Yahoo! Real Estate came out with a recent study showing where homes in the U.S. are selling the slowest and where they are selling the fastest. With all of the negative real estate coverage lately, you'd think that our market is in the doldrums of a big slowdown in sales. Not so, according to this report.
The greater Seattle market was listed as the #2 city in the country for the speed of its real estate sales, tied with San Jose, CA and just behind San Francisco, CA. It just might be possible that the booming technology employment market is pushing these west coast metros with high-paid talent into healthier real estate sales.
From the report:
Median time to sell: 73 days
Median Home Value Index: $347,700
Average Price Cut Amount: $6.88%
Final Discount From List Price: 2%
The final stat is probably the most surprising of all. Despite the talk of huge discounts to buyers, most are actually negotiating fairly small discounts in terms of final sale prices. These numbers seem fairly low in my experience, but they do take into account home buyers who purchase full-price new construction homes without representation, pushing the discount averages lower. We must be seeing more of those transactions with relocation buyers recently. There have also been plenty of bank-owned properties being underpriced to create full-price quick closings. These sales, many times over the list price in the first week, are skewing the numbers vs. traditional resale homes.
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