Seattle Features One of the Shortest List-To-Sale Times in the Nation, According to Trulia
As we enter summer, also known as busiest buying season in real estate, Trulia took a look at just how fast properties all across the country are selling. According to the report, the median time a home spends on the market (from listing date to closing – more on methodology below), is a new post-recession low of just 64 days. Per Trulia, the number is based on April’s data.
The aim of Trulia’s report is to measure the median length of time it takes for a property in a certain geographic area to sell. The report uses data compiled in monthly intervals and aims to eliminate properties that were sold as foreclosures or REOs. What makes Trulia’s methodology unique is that it does not use the more standard measure of time on the market, which counts the number of days between when a property is listed to when it goes under contract. Instead, the report’s “time on the market” is defined as the amount of days between a property’s listing date and when the sale officially records. Thus, the numbers shown above are much higher than what we are used to seeing.
According to Trulia, the time a home spends on the market fell a staggering 16.9% from 77 days in April of 2017. In addition, this amount of time is over 50% lower than the median list-to-recording timeframe of 137 days in April of 2010. The report also states premium homes sell at the slowest pace, followed by starter homes, with trade-up properties spending the least time on the market – only 57 days.
Seattle is tied on the list with San Jose, CA and San Francisco for the median shortest amount of days on the market – just 36 days. In general, the West Coast metro areas lead with the shortest amount of time on the market, while the East Coast cities have the longest list-to-sale time. For example, it takes for a median property in Syracuse, NY a staggering 144 days to go from list to close. The time is 132 days in Long Island, NY and 128 in New York City.
We urge you to read the report in its entirety here. In addition to breaking down metro areas by list-to-sale time, the report also delves into how timelines vary depending on the price of a property.
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