Homes are Flying Off the Market Faster Than Any Time Since 2010

 Homes are selling fast in spite of low supply

By Jeff Sorg, OnlineEd Blog

canstockphoto1864187moneywoman(July 22, 2016) Zillow –  Homes are selling an average of a week faster than they did a year ago, according to the June Zillow® Real Estate Market Reports.

Tight inventory continues to be a major factor for home shoppers. The supply of homes for sale is nearly 5 percent lower than it was a year ago, and 38 percent lower than its peak level in 2011. With fewer available options, home shoppers are moving quickly to buy homes, with the average U.S. home closing after 78 days on the market. The 78-day average includes the time it takes to close, which is usually one or two months after the home goes under contract, which means that homes are pending within about a month of being listed.

The length of time homes remain on the market before selling has been steadily decreasing since 2010 when homes took an average of five months to sell.

The low inventory and quick-moving market combine to create a competitive home shopping market, especially for potential buyers looking for less expensive homes. The most expensive third of the market has experienced the smallest drop in available inventory compared to the rest of the market.

“Homes are selling faster than ever as the home shopping season hits its peak,” said Zillow Chief Economist Dr. Svenja Gudell. “If you’re looking for a home, be prepared to move quickly. Adding to this difficult buying environment is low inventory – there simply aren’t many homes to choose from. And while this looks like a good time to be a seller, potential move-up buyers may hesitate to list their homes and become buyers. Until the supply increases, it will remain a tough market to find a home.”

The limited supply of homes is driving home values higher. The average U.S. home is worth $187,000, a 5.4 percent increase from June 2015. Home values have been rising at 5 percent or faster on an annual basis for the past eight months.

Metropolitan Area Median Days on Market 1-Year Change in Days on Market 1-Year Inventory Change (%) June Zillow Home Value Indexiii
United States 78 -8 -4.7% $187,000
New York/Northern New Jersey 157 -6 -9.2% $386,800
Los Angeles-Long Beach-Anaheim, CA 64 0 -7.6% $572,400
Chicago, IL 97 -6 -13.3% $198,200
Dallas-Fort Worth, TX 56 6 -20.5% $189,500
Philadelphia, PA 98 -15 -10.2% $208,500
Houston, TX 70 1 4.4% $172,900
Washington, DC 68 -5 -12.1% $368,700
Miami-Fort Lauderdale, FL 103 5 13.5% $235,500
Atlanta, GA 76 -6 -6.4% $166,700
Boston, MA 71 -2 -23.2% $394,400
San Francisco, CA 43 1 4.4% $812,300
Detroit, MI 84 -9 -16.5% $127,300
Riverside, CA 77 -3 -6.5% $309,400
Phoenix, AZ 70 0 8.9% $221,400
Seattle, WA 47 -3 -15.0% $392,000
Minneapolis-St Paul, MN 75 -5 -0.9% $227,400
San Diego, CA 61 -4 10.3% $512,900
St. Louis, MO 74 -4 -13.3% $142,500
Tampa, FL 78 -10 -8.9% $167,700
Baltimore, MD 99 -7 -11.6% $251,400
Denver, CO 52 0 4.4% $338,500
Pittsburgh, PA 97 -15 2.1% $130,400
Portland, OR 51 -4 -23.7% $330,800
Charlotte, NC 70 -15 -11.5% $162,300
Sacramento, CA 55 -4 -13.7% $341,900
San Antonio, TX 69 -4 20.4% $152,300
Orlando, FL 81 -7 -12.3% $186,400
Cincinnati, OH 83 -8 -20.4% $143,800
Cleveland, OH 93 -1 -20.2% $128,500
Kansas City, MO 70 -5 -26.1% $149,100
Las Vegas, NV 73 1 13.8% $203,800
Columbus, OH 74 -3 -14.4% $156,000
Indianapolis, IN 85 -11 -22.2% $130,200
San Jose, CA 43 4 15.2% $957,900
Austin, TX 57 -1 1.1% $252,900

Article source: Zillow


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About Jeff Sorg

Jeff Sorg holds vocational and post-secondary school instructor licenses in several states and has authored numerous real estate continuing education and pre-licensing courses. Sorg is awarded the International Distance Education Certification Center's CDEi Designation for distance education. Memberships include ARELLO (Association of Real Estate License Law Officials), REEA (Real Estate Educators Association) the National Association of REALTORS®, Oregon Association of REALTORS®, and Portland Metro Association of REALTORS®. Awards and service include REALTOR® Emeritus; Life Member award; 2020, 2021, 2022 Chairperson of the Oregon Real Estate Forms Committee; Oregon REALTORS State Director. More on request.