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 January 2016 were typically on the market 64 days compared to 69 days one year ago, indicating an improved market for sellers (58 days in December 2015; 69 days in January 2015), according to the January 2016 REALTORS® Confidence Index Survey Report.
Fewer days on the market are an indication that inventory remains tight.11 Short sales were on the market for the longest time at 77 days, while foreclosed properties typically stayed on the market for only 57 days. Non-distressed properties were typically on the market for 61 days.
Properties typically sold within a month in the District of Columbia and within 45 days in Washington, California, Utah, Arizona, Kansas, and Nebraska. In some oil-producing states which are undergoing slower job growth following the collapse of oil prices, such as North Dakota, Montana, 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 within 46 to 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.