DSNews BY: Colin Robins April 24, 2014
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).
