Properties sold in January were on the market for an average of 50 days, down from 52 in December and from 64 in January 2016.
According to the latest edition of the REALTORS Confidence Index Survey Report, properties were typically on the market for less than 31 days in seven states (Alaska, Kansas, Oregon, Tennessee, Texas, Utah, and Washington) and Washington D.C. in January.
NAR’s Economists’ Outlook blog notes that demand has outpaced the amount of available homes for sale. Properties on the market for a shorter time usually sell at higher prices.
Among transactions that closed in January 2017, 50 percent of properties that were on the market for less than one month sold at the original list price or at premium, while only 14 percent of properties that were on the market for 12 months or longer sold at the original list price or at a premium.
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