At the end of 2017 properties sold at a quicker pace, despite inventory shortages and rising home prices. On average, homes sold in December were on the market for 40 days, down from 52 days a year ago, according to the December 2017 REALTORS® Confidence Index Survey.
Since 2011, the median number of days on the market has been decreasing. In May 2011, properties were typically listed for three months. For all of 2017, properties were on the market for a median of just 35 days.
Realtor.com® reports that days-on-market dropped in 78 percent of the 500 places it tracked in December 2017. Cities in California continue to see some of the quickest sales in the country. The following metro areas saw properties spend the shortest amount of time on the market in December 2017 compared to a year ago:
- San Jose-Sunnyvale-Santa Clara, Calif: 37 days
- San Francisco-Oakland-Hayward, Calif.: 45 days
- Vallejo-Fairfield, Calif.: 45 days
- Nashville-Davidson-Murfreesboro-Franklin, Tenn.: 46 days
- Ogden-Clearfield, Utah: 47 days
- Provo-Orem, Utah: 48 days
- Stockton-Lodi, Calif.: 48 days
- San Diego-Carlsbad, Calif.: 49 days
Thirty-four percent of properties sold at their original price or at a net premium from the list price in December, according to the REALTORS® Confidence Index. Seventy-one percent of contracts from October to December 2017 settled on time, up from 61 percent a year ago. REALTORS® surveyed report the biggest issues affecting transactions in December were “low inventory” and “tax reform.”
Source: “In Which States Did Properties Sell Most Quickly in December 2017?” National Association of REALTORS® Economists’ Outlook blog (Feb. 8, 2018)