Where are the Five Fastest-Moving Housing Markets? ZipRealty’s Housing Trends Report Takes a Look
The fastest-moving housing markets are all on the West Coast based on year-over-year declines in median days on market. These same metros saw a huge increase in the number of homes selling in 7 days or less in the past two weeks.
The Top 5 Fastest-Moving Housing Markets ZipRealty surveyed are Orange County, San Diego, Sacramento, Los Angeles and Las Vegas.
- Median days on market declined 71% from 52 to 15 annually as of 3/31/2013.
- 29% of OC houses sells in 7 days or less, a 17 percentage-point increase from the previous year.
- OC median home prices increased 27% to $495,000 annually.
- Median days on market declined 59% from 49 to 20 year-over-year as of as of 3/31/2013.
- One-quarter or 25% of San Diego houses sell in 7 days or less, a 13 percentage-point increase from the previous year.
- San Diego median home prices increased 22% to $390,000.
- Median days on market declined 57% from 28 to 12 on an annual basis as of 3/31/2013.
- Nearly one-third – 30% – of Sacramento houses sell in 7 days or less, an 11 percentage-point increase from the previous year.
- Sacramento median home prices increased 31% to $210,000.
- Median days on market declined 56% from 52 to 15 annually as of 3/31/2013.
- 29% of the homes in LA County sold in 7 days or less, an increase of 17 percentage points from the previous year.
- LA County median home prices increased 26% to $307,564
- Median days on market declined 53% from 28 to 12 annually as of 3/31/2013.
- Nearly one-third, or 30%, of Las Vegas homes sold in less than 7 days, an increase of 11 percentage points from the previous year.
- Las Vegas median home prices increased 35% on a YOY basis to $148,500.
“The number of newly listed homes for sale has begun to increase and in most cities new listings outpaced new pending sales in the month of March. However, in Las Vegas, Sacramento, San Diego and Orlando, new listings are barely keeping up with pending sales numbers, and serious buyers still face a real challenge. Fortunately, ZipRealty’s timely, accurate and complete listings database, along with our automated email notifications and attentive agents stand ready to help clients stay ahead of these fast-moving local markets.
“The strong momentum we’ve seen in California and parts of Florida for several months now looks like it might spread to areas that have been a bit slower to rebound. Specifically, in Raleigh, Long Island and Chicago, where median sales prices are up 5% or less in March 2013 vs. a year earlier, we also spotted big increases in new pending sale volumes. Pending sales in Raleigh and Long Island in March 2013 were more than double those of the same month a year earlier, and pending sales were up 49% year-over-year in Chicago,” says ZipRealty CEO Lanny Baker.