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?”
At least half of the properties that sold in March–May 2016 were on the market for 30 days or less in the District of Columbia, Washington, Oregon, California, Idaho, Utah, Colorado, Nebraska, Kansas, Texas, Minnesota, Iowa, and Massachusetts, according to the May 2016 REALTORS® Confidence Index Survey Report. Local conditions vary, and the data is provided for REALTORS® who may want to compare local markets against other states and the national summary.
Nationally, properties sold in May 2016 were typically on the market 32 days (40 days in April 2016; 39 days in May 2015).1 Short sales were on the market for the longest time at 103 days, while foreclosed properties typically stayed on the market for only 51 days. Non-distressed properties were typically on the market for 30 days.
Nationally, 49 percent of properties were on the market for less than a month when sold compared to 45 percent last month and one year ago. About 11 percent of properties sold in May 2016 were on the market for longer than six months.
1 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.