U.S. cities where homes sell the fastest, 2012
April 3, 2012
Provided by:
Although it’s unclear whether the overall U.S. housing market is on the mend, some areas are doing decidedly better than others. Some, in fact, managed to miss the housing bust altogether.
Even as home sales pick up, it is clear that many homes purchased in today’s market are bought by investors looking to generate rental income, according to the National Association of Realtors.
While price trends are important, sellers also need to be aware of how long a property is likely to sit on the market before being bought. The faster homes sell, the faster an inventory backlog is cleared, suggesting heightened demand and an upward trajectory in prices. Additionally, if a home is on the market for an extended period, it may put off prospective buyers and force sellers to accept less-favorable offers.
To identify the cities where houses sold the fastest, real estate website Zillow.com analyzed local market information based on the median number of days a home was on the market. The numbers presented here are for homes sold between March 2011 and March 2012.
During this time, the national median for time on the market was 129 days, while Hilton Head, S.C. (196 days), Poughkeepsie, N.Y. (201 days), and Ocean City, N.J. (202 days) were where homes sold the slowest.
Also in the analysis is the Zillow Home Value Index (ZHVI), which represents a city's median value of homes on the market.
So, where do homes sell the fastest? Here are the top five cities:
5. Santa Rosa, Calif.
Median time to sell: 99 days
Zillow Home Value Index: $316,400
Listings with price cuts: 32%
Median price cut amount: 8%
Final discount from list price: 2%
Median time to sell: 99 days
Zillow Home Value Index: $316,400
Listings with price cuts: 32%
Median price cut amount: 8%
Final discount from list price: 2%
 |
| No. 5: Santa Rosa, Calif. Photo: Anlace / Wikipedia |
4. Honolulu
Median time to sell: 92 days
Zillow Home Value Index: $484,300
Listings with price cuts: 21%
Median price cut amount: 5%
Final discount from list price: 2%
Median time to sell: 92 days
Zillow Home Value Index: $484,300
Listings with price cuts: 21%
Median price cut amount: 5%
Final discount from list price: 2%
 |
| No. 4: Honolulu Photo: Dennis MacDonald / Photolibrary / Getty Images |
3. San Francisco
Median time to sell: 83 days
Zillow Home Value Index: $463,800
Listings with price cuts: 25%
Median price cut amount: 7%
Final discount from list price: 2%
Median time to sell: 83 days
Zillow Home Value Index: $463,800
Listings with price cuts: 25%
Median price cut amount: 7%
Final discount from list price: 2%
 |
| No. 3: San Francisco Photo: veni markovski / Flickr |
2. San Jose, Calif.
Median time to sell: 81 days
Zillow Home Value Index: $545,500
Listings with price cuts: 24%
Median price cut amount: 6%
Final discount from list price: 1%
Median time to sell: 81 days
Zillow Home Value Index: $545,500
Listings with price cuts: 24%
Median price cut amount: 6%
Final discount from list price: 1%
 |
| No. 2: San Jose Photo: Bernd Geh / Photographer's Choice / Getty Images |
1. Midland, Texas
Median time to sell: 71 days
Zillow Home Value Index: $154,400
Listings with price cuts: 32%
Median price cut amount: 4%
Final discount from list price: 1%
Median time to sell: 71 days
Zillow Home Value Index: $154,400
Listings with price cuts: 32%
Median price cut amount: 4%
Final discount from list price: 1%
 |
| No. 1: Midland, Texas Photo: Getty Images |
No comments:
Post a Comment