SEATTLE, June 25, 2020 /PRNewswire/ -- Homes are
selling faster now than any time since spring 2018, a new Zillow®
analysis showsi, meaning potential buyers should be
prepared to strike quickly, and sellers who have been on the fence
through the onset of the coronavirus pandemic might now want to
list.
Though many sellers have taken a wait-and-see approach through
the pandemic, homes that have made it onto the market have been
snatched up relatively quickly by eager buyers. In mid-June, the
typical home sold in the U.S. had an offer accepted 22 days after
it was listed for sale. That's as fast as homes have sold since
early June 2018, when they typically
sold in 21 days. Even at the slowest point of the spring -- in late
May -- that number only climbed to 31 days, just six days slower
than late May last year.
The same limited-inventory dynamic -- with sellers pulling back
from the market more than buyers -- has kept home prices relatively
steady during the pandemic, though signs point to a modest
decline in the coming months.
More homes are coming onto the market -- new listings are up
14% month over month -- showing sellers appear to be gaining
confidence in that buyer demand. Many who listed their homes during
the past few weeks were rewarded with a quick sale. Inventory
remains incredibly tight and sales are happening quickly, so buyers
should be prepared to move fast when they find a home they're
interested in.
"Buyers shopping today might expect to be welcomed by desperate
sellers, but they'll instead discover houses selling like hotcakes
in the speediest market in recent memory," said Zillow economist
Jeff Tucker. "The market did slow
down in April, but anyone shopping this summer needs to be prepared
to keep up with the lightning-quick pace of sales today. The
question is whether the tempo will slow after buyers finish playing
catch-up from planned spring moves, or if this fast-paced market
will stay hot thanks to continued low interest rates and buyers
scrambling over record-low summer inventory."
In 29 of the 35 largest U.S. metros, homes are typically seeing
offers accepted faster than a year ago. Homes are selling the
fastest -- in only five days -- in Columbus. Cincinnati (six days), Kansas City (six days), Seattle (seven days) and Indianapolis (seven days) are just behind.
Pittsburgh has seen the most
dramatic acceleration of late, with sellers typically accepting an
offer 17 days sooner than at this time last year and 40 days sooner
than a month ago.
The slowest market by some margin is New York, where homes are typically spending
70 days on the market before an offer is accepted, more than three
weeks longer than at this time last year. Miami (55 days) and Atlanta (38 days) are the next
slowest.
New York and Miami have typically been among the
slowest-moving for-sale markets, so the recent slowdown may not be
fully attributable to the pandemic. Still, the year-over-year
slowdown of 23 days in New York is
the biggest in the country, and the six-day slowdown in
Miami is the third-biggest behind
New York and Atlanta.
Metropolitan
Area*
|
Median Days to
Pending
(week ending June 13)
|
YoY Change
(# of days)
|
MoM Change
(# of days)
|
WoW Change
(# of days)
|
United
States
|
22
|
-3
|
-9
|
-4
|
New York,
NY
|
70
|
23
|
3
|
-1
|
Los Angeles-Long
Beach-Anaheim, CA
|
20
|
-8
|
-10
|
-4
|
Chicago,
IL
|
22
|
-1
|
-15
|
-8
|
Dallas-Fort Worth,
TX
|
28
|
-1
|
-6
|
-2
|
Philadelphia,
PA
|
18
|
-10
|
-21
|
-6
|
Houston,
TX
|
26
|
-3
|
-9
|
-4
|
Washington,
DC
|
15
|
-8
|
-7
|
-3
|
Miami-Fort
Lauderdale, FL
|
55
|
6
|
2
|
-3
|
Atlanta,
GA
|
38
|
12
|
4
|
-2
|
Boston, MA
|
10
|
-2
|
-4
|
-1
|
San Francisco,
CA
|
15
|
-2
|
-3
|
-2
|
Detroit,
MI
|
12
|
-2
|
-20
|
-1
|
Riverside,
CA
|
23
|
-8
|
-12
|
-5
|
Phoenix,
AZ
|
26
|
-5
|
0
|
-1
|
Seattle,
WA
|
7
|
-4
|
-2
|
-1
|
Minneapolis-St Paul,
MN
|
20
|
-1
|
0
|
0
|
San Diego,
CA
|
15
|
-10
|
-7
|
-3
|
St. Louis,
MO
|
8
|
-5
|
-7
|
-5
|
Tampa, FL
|
27
|
2
|
-8
|
-3
|
Baltimore,
MD
|
18
|
-13
|
-10
|
-3
|
Denver, CO
|
10
|
-2
|
-6
|
-2
|
Pittsburgh,
PA
|
10
|
-17
|
-40
|
-15
|
Portland,
OR
|
11
|
-5
|
-5
|
-2
|
Charlotte,
NC
|
14
|
0
|
-4
|
-2
|
Sacramento,
CA
|
13
|
-2
|
-3
|
-3
|
San Antonio,
TX
|
32
|
-2
|
-4
|
0
|
Orlando,
FL
|
26
|
4
|
-7
|
-3
|
Cincinnati,
OH
|
6
|
-5
|
-4
|
-3
|
Cleveland,
OH
|
22
|
-13
|
-8
|
-3
|
Kansas City,
MO
|
6
|
-9
|
-3
|
-1
|
Las Vegas,
NV
|
28
|
-3
|
0
|
-1
|
Columbus,
OH
|
5
|
-1
|
-3
|
-3
|
Indianapolis,
IN
|
7
|
-1
|
-4
|
-2
|
San Jose,
CA
|
20
|
-2
|
-2
|
-4
|
Austin, TX
|
12
|
-3
|
-3
|
-1
|
|
*Table
organized by market size
|
About Zillow
Zillow, the top real estate website in
the U.S., is building an on-demand real estate experience. Whether
selling, buying, renting or financing, customers can turn to
Zillow's businesses to find and get into their next home with
speed, certainty and ease.
In addition to for-sale and rental listings, Zillow Offers buys
and sells homes directly in dozens of markets across the country,
allowing sellers control over their timeline. Zillow Home Loans,
our affiliate lender, provides our customers with an easy option to
get pre-approved and secure financing for their next home
purchase.
Millions of people visit Zillow Group sites every month to start
their home search, and now they can rely on Zillow to help them
finish it — with the same confidence, ease and empowerment they've
come to expect from real estate's most trusted brand.
Launched in 2006, Zillow is owned and operated by Zillow Group,
Inc. (NASDAQ:Z and ZG) and headquartered in Seattle.
Zillow and Zillow Offers are registered trademarks of Zillow,
Inc.
i Zillow's Median Days to Pending metric captures the
time homes are typically on the market, measuring the number of
days from when a home is first listed for sale on Zillow.com to
when an offer is accepted and the home moves to "Pending" status on
Zillow.com. The figure reported for each week takes the median days
to pending for all homes that went pending during that week, which
is then smoothed using a four-week trailing average.
View original
content:http://www.prnewswire.com/news-releases/homes-are-being-snatched-off-the-market-at-their-fastest-pace-in-more-than-two-years-301083495.html
SOURCE Zillow