David Fogg, a real estate agent in Burbank, Calif., says this spring is the “strongest seller's market I have ever seen in my entire real estate career.”
CNBC reports that homes are selling quickly, bidding wars are intensifying, and home prices are passing previous peaks.
Fogg listed a 1,240-square-foot home in Burbank for $789,000. The property, which given the location is considered an entry-level home, drew more than 100 potential buyers at an open house.
In March, the supply of homes for sale nationally dipped 6.6 percent from a year ago, and unsold inventory dropped to a 3.8 month supply. Properties sold were on the market for an average of 34 days, down from 45 in February and 47 in March 2016. The lack of available homes has stoked the competition between buyers. Some houses can get 12 to 16 offers.
As a result, home prices continue to hit new peaks each month. Prices nationally are up 5.7 percent in February year over year, according to Black Knight Financial Services. Washington, Oregon and Colorado are seeing the biggest price gains, as buyers flee high prices in California.
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