Owners.com Reveals Top 10 Markets Where Sellers Can Get the Most from Their Home Sale in 2017
ATLANTA, GA–(Marketwired – December 12, 2017) – Owners.com, an innovative technology enabled real estate brokerage, today released its inaugural 2017 Market Recap data study revealing the top 10 best metropolitan statistical areas (MSAs) for home sellers, where homes on average sold for very close to asking price in far less time than the national average. The West Coast came out on top, with analysts finding San Francisco-Oakland-Hayward, CA; San Jose-Sunnyvale-Santa Clara, CA and Seattle-Tacoma-Bellevue, WA as the leading seller markets.
Owners.com focused on U.S. metropolitan statistical areas (MSAs) with more than one million people. The study analyzed a variety of factors within the qualifying MSAs, including home sale price, difference between the listing and sale price, average number of days on market, average listed inventory and average change in rent to define the list of MSAs.
The Owners.com analysis identified seller markets where there are more buyers than homes for sale. The 10 markets were significantly over the national average and the lack of inventory drove up prices. More specifically:
- The average sales price of $544,102 was over $200,000 above the national average.
- On average, homes sold for only $200 less than their listing price.
- Inventory was limited and homes sold almost a month quicker than the national average.
- Additionally, rental prices increased 95% more than the national average increase.
“With fierce competition, it’s a great time to sell your home quickly in many areas of the country, particularly in desirable West Coast cities,” said Phil Karp, Senior Manager of Brokerage Services at Owners.com. “While sellers in these markets can already expect to sell their homes at high prices, they should consider a data-powered brokerage like Owners.com where they will leverage access to market information to help ensure that their homes are listed for the right price to attract buyers and maximize sale proceeds.”
|Top 10 Markets for Home Sellers|
|MSA||Median Sales Price for Single-Family Homes||Average Difference between Sale and Listing Price||Average Number of Days Listing Is on Market||Average Listed Inventory||Average Change in Rent (from Previous Years)|
|1||San Francisco-Oakland-Hayward, CA||$940,221||+$27,702||56||3,086||+$52|
|2||San Jose-Sunnyvale-Santa Clara, CA||$1,252,418||+$24,963||60||1,314||+$50|
|5||Dallas-Fort Worth-Arlington, TX||$448,360||-$4,187||66||9,834||+$27|
|7||Austin-Round Rock, TX||$389,295||-$7,791||72||2,032||+$40|
Owners.com identified all MSAs with over one million people and retrieved data from October 31, 2016 through October 31, 2017. Owners.com used four metrics to identify and rank the top 10 markets for sellers. These metrics were weighted and summed into a score. The national and market data were sourced from public property data, and aggregated data were sourced from First American and Census Data. The weights for each metric comprised the total score as follows:
- Average price difference between sold and listing prices: 40 percent
- Total inventory left on market: 25 percent
- Monthly rental cost change from previous year: 20 percent
- Days on market: 15 percent
Owners.com is a tech-enabled real estate brokerage that handles all key aspects of the home buying and selling experience on one platform. It provides a superior experience and savings through right-sized commission structures, smart digital tools and personalized service from local agents. It’s this formula that can save consumers thousands at closing. For more information or to contact a local Owners.com real estate agent, visit Owners.com or follow them on facebook.com/ownerscom and twitter.com/ownersdotcom.
Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing market. Additional information is available at altisource.com.