Richard Stein – Realtor®, Douglas Elliman, GREEN, SFR, CBR, eCertified®

Local Agent, Worldwide Marketing – Douglas Elliman Real Estate formerly Prudential Douglas Elliman Real Estate

More Neighborhoods Fall Under HOA Guidance

Twenty-one percent of the nation’s population now resides in communities governed by an association, which includes planned communities, homeowners and condo associations, or housing cooperatives, according to the National and State Statistical Review for 2016 Community Association Data. The report was published by the Foundation for Community Association Research.

Read more: How to Spot a Bad HOA

The study, conducted by the Community Associations Institute and published by the Foundation for Community Association Research, estimates that there were 342,000 community associations nationwide last year, and that number could rise as high as 347,000 this year. In 2016, homeowners associations accounted for up to 55 percent of all community associations; condo associations accounted for up to 45 percent; and cooperatives accounted for 3 percent to 4 percent. For comparison, in 1970, only 10,000 community associations existed.

Florida boasts the highest number of community associations, at 47,900. About 9.6 million of its residents live under a community association, according to CAI. California has the second highest number of community associations, at 45,400, followed by Texas (19,900), Illinois (18,600), North Carolina (13,600), and New York (13,800).

Source: Community Associations Institute

Where Price Per Square Foot Is Highest, Lowest

Home buyers in different regions of the U.S. pay vastly different prices per square foot. The median price per square foot on a new single-family home ranges from $81 to $150 across the country, with the highest being in New England, according to a National Association of Home Builders analysis. The Pacific Division of the country has the second highest median price, at $138 per square foot. On the other hand, the lowest median prices can be found in the southern regions, with $81 in the East South Central Division, $89 in the West South Central Division, and $91 in the South Atlantic, according to NAHB.

Source: “Sale and Contract Prices Per Square Foot in 2016,” National Association of Home Builders’ Eye on Housing blog

2017’s Hottest ZIP Codes

For the second consecutive year, Watauga, Texas, is the hottest ZIP code in the U.S., according to realtor.com®’s 2017 Hottest ZIP Codes list. Livonia, Mich., and Kentwood, Mich., landed second and third, respectively, on the annual list.

Realtor.com® analyzed 32,000 ZIP codes based on factors like the time it takes properties to sell and how frequently homes are viewed in each ZIP code. The markets on this year’s top 10 list are seeing homes sell in an average of 21 days—50 days faster than the rest of the country. Further, realtor.com® visitors are viewing home listings in these markets four times more than the rest of the country. (Realtor.com® included one ZIP code per metro area for geographic diversity on its list.)

“Increasingly, the hottest housing markets are the ones that appeal to millennial preferences, and right now the standouts are relatively affordable suburbs with local ‘it’ factors such as hiking trails, great restaurants, and nightlife,” says Danielle Hale, realtor.com®’s chief economist. “With the largest cohort of millennials turning 30 in 2020, we can expect these types of areas to stay in demand in the years to come.”

The top 10 ZIP codes for 2017, according to realtor.com®, are:

  1. 76148: Watauga, Texas (average days to sell: 18; median list price: $160,441)
  2. 48154: Livonia, Mich. (average days to sell: 21; median list price: $224,000)
  3. 49548: Kentwood, Mich. (average days to sell: 16; median list price: $118,833)
  4. 02155: Medford, Mass. (average days to sell: 19; median list price: $541,158)
  5. 80123: Littleton, Colo. (average days to sell: 22; median list price: $533,873)
  6. 94546: Castro Valley, Calif. (average days to sell: 23; median list price: $728,267)
  7. 80922: Colorado Springs, Colo. (average days to sell: 21 days; median list price: $273,322)
  8. 66210: Overland Park, Kan. (average days to sell: 24; median list price: $236,454)
  9. 92126: Mira Mesa, Calif. (average days to sell: 22; median list price: $536,394)
  10. 43026: Hilliard, Ohio (average days to sell: 25; median list price: $259,011)

Source: realtor.com®

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