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