As housing markets continue to recover, the story to be told is how quickly the supply of homes for sales is shrinking. And as inventory contracts, homes sell quicker and prices rise. That is exactly what is happening in many parts of the country.
Realtor.com just released the 10 metro areas with the least average number of days that a listing is on the market. Eight are from California.
While these markets have short listing times, not all of the country is experiencing the same. Realtor.com reports that Santa Fe, New Mexico, for example, days on market is 153 days, while Ashville, North Carolina, tallies 146 days. They note a general trend of longer marketing times in coastal areas of the Carolinas and recreation markets. Nationwide the average days on market is 111.
As always, remember the TINSTAANREM clause — There Is No Such Thing As A National Real Estate Market. Each real estate market is different.
The bottom line is that there continues to be improvement in many markets across the country.
Ted