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Demand Soars as Homes Are Selling Faster

In February, homes were on the market for a median of 98 days—that’s down from 123 days in February 2011.

615 Clark St, Tumwater WA 98512 - we sold this home in just 5 days!

Homes are selling faster as buyer demand picks up, leaving a very low supply of homes left for sale, according to the latest February MLS data figures from Realtor.com. Homes in February sold faster than in any February since 2007, according to the site.

In some markets, homes are spending even less than a month listed for sale, most notably in places like California. 

For example, in Oakland, Calif., homes spent a median number of 14 days on the market in February before they were either sold or removed from the market for other reasons, according to the Realtor.com data. Sacramento’s median number of days on the market was 21. A total of eight metros in the top 10 for fastest selling times were in California, with only Denver (median 28 days) and Seattle (median 33 days) rounding out the list. 

The median number of days on the market was also less than two months in places such as Phoenix, Washington, D.C., Detroit, Minneapolis, Atlanta, Dallas, Orlando and Fort Lauderdale.

With home sales picking up pace, buyers and sellers are less likely to see price reductions on homes and to see more multiple offer situations, Curt Beardsley, vice president with Move, which operates Realtor.com told USA Today.

Data Courtesy of DAILY REAL ESTATE NEWS 

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Pending Home Sales Near Three-year High

More homebuyers signed contracts to buy last month than any time since April 2010, according to the National Association of Realtors. And, not counting tax credit-induced spikes, pending home sales last month were the highest in six years.

Pending sales of existing homes, or contracts signed but sales not yet closed, rose 4.5 percent from December and were up 9.5 percent from a year ago.

"Favorable market conditions and job growth have unleashed a pent-up demand," said NAR Chief Economist Lawrence Yun. "Most areas are drawing down housing inventory, which has shifted the supply/demand balance to sellers in much of the country."

The Washington-based association has also revised higher its expectations for price gains this year, to 7 percent or more, from its previous forecast of home values rising as much as 6 percent.

Pending home sales rose in all regions of the country, led by the Midwest, where contract activity was up nearly 18 percent from a year ago.

Data courtesy of Jeff Clabaugh, Washington Business Journal.