We have some new content for real estate investors! At Real Estate IQ, we know it’s critical to have the best information at your disposal to make intelligent decisions. And that includes having data on market trends. For that reason, we created our own market report, so you don’t have to spend a second looking for statistics on Texas, Florida, Georgia, and Utah markets.
In general, numbers are going down. Actually, according to July and August’s statistics, the Median Sales Price was the only growing variable in Texas, Florida, Georgia, and Utah. In a year-over-year comparison, median prices grew between 14.6 and 37.1%. We already saw that at a national scale on this report, which indicated that prices saw double-digit growth in 94% of Metro areas in the second quarter. And another sign could have been this piece on Florida’s overpriced homes.
Meanwhile, the Total Number of Active Listings, the Days on the Market, and the Months of Inventory showed a substantial decrease. Keep reading to learn the situation in your market!
Texas market report
Texas’ MLS reports showed considerable increases in the Median Sales Price combined with a shortage of single-family homes for sale. Median Sales Prices went from $298,400 in San Antonio (a 15% increase compared to July 2020) to $480,000 in Austin-Round Rock (+37.1% compared to July 2020).
As for the Total Number of Active Listings, Houston had the highest number with 27,555 (which was a 14.4% decrease if we compare this variable to August 2020), while Fort Worth registered the lowest with 1,515 (a 27.8% dropdown compared to August 2020). However, Houston also held the highest rate on Months of Inventory (1.9).
Lastly, let’s take a look at the number of days in which a property is sold. Austin was the hottest market (a property stayed only 12 days on the MLS, 33 days less than in July 2020) and Dallas was the coldest, with 56 days (nonetheless, this represents 18 days less than August 2020).
Florida market report
In Florida, things weren’t too different. The Median Sales Price went from $300,000 in Northeast Florida to $515,000 in Miami. In a year-over-year comparison, these represented an increase from 14.7% and 25.6%, respectively.
On the other hand, the Total Number of Active Listings was relatively low in places like Martin and St. Lucie Counties (305 and 659, in that order) and slightly higher in Northeast Florida (4,651) and Tampa-St. Pete-Clearwater (4,335). And since we’re talking about Tampa, the weather wasn’t the only hot thing. Houses remained on the MLS for just six days, and they had 0.9 months of inventory. On the opposite side, Martin County had a median of 55 days on the market, and Northeast Florida flaunted 1.4 months of inventory.
Georgia market report
Now, let’s take a moment to see what happened in Atlanta. The Median Sales Price saw a 21.3% increase in July and reached $370,000, while the Total Number of Active Listings decreased 33%, meaning that there were 9,402 properties available in September. Finally, the Months of Inventory also declined from 2.4 to 1.3.
Utah market report
As for the last measured market, the Median Sales Price jumped 30.1% from last year to $510,000. Furthermore, the Total Number of Listings Entered grew a bit and reached 5,835 properties.
Along with Tampa, FL, Utah is the second hottest measured market since houses remained on the MLS for six days.
The report brings us to an inevitable conclusion: the U.S. real estate market is scarce, overpriced, and highly competitive. Working with the MLS means that you have to be incredibly fast to get the properties you’re interested in and open to pay a much higher price for a home. Thus, your profits might end up severely damaged.
For all those reasons, it’s crucial to have a secondary source of properties – like Real Estate IQ’s Off Market Leads – that will provide an extra inventory with deeper discounts and higher return on investment. Our listings arrive at your inbox daily (from Monday to Friday) with up to ten different leads so that you can work directly with distressed homeowners.
Among those leads are preforeclosures, which are essential these days. To back it up, let’s bring to the table this Black Knight report that warned that some 1.45 million borrowers remained 90 or more days past due – but not yet in foreclosure – and more than 1 million more would add up in August.
That’s the listing you should keep an eye on if you want to seal profitable deals. And that’s a listing we provide in each State we mentioned, with skip tracing included! If you want to learn more about our listings, schedule a free consultation today to see how they work!
Disclaimer: The blog articles are intended for educational and informational purposes only. Nothing in the content is designed to be legal or financial advice.