Across our state homes are selling quickly overall. But real estate is always a LOCAL thing and not all markets are hot. More expensive homes often take longer to sell, but each home’s price is relative in it’s own market or neighborhood. Overpricing a home can lead to a longer time to sell.
If you would like to discuss details in your neighborhood or specifics about your home, please give me, Clint Patterson, a call at (310) 426-8811
A glimpse at the current state of the housing market.
Job growth is boosting the economy and housing demand, but sales are hemmed in by low inventories in many parts of the country. When houses go on the market, they’re selling fast. Tight demand is sending prices up, at a rate of about 6 percent a year, far outpacing wage growth. As that gap widens, more households will be priced out of the market.
Homes Sales on the Move
Homes are selling quickly: a median of 28 days, the fastest pace on record. Before this summer, that number had never dipped below 30. Utah has the hottest markets, with the typical home in the National Association of Realtors selling in just 20 days. Wyoming, with its hard-hit energy sector, has the slowest, at 105 days on market. Here are states with the fastest and slowest home sales.
Source: National Association of Realtor