Days On Market Drops To New Low In April
According to released data from the National Association of Realtors (NAR), the median days on market hit a new low in April of 26 days, as 57% of homes were on the market for less than a month.
The NAR's Chief Economist, Lawrence Yun, was quoted saying,
"What is available for sale is going under contract at a rapid pace. Since the NAR began tracking this data in May 2011, the median days a listing was on the market was at an all-time low in April, and the share of homes sold in less than a month was at an all-time high."
A growing economy, low inventory, and increasing demand of new and existing homes for sale created ideal circumstances to drastically shorten the time between listing a home, and signing a contract.
The chart below shows a breakdown of national median days on the market from April 2017 to April 2018:
The PNW, tells a similar story. Data pulled from the Northwest Multiple Listing Service (NWMLS) puts the median days on market for April 2018 at an incredible 10 days, dropping even further from last years median of 14 days. Seattle specifically, sits at a median days on market of 17 days!
If you are a homeowner still trying to decide if its time to list your home, local and national market conditions are primed for a quick turn time.