Five Fastest Selling Cities for Residential Real Estate
A strong job market and low housing supply are fueling demand. In April, there was a four-month supply of homes on the market. A six-month inventory is normal, according to the National Association of Realtors.
“Things are moving quickly. You need to have your ducks in a row,” said Felipe Chacon, housing economist at Trulia.
The five cities with homes selling the fastest are: Seattle, San Francisco, Oakland, San Jose and Denver. In Seattle, it takes just 36 days from listing to sale. Home prices were up 19.5 percent from last year.
The time to sell in San Jose, Calif. is just 36 days. Redfin reported 83.2 percent of the homes sold in March went for above list price. Home prices are up 22 percent.
It also takes only 36 days to sell a house in San Francisco, the most expensive housing market in California. According to Trulia, home prices are up 13.7 percent.
In Oakland, Calif., the time to sell is 38 days. Home prices are down 6.2 percent annually. However, they are still up 50.5 percent the past five years.
Home prices soared 10 percent in Denver. There, the time to sell a home is only 41 days.
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