In What States Did Properties Sell Quickly in April–June 2016?

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 April–June 2016 were on the market for 30 days or less in the District of Columbia and in 16 states, mostly in the West and Midwest regions, according to the June 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.

median days

 

Nationally, properties sold in June 2016 were typically on the market 34 days (32 days in May 2016; 34 days in June 2015).11 Short sales were on the market for the longest time at 156 days, while foreclosed properties typically stayed on the market for only 49 days. Non-distressed properties were typically on the market for 30 days.

market med

Nationally, 48 percent of properties were on the market for less than a month. Eleven percent of properties were on the market for longer than six months.

dist


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.

Comments
  1. In our local market, reasonably priced homes are selling extremely fast. It shows good demand from buyer, but real estate inventory is rather anemic. Prices aren’t rising fast enough to allow many homeowners who have refinanced in the past several years to sell. The banks and FHA are certainly taking measures to curtail fast real estate appreciation.