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Homes selling faster, in unexpected places across U.S.

Supercharged sales

As a homebuyer, acting fast is vital in today’s market – even in some of the nation’s smaller cities. According to new data from RE/MAX, homes averaged a mere 62 days on market last month, the lowest February stat on record.

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DoM down

According to RE/MAX’s National Housing Report for March, the average home was on the market just 62 last month. This marked the fastest February selling time in the history of the report, which launched in 2009. The stat was also down six full days from February 2017.

Low rates, high competition fuel lightning-fast home sales

At the market level, Las Vegas and San Diego had the lowest average number of days on market, with just 36. Denver and Nashville followed with 35 days, and Seattle claimed 33.

Wilmington, Delaware averaged the most days on the market last month, with 117. Wichita, Kansas came in with 101, Washington, D.C. with 99 and Tulsa, Oklahoma with 93.

Click to see your low-downpayment loan eligibility (Mar 26th, 2018)

Unexpected markets surge

The competitiveness of the market, combined with rising prices and low inventory, is causing sales to spike in unexpected place. According to RE/MAX CEO Adam Contos, Billings, Montana – a city of just 173,000 – saw a 59 percent jump in sales over the last year. Boise, Idaho also saw a steep increase.

“While the hot markets like Denver and San Francisco continue to see low supplies of inventory, we’re also watching more homebuyers migrate into unexpected markets,” Contos said. “In one year, Billings, Montana, saw a 59 percent increase in home sales, along with Boise, Idaho, with a 25 percent increase in sales.”

Some areas that could see a surge in the coming months? Miami, Florida currently boasts a buyer’s market, with seven full months of inventory listed. New Orleans also offers plenty of options with 6.8 months of supply.

Smaller Northeast towns like August, Maine, and Burlington, Vermont are also primed for growth, boasting 6.5 and 6.4 months of inventory, respectively. Burlington was also one of only two U.S. metros to see home prices decline over the year, along with Albuquerque, New Mexico.

Get today’s mortgage rates

Want to take advantage of these buyer’s markets? You’ll want to act fast. Shop around and see what mortgage rates you qualify for today.

Show Me Today’s Rates (Mar 26th, 2018)

The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.

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