Seattle homes flying off market in record time
Jul 29, 2015, 6:42 AM | Updated: Oct 10, 2024, 1:54 pm
The median market time for a Seattle-area home has reached an all-time low of nine days, according to Redfin. (AP file photo)
(AP file photo)
The median market time for a Seattle-area home has reached an all-time low of nine days, according to real estate brokerage Redfin.
Redfin’s barometer of national median time on the market dropped to just 26 days in June, the shortest time on record. Denver homes sold in six days or fewer in June; Portland was 10 days, and Boston was 11 days, according to Redfin.
The strength of the local economy, employment and income growth, and low inventories of homes for sale compared to demand are all factors that lead to faster selling times, according to economists.
The National Association Realtors also has a market-time gauge. NAR revealed that national properties typically stayed on the market for 34 days in June, the shortest number of days since it began tracking in May 2011.
Short sales spent the most time on the market with a median of 129 days, foreclosures sold in 39 days, and non-distressed homes were on the market for 33 days. NAR reported that 47 percent of homes sold in less than a month in June.
But some cities are seeing longer selling times. For example, the median time on the market for homes in Brownsville, Texas was 122 days; Myrtle Beach, S.C., was 105 days; Miami was 75 days; and metro New York 68 days, according to June data from realtor.com, which is based off of information from local MLSs nationwide.
