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Bank of America WeeklyWrapTM

Week of March 27, 2017

 
 

Seller's market index by state

Seller's market index by state

The map above illustrates the strength of each state's real estate market on the following scale: very weak seller's market, weak seller's market, neutral, seller's market, strong seller's market. The ranking is based on that state's current inventory and average days on market. Homes are more likely to sell above asking price in strong seller's markets and below asking price in weak seller's markets.

Colorado, Washington, Minnesota, Idaho and California are five of the top strong seller's markets. California and Washington have been strong seller's markets for a long time, likely resulting from highly desirable characteristics including temperate weather, strong labor markets and steady economic growth.


State Market type
Alabama Weak seller's market
Alaska No data
Arizona Seller's market
Arkansas Seller's market
California Strong seller's market
Colorado Strong seller's market
Connecticut Very weak seller's market
Delaware Seller's market
District of Columbia No data
Florida Seller's market
Georgia Seller's market
Hawaii Seller's market
Idaho Strong seller's market
Illinois Seller's market
Indiana Neutral market
Iowa Seller's market
Kansas No data
Kentucky Seller's market
Louisiana Seller's market
Maine Seller's market
Maryland No data
Massachusetts No data
Michigan Seller's market
Minnesota Strong seller's market
Mississippi No data
State Market type
Missouri Seller's market
Montana No data
Nebraska Seller's market
Nevada Strong seller's market
New Hampshire Seller's market
New Jersey Neutral market
New Mexico No data
New York Seller's market
North Carolina Seller's market
North Dakota No data
Ohio Seller's market
Oklahoma Seller's market
Oregon Seller's market
Pennsylvania Seller's market
Rhode Island Seller's market
South Carolina Neutral market
South Dakota Seller's market
Tennessee No data
Texas Strong seller's market
Utah No data
Vermont Weak seller's market
Virginia Seller's market
Washington Strong seller's market
West Virginia Weak seller's market
Wisconsin Seller's market
Wyoming No data

The table above similarly provides a breakdown of the strength of buyer's and seller's markets by state. Most states in the Western region are seller's markets. While Oregon is a seller's market, it remains the most affordable state on the West Coast for homebuyers when compared to the strong seller's markets of Washington and California.


Source data: CoreLogic®
Data date: 02/25/2017

Economic snapshot

Current economic growth compared to last year

This chart gives a quick look at current economic conditions compared to where we've been in the last 30 years. Employment growth is well above its 30-year average and higher than one year ago. This rise is consistent with the declining unemployment rate during the fourth quarter of last year. Inflation is higher than both one year ago and its 30-year average, which likely means that the Fed will continue to monitor interest rates before raising them again.


Economic indicator 30-year minimum
month-over-month change
30-year maximum
month-over-month change
1/2016
month-over-month change
1/2017
month-over-month change
Employment growth -0.617% 0.479% 0.088% 0.164%
Consumer spending growth -1.323% 2.770% 0.059% 0.171%
Inflation -1.131% 0.967% 0.117% 0.434%

The table above illustrates that consumer spending growth is slightly higher than the past year and had a positive month-over-month change in January of 0.17%. Low consumer growth may be related to seasonality and a cautionary outlook from consumers about the economy improving.


Source data: Bureau of Labor Statistics & Bureau of Economic Analysis
Data date: 02/28/2017

 

 

#TomFerryShow episode 106:
3 tips for top agents

Tom Ferry
Tom Ferry is the CEO and Founder of Tom Ferry — Your Coach, the nation's fastest growing real estate coaching organization in North America.footnote 1 Watch this week's Tip of the Week video for resources and strategies to help drive your business to new levels.

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footnote 1The 2013 Inc. 5,000 List, Inc. Magazine, 2013.
 

 

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