In September of 2013 Single Family Homes in the North Tahoe and Truckee market sold faster (Median of 53 Days On Market) than they did (Median of 65 Days On Market) at the same time last year. This matches a nationwide trend according to a new analysis by Zillow, and our Single Family Homes are spending 33 days less time on the market than the nation Median.
A recent article (11/14/13) in DSNEWS.COM says, “Zillow measured homes sold on the real estate marketplace, and as a whole homes in September spent a median of 86 days on Zillow, down 30 days from 116 days in September 2012.” They go on to say, “Among the 30 largest metro markets covered by Zillow in September, homes moved the fastest and spent the fewest days listed on the site in the Bay Area (48 days); Sacramento, California (59 days).” In my opinion, the strength in our market is a reflection of the strength in those two markets because they are the source of most of our clients.
The article quotes Zillow Chief Economists, Stan Humphires saying, “The declining inventory of for-sale homes over the past year naturally creates pressure for buyers to more quickly snap up the inventory that is on the market. This demand has been fueled by huge resets in home prices since market peak, historically low mortgage rates and a slowly improving broader economic climate.” Home shoppers in today’s environment need to be prepared to move quickly, with pre-approvals in place and an established sense of what they’re willing to pay for a home,” he continued. “But even though things are moving fast, buyers should resist the urge to enter into bidding wars or pay prices they’re uncomfortable with. We do expect that this need for speed will abate in the near-term as mortgage rates rise and more inventory becomes available because of new construction and declining negative equity.”
Leave a Reply