Seattle online real estate company Redfin today published its market speed data for November, which shows cities that have the fastest and slowest rates for selling homes.
San Jose, Calif., had the highest rate in November, with 48 percent of listings going under contract to sell to a buyer within two weeks. San Francisco followed and Boston finished in third place with 39.7 percent of listings sold in two weeks — up from just 14.7 percent at this time last year. Las Vegas saw the biggest month-to-month spike, going from 27.7 percent in October to 33.4 percent last month.
Seattle finished in ninth with 31.1 percent of homes receiving a buying offer, with fellow Northwest city Portland following in tenth place.
Meanwhile, Philadelphia found itself at the bottom of the list as the slowest market, with just 6.7 percent selling in two weeks. The Philly homes spent an average of 71 days on the market in November, compared to just 14 for San Jose.
Overall, the 23 metro areas Redfin drew data from remained stable in terms of market speed for the third straight month, with 27.2 percent of homes going under contract within two weeks.
Fresh off its $50 million funding round, Redfin has recently expanded into new markets like Rhode Island, San Antonio and Minneapolis. The 11-year-old company has been discussed as a potential IPO candidate, with speculation increasing in June after it hired Chris Nielsen, the former chief financial officer and chief operating officer of Zappos, as CFO.