By Stephanie Sims
How fast agents sell homes depends on a number of things – location, condition of the property, foreclosure/short sale status and the state of the market. But a hugely important indicator is how many days a listing is on the market, which is directly linked to the number of consumers looking for a new home.
When Movoto Real Estate looked at nine of the 10 largest cities in the U.S., the company discovered that compared to a year ago, houses now sell 12 days faster. This time last year, it took 72 days for a house to sell, and today it takes 60 days. In Chicago specifically, at this time a year ago, homes were on the market for 90 days; now, that amount of time has decreased 6 percent to 85 days.
This evidence supports recent reports that multiple offers are now being received, and is a strong indicator that competition for homes available will increase. In a market with increasing competition, this leads to higher prices, an increasing number of cash offers and a decrease in days on market for listings.