Median Time on Market Rose from 31 to 34 days
Market speed remained stable for the third consecutive month in November. Across 23 metro areas, 27.2 percent of homes went under contract in two weeks, up slightly from 26.9 percent in October. Although homebuyers remain frustrated with the number of desirable homes available for sale, they are ready to move quickly when they find a home they like.
“Homebuyers are serious about finding a home before competition heats up in the spring and they know that speed is essential. While most Americans were shopping for turkeys as Thanksgiving approached, Bostonians were touring homes and making offers,” according to Redfin agent Adam Welling.
While the percent of homes selling in two weeks or less remained steady, homes overall took a bit longer to sell than last month. For all homes across the 23 metros, the median number of days a home spent on the market before going under contract grew to 34 from 31 days in October.
San Jose and San Francisco in a Rush; Philadelphia Comes in Last
- Buyers in San Jose scooped up homes the quickest in November, with 48.6% of listings going under contract within two weeks, up from 48.0% in October. Homes in San Jose sat on the market for a median of just 12 days.
- Philadelphia was again the slowest market. Just 6.7% of Philly-area homes went under contract within two weeks in November, a slight boost from 6.3% in October. Homes in Philly spent 71 days on the market in November, compared to 69 in October.
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed
“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”