In the monthly REALTORS® Confidence Index Survey, the National Association of REALTORS® asks members “For the last house that you closed in the past month, how long was it on the market from listing time to the time the seller accepted the buyer’s offer?”
Nationally, properties sold in December 2015 were typically on the market for 58 days compared to 66 days one year ago (54 days in November 2015; 66 days in December 2014, according to the November 2015 REALTORS® Confidence Index Survey Report.
Fewer days on the market are an indication that inventory remains tight. Short sales were on the market for the longest time at 86 days, while foreclosed properties typically stayed on the market for 68 days. Non-distressed properties were typically on the market for 57 days.
Properties typically sold within a month in the District of Columbia, Utah, and Colorado. In the oil-producing states of North Dakota, Montana, Kansas, and Louisiana, which are undergoing slower job growth following the collapse of oil prices, properties stayed on the market longer at 60 days. In Wyoming, properties typically sold after 90 days on the market. Texas appears more resilient to the oil price collapse, as properties typically sold after 45 days on the market. Diversity in the Texas economy may explain this phenomenon. Local conditions vary, and the data is provided for REALTORS® who may want to compare local markets against the state and national summary.
11 Respondents were asked “For the last house that you closed in the past month, how long was it on the market from listing time to the time the seller accepted the buyer’s offer?” The median is the number of days at which half of the properties stayed on the market. In generating the median days on market at the state level, we use data for the last three surveys to have close to 30 observations. Small states such as AK, ND, SD, MT, VT, WY, WV, DE, and D.C., may have fewer than 30 observations.