Demand Soars as Homes Are Selling Faster

March 18, 2013

Homes are selling faster as buyer demand picks up, leaving a very low supply of homes  left for sale, according to the latest February MLS data figures from Homes in February sold faster than in any February since 2007, according to the site.

In February, homes were on the market for a median of 98 days—that’s down from 123 days in February 2011. 

In some markets, homes are spending even less than a month listed for sale, most notably in places like California. 

For example, in Oakland, Calif., homes spent a median number of 14 days on the market in February before they were either sold or removed from the market for other reasons, according to the data. Sacramento’s median number of days on the market was 21. A total of eight metros in the top 10 for fastest selling times were in California, with only Denver (median 28 days) and Seattle (median 33 days) rounding out the list. 

The median number of days on the market was also less than two months in places such as Phoenix, Washington, D.C., Detroit, Minneapolis, Atlanta, Dallas, Orlando and Fort Lauderdale.

With home sales picking up pace, buyers and sellers are less likely to see price reductions on homes and to see more multiple offer situations, Curt Beardsley, vice president with Move, which operates told USA Today.

Source: “Homes selling faster as buyers outpace supply,” USA Today (March 17, 2013)

Read more

Low Inventory Levels Lift Home Prices, Limit Sales