Multiple bidding in a low inventory environment continues to lead to shorter days on the market. About 37 percent of REALTORS® reported that in March recently sold properties were on the market for less than a month when sold compared to 27 percent in the same month last year. The percentage of REALTORS® reporting that the house sold had been on the market for 6 months or more is down to 20 percent from 28 percent a year ago. This information can be found in the March REALTORS® Confidence Index (RCI) Survey report.
Tight inventory has led to shorter time on the market. The median days on the market fell to 62 days in March (74 in February). Short sales had the longest days on market at 81 days (101 days in February), while foreclosures were on the market for 46 days (52 days in February). The median days on the market for non-distressed properties was 66 days (77 days in February). This based on information in the March REALTORS® Confidence Index (RCI) Survey.
What Does This Mean for REALTORS®?
This is another example of continued housing market recovery and expansion.
Tight inventory and multibidding have led to shorter days on the market. Based on information gathered from the December 2012 REALTORS® Confidence Index Survey, about 31 percent of REALTORS® who sold a home reported that the property sold in less than a month, compared to 22 percent last year. About 57 percent were sold within 3 months, compared to 47 percent last year. The median days on the market was 73 days.
Time on the market when a property is sold has been declining. Approximately a third of REALTORS® noted in responses to the latest REALTORS® Confidence Index survey that recently sold properties were on the market for less than a month when sold, and 59 percent were sold within 3 months. The proportion of REALTORS® who responded that the house had been on the market for 6 months or more when sold fell to 19 percent from 26 percent a year ago.
According to the upcoming July REALTORS® Confidence Index report (RCI), time on the market when a property is sold has been declining. Approximately a third of REALTORS® noted that recently sold properties were on the market for less than a month when sold, and 59 percent were sold within 3 months. The proportion of REALTORS who responded that the house had been on the market for 6 months or more when sold fell to 21 percent from 30 percent a year ago.
The full July RCI report will be available on August 23, here.
