISMedia's associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. Historic Inventory Shortage Across U.S., realtor.com ® Reports I nventory on a nationwide basis is low; in fact, shortages are at their worst in 20 years. What's the current market climate? Looking at the first six months of 2018, inventory listed on realtor.com® is 18.2 percent lower than it was during the same period of 2015. And the raw number for homes on the market in 2018 (6.2 million), is a lot less than the 14.3 million total in January 2009, according to the U.S. Census. by Liz Dominguez

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