Redfin (www.redfin.com), the technology-powered real estate brokerage, today issued its Fastest Markets Report for December 2013. Across 21 metro areas, market speed declined in December, with the median time of a home on the market climbing from 32 days in November 2013 to 35 days in December 2013. Although the median time on market has steadily increased since August 2013 when it was 24 days, Redfin expects that this trend will begin to reverse in early 2014 as more homebuyers begin to enter the real estate market.
- San Jose and San Francisco continued to rank as the fastest across the 21 markets included in the report, with homes spending a median of just 18 days on the market. While a bit slower than a month earlier, median days on market was almost a week shorter than the next fastest markets, Ventura, Calif. and Washington, D.C.
- The slowest market by far remained Philadelphia, where homes idled for 72 days on the market, more than a month slower than for the 21 markets overall. Still, it was 10 days faster than the same time last December.
Notable Speed Changes:
- Year-over-year selling speed accelerated the most in Miami where median days on market fell from 87 to 48 days, a nearly six week increase. Home-selling speed in Houston quickened by nearly three weeks over the same period, with the median days on market shifting from 49 days in December 2012 to 31 days in December 2013.
- The largest yearly decline was in Phoenix, where homes sat on the market for 32 days, up from 22 days in December 2012. Atlanta had the second largest decline in yearly home-selling speed, with homes sitting on the market for 49 days, up from a median of 40 days on the market in December 2012.
To read the full report, complete with a speed ranking of 21 real estate markets, click the following link. http://www.redfin.com/research/reports/real-time-fastest-markets/2014/fastest-markets-december-2013.html.
Connect with Redfin
Redfin (www.redfin.com) is a technology-powered real estate broker that represents people buying and selling homes. Founded and run by technologists, Redfin has a team of experienced, full-service real estate agents who are advocates, not sales-people, earning customer-satisfaction bonuses, not commissions. Redfin.com features all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. Redfin also offers online tools that make the entire process of buying or selling a home easier and more fun. The company serves 22 U.S. markets and has closed more than $13 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider.
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Rachel Musiker, 206-576-5820