Fast Home Sales In Some Markets Indicates Positive Spring

Dated: May 1 2014

Views: 405

According to the Fastest Markets Report issued by Redfin, homes are "flying off the market" in many places, such as San Francisco, California; Austin, Texas; and Washington, D.C. The report notes that although homes are selling faster, fewer total homes are selling. Inventory has risen in these metros, but prices are holding buyers back.However, the company believes the quickening pace of home sales is a positive sign for buyers.In March, across the 20 metros measured by Redfin, median days on the market fell by more than a week to 32 days, dropping from 40 days in February. Compared to last year's figure of 35, homes are selling three days faster on average.The company's analysis found that 29.8 percent of homes went under contract within two weeks of being listed, up from 26.8 percent in February."Time is of the essence to tour a home and get an offer in quickly, but buyers can use it to their advantage when appealing to the seller," said Redfin agent, Sandy Rosen.Overall, San Jose was the fastest selling market, with the median home staying a mere 10 days on the market before going under contract. Philadelphia crawled in as the slowest market, with a median of 81 days on the market in March.The top five markets for fastest time to go to contract include San Jose, California (10 days); San Francisco, California (13 days); Austin, Texas (16 days); San Diego, California (19 days); and Washington, D.C. (19 days).The bottom five markets measured by Redfin for the longest time to go to contract include Philadelphia, Pennsylvania (81 days); Miami, Florida (51 days); Baltimore, Maryland (51 days); Boston, Massachusetts (47 days), and Atlanta, Georgia (40 days). m
Source
Blog author image

Mark Ross

For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 30 years in the industry, Mark has gained experience in ....

Latest Blog Posts

You Will Be Glad You Did These 4 August Tasks When January Comes

Take a few minutes out of your pool time this month to do these four tasks.Then you'll have more time to eat popcorn in front of the fire next January.#1 Call the Snow Plow NowIf you live in snow

Read More

13 Tips For Home Wildfire Protection

How do most homes ignite during a wildfire? A floating ember or piece of burning wood touches down on a roof, gutter, in a vent, under a deck, or on a porch and ignites leaves and debris, says the

Read More

What Happens After Foreclosure Moratorium Ends

Since early 2020, banks across the U.S. have been banned from foreclosing on homes as part of the federal government’s efforts to assist families feeling economic pain caused by the pandemic. On

Read More

4 To Dos For July To Save Money Get Ready For Fall

When it's hot outside, smart homeowners focus their energies inside on these four tasks.You know: Like taking advantage of your nice, cool basement.#1 Organize the BasementThe two most common types

Read More