Spring is generally regarded as the most popular time of year to buy a house, but with that comes a bit of a buyer’s problem: competition.
Home prices were up and inventory was down in May from last year, according to a monthly analysis from Realtor.com.
Meanwhile, property listings turned over at a much higher rate, contributing to the high-pressure situation that is finding and purchasing the right home.
Many of the places with the hottest markets in May will come as no surprise to consumers — most are in California. Realtor.com determines “hot” markets based on two factors: the median inventory age in the market and the number of views per listing on Realtor.com, and the 20 hottest markets rank in the top 50 in both metrics.
Nationwide, a home is on the market for a median 66 days, and in the hottest markets, inventory turns over eight to 45 days more quickly than in the rest of the country.
Based on data from the first three weeks of May, Realtor.com determined the 20 metropolitan statistical areas (MSAs, as determined by the U.S. Census Bureau) with the hottest markets this spring.
20. Stockton/Lodi, California
April 2015 rank: 38
19. Columbus, Ohio
April 2015 rank: 22
18. Manchester/Nashua, New Hampshire
April 2015 rank: 31
17. Oxnard/Thousand Oaks/Ventura, California
April 2015 rank: 13
16. Austin/Round Rock, Texas
April 2015 rank: 14
15. Los Angeles/Long Beach/Anaheim, California
April 2015 rank: 15
14. Fargo, North Dakota/Minnesota
April 2015 rank: 12
13. Boulder, Colorado
April 2015 rank: 17
12. Sacramento/Roseville/Arden-Arcade, California
April 2015 rank: 21
11. San Diego/Carlsbad, California
April 2015 rank: 10
10. Detroit/Warren/Dearborn, Michigan
April 2015 rank: 11
9. Ann Arbor, Michigan
April 2015 rank: 9
8. Santa Rosa, California
April 2015 rank: 7
7. Santa Cruz/Watsonville, California
April 2015 rank: 8
6. Boston/Cambridge/Newton, Massachusetts
April 2015 rank: 6
5. Vallejo/Fairfield, California
April 2015 rank: 5
4. Dallas/Fort Worth/Arlington, Texas
April 2015 rank: 4
3. San Jose/Sunnyvale/Santa Clara, California
April 2015 rank: 3
2. San Francisco/Oakland/Hayward, California
April 2015 rank: 2
1. Denver/Aurora/Lakewood, Colorado
April 2015 rank: 1
These markets have seen tremendous demand and turnover for a variety of reasons. In many of the California locales, economic growth, combined with limited supply and high demand, make homebuying a bit of a mad dash. For places like Detroit and Ann Arbor, the hot market is driven mostly by affordability, in conjunction with economic recovery.
No matter where you’re looking for a home, it’s good to know what you’ll face in terms of competition, so you can better prepare yourself to make an offer when you find a desirable property. Before any of that, it’s crucial you work to improve your credit to the best of your ability and make sure it’s in good shape before house-hunting or applying for a mortgage. The better your credit, the more options you’re likely to have, even in a competitive market. You can check your credit scores for free on Credit.com.
Trammell Crow Residential will soon start building an eight-story apartment tower at 3300 E. First Ave. in Cherry Creek, adding 164 units to the market, and associated redevelopment will add retail space to the area.
Trammell Crow plans to break ground this month, with completion expected in mid-2017.
The apartment complex, to be called Alexan Cherry Creek, will be located at East First Avenue and Cook Street. The site was formerly home to a one-story parking garage for an adjacent office building, which will get a redeveloped ground floor.
“This was an extremely unique opportunity in the Cherry Creek submarket that came with several layers of deal complexity, including replacing a parking requirement for an existing office building and a re-zone,” said Chris Cowan, lead broker with ARA Colorado’s Land Services Team, which represented the seller, Ogilvie Properties Inc.
“In the end, Ogilvie Properties and TCR were able to see the bigger vision and success of a mixed-used development and able to overcome all obstacles. This will be an irreplaceable asset for TCR,” Cowan said.
A parking structure will be included in the development that will cater to office and apartment users, as well as patrons of retailers that will be added by Ogilvie to the ground floor of the existing office building.
For more information about the retail portion of this property, click here: http://www.creginc.com/pdf/Denver_3300E1stAve.pdf