As real estate experts, we’re always looking for market indicators to suggest whether the market is favoring sellers or buyers.
We look at a variety of factors, including average list price, median sales price and price per square footage.
Another indicator we look at is the days that a home spent on the market before it ultimately sold. And if the latest data is any indication, this metric is certainly starting to favor home sellers!
Why Home Sellers in the US Should Be Optimistic
According to the most recent real estate data, properties listed in September 2013 spent an average of 86 days on real estate websites, compared with 116 days last year!
This suggests that homes are selling nearly a month quicker than they did this time last year.
Here’s what else the most recent real estate data reveals:
- Properties listed in all 30 of the largest metro areas in the country sold quicker in September when compared to last year.
- Those homes in the San Francisco Bay area were listed for the fewest number of days at 48, followed by Sacramento with 59 days and Dallas with 60 days.
- Comparatively, in 2010, homes listed were on the market an average of 119 days.
Experts say that a declining inventory of homes for sale has attracted more eager buyers to the market, resulting in fewer days on the market for homes for sale.
Historically low mortgage rates, an improving economic climate and depressed home price values are further encouraging this activity.
Canadian Real Estate Market Faring Well Too!
Although data on average days on the market was not immediately available, other real estate indicators suggest that Canada’s real estate market is faring just as well!
Here is some recent encouraging data released by the Canadian Real Estate Association:
- Although the number of newly listed homes decreased by 0.8 percent from September to October, the Canadian housing market remains in balanced territory.
- The national average sale price increased 8.5 percent year-over-year in October.
- The MLS® Home Price Index (HPI) increased 3.5 percent year-over-year in October.
- Between September and October, national home sales declined by 3.2 percent.
- Meanwhile, actual (not seasonally adjusted) activity was 8.3 percent higher from October 2012 to October 2013.
The Ultimate Source for Real Estate News
Check back here soon for more updates on how the national real estate markets in the United States and Canada are faring!
And for expert help on your own home-buying or home-selling goals, please contact us today!