US home-selling speed declined in January, with median time houses spent on the market at 41 days, up from 35 days in December, based on 20 metro areas; percentage of listings selling within two weeks jumped to 25% from 19.6%: Redfin
February 27, 2014
– Median Time on Market Climbs from 35 to 41 Days
Redfin (www.redfin.com), the technology-powered real estate brokerage, today issued its Fastest Markets Report for January 2014. Across 20 metro areas, market speed declined, with the median days a home was on the market climbing from 35 in December to 41 in January. Despite this overall slowdown, the percentage of listings selling within two weeks jumped to 25 percent from 19.6 percent in December. That uptick indicates that determined buyers are still keen to quickly make offers on the most coveted listings.
"The difference between this year and last seems like night and day," Redfin agent Eric Tan said. "In 2013, listings were flying off the shelves. We’d have 150 people show up, and get 20 to 30 offers after just one open house. This year, we're still seeing a lot of people touring, but if the home isn't priced right, it won't sell quickly. The market is still fast for homes that are listed at a price that buyers can stomach."
Overall Fastest / Slowest:
San Jose remained the fastest market, quickening two days compared with a month earlier. Homes in San Jose spent a median of only 16 days on the market in January.
Philadelphia and Boston, the two slowest markets, decreased in speed month over month, spending a median of 77 and 55 days on the market before pending sale, respectively. Both cities were significantly faster compared with last January, when the median days on market in Philadelphia was 93 and Boston was 67.
Notable Speed Changes:
In Boston, 32.1% of new listings were pending in two weeks or less, up from 18.5% just a month earlier.
41.3% of new listings in Austin were pending in two weeks or less, 11 points higher than December and 6 points higher than a year ago.
Miami ranked 18th out of 20 in terms of market speed, but homes there spent a median of 54 days on market before pending sale — 40 days fewer than in January 2013.
To read the full report, complete with a speed ranking of 20 real estate markets, click the following link. http://www.redfin.com/research/reports/real-time-fastest-markets/2014/fastest-markets-january-2014.html.
Redfin (www.redfin.com) is a technology-powered real estate broker that represents people buying and selling homes. Founded and run by technologists, Redfin has a team of experienced, full-service real estate agents who are advocates, not sales-people, earning customer-satisfaction bonuses, not commissions. Redfin.com features all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. Redfin also offers online tools that make the entire process of buying or selling a home easier and more fun. The company serves 22 U.S. markets and has closed more than $13 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider.
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