In the monthly REALTORS® Confidence Index Survey, the National Association of REALTORS® asks members “For the last house that you closed in the past month, how long was it on the market from listing time to the time the seller accepted the buyer’s offer?”
Nationally, properties sold in February 2016 were typically on the market 59 days (64 days in January 2016; 62 days in February 2015), according to the February 2016 REALTORS® Confidence Index Survey Report.11 Fewer days on the market are an indication that inventory remains tight. Short sales were on the market for the longest time at 126 days, while foreclosed properties typically stayed on the market for only 57 days. Non-distressed properties were typically on the market for 57 days.
Nationally, approximately 35 percent of properties were on the market for less than a month when sold. About 15 percent were on the market for longer than six months.
By state, properties typically sold within a month in the District of Columbia, Colorado, and Alaska. Properties typically sold between 31 and 45 days in Washington, California, Utah, Arizona, Minnesota, Nebraska, Kansas, and Oklahoma. In some oil-producing states which are undergoing slower job growth following the collapse of oil prices, such as Montana, Wyoming, New Mexico, and Louisiana, properties stayed on the market between 61 and 90 days. Texas appears more resilient to the oil price collapse, as properties typically sold between 46 and 60 days. Local conditions vary, and the data is provided for REALTORS® who may want to compare local markets against the state and national summary.
11 Respondents were asked “For the last house that you closed in the past month, how long was it on the market from listing time to the time the seller accepted the buyer’s offer?” The median is the number of days at which half of the properties stayed on the market. In generating the median days on market at the state level, we use data for the last three surveys to have close to 30 observations. Small states such as AK, ND, SD, MT, VT, WY, WV, DE, and D.C., may have fewer than 30 observations.
Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.