Properties in some areas sold in less than 31 days
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Year-over-year, properties remained on the market for fewer days in January this year compared with 2016, according to new data from the National Association of Realtors.
Properties sold between November 2016 and January 2017 in Washington, Oregon, Utah, Alaska, Kansas, Texas, Tennessee and D.C. sold in less than 31 days.
January’s accelerating sales time frame is part of a long-standing trend; since 2011, the median time of properties staying on the market has continuously decreased.
In selected Western states, the highest average time on the market was in Colorado in 2011, with houses taking somewhere between 100 and 120 median days to sell, while the shortest was Washington in 2016, with houses selling after an average of just 20 to 40 days.
In selected Midwestern states, Wisconsin had the highest median in 2012 with 160 days on the market, while Ohio and Michigan tied for the lowest median time in 2016, with homes taking an average of 40 to 60 days to sell.
In selected Northeastern states, homes in New Jersey spent the longest time on the market, taking between 140 and 160 days to sell in 2011, while Massachusetts scored the lowest, with an average of 40 to 60 days in 2016.
Tightening inventory and increasing demand are spurring the decrease in sales times, according to the NAR.
Nationwide, properties were on the market for an average of 50 days in January; last year, the typical number was 64 days.
Related stories:
Growing gap between housing availability and affordability – study
January sees spike in existing home sales
Properties sold between November 2016 and January 2017 in Washington, Oregon, Utah, Alaska, Kansas, Texas, Tennessee and D.C. sold in less than 31 days.
January’s accelerating sales time frame is part of a long-standing trend; since 2011, the median time of properties staying on the market has continuously decreased.
In selected Western states, the highest average time on the market was in Colorado in 2011, with houses taking somewhere between 100 and 120 median days to sell, while the shortest was Washington in 2016, with houses selling after an average of just 20 to 40 days.
In selected Midwestern states, Wisconsin had the highest median in 2012 with 160 days on the market, while Ohio and Michigan tied for the lowest median time in 2016, with homes taking an average of 40 to 60 days to sell.
In selected Northeastern states, homes in New Jersey spent the longest time on the market, taking between 140 and 160 days to sell in 2011, while Massachusetts scored the lowest, with an average of 40 to 60 days in 2016.
Tightening inventory and increasing demand are spurring the decrease in sales times, according to the NAR.
Nationwide, properties were on the market for an average of 50 days in January; last year, the typical number was 64 days.
Related stories:
Growing gap between housing availability and affordability – study
January sees spike in existing home sales
