A Realtor.com key proxy for Spring 2016 market hotness is this: number-of-days-listed-for sale. That number is shrinking, as inventory that pops up as a listing gets scarfed as a sale in 6 days less on average than a month earlier.
Realtor.com content producer Cicely Wedgeworth taps into Realtor.com chief economist Jonathan Smoke for perspective and interpretation of the data, and he's reading a healthful broadly dispersed recovery into the numbers coming out ofColumbus, OH. Wedgeworth writes:
“Pent-up demand, lower mortgage rates, and strong employment continue to power the strongest and healthiest real estate market we have seen in a decade,” Smoke said in a statement.
Smoke and his team assessed the major metropolitan markets where homes are selling fast and demand (as measured by listing views on realtor.com) is high. Those on the hottest markets list receive two to three times the number of views per listing compared with the national average, and see inventory move 17 to 45 days more quickly than the rest of the U.S.