When a for sale sign went into the yard of the house across the street from mine recently, I figured it would be a busy few weeks as interested home shoppers took a look. Four days later, the house was marked as sold. Such is life in Seattle’s hot hot real estate market.
A new report from Trulia, the real estate listings site that is part of Zillow Group, adds further fire to that hot story with a closer look at the markets across the United States where the number of days between when a listing shows up on Trulia and when it is officially sold is quickest.
No surprise, but Seattle is at the top of the list of the 10 markets where the number of list-to-sale days is shortest. The city is tied with San Francisco and San Jose, Calif., at 36 days. No market on the list is above 45 days, with Portland and Tacoma, Wash., also showing up.
In the past eight years, Tacoma is also among three cities which have seen the most dramatic drop in list-to-sale time, with the number of days (44) falling 70 percent. Winston-Salem, N.C., and Salt Lake City are the other two.
The markets with listings that have shortest list-to-sale time on Trulia are all in the West while those that have the longest are all in the East — Syracuse, N.Y. (144), Long Island, N.Y. (132) and New York City (128) are the bottom three.
The report is based on preliminary data on homes sold in April and shows that across the country the median number of days on Trulia is at a post-recession low of 64. That’s an almost 17-percent drop from a year ago, when it was 77 days.
Seattle has held onto the designation of hottest housing market in the country for 19 straight months. The latest report, for home prices in March, showed a 13 percent increase year over year. A dramatic spike in population fueled by the region’s tech boom, coupled with a low inventory of homes for sale, has been blamed for skyrocketing prices.
Read Trulia’s full report and methodology on the Trulia blog.