July 12th, 2016 | Home Sales
In some locales, at least half of the properties sold between March and May were on the market for 30 days or less, according to the latest REALTORS® Confidence Index Survey Report. Properties sold the fastest in 12 states: California, Colorado, District of Columbia, Idaho, Iowa, Kansas, Massachusetts, Minnesota, Nebraska, Oregon, Texas, Utah, and Washington, the report shows.
Properties are selling faster nationwide, too. In May, homes across the country were typically on the market for 32 days on average (compared to 39 days a year ago). Short sales tended to stay on the market the longest amount of time, at 103 days on average, while foreclosed properties were on the market for 51 days. Non-distressed properties stayed on the market for an average of 30 days, according to the National Association of REALTORS®.
Nearly 50 percent of sold properties nationally were on the market for less than a month, according to NAR. Only about 11 percent of properties sold in May were on the market for longer than six months.
Source: "In What States Did Properties Sell Quickly in March-May 2016?" National Association of REALTORS® Economists' Outlook Blog (June 28, 2016)