Connect with us

Hi, what are you looking for?

The American Genius Real EstateThe American Genius Real Estate

Real Estate Big Data

Redfin data shows that homes sold faster than ever in April

(REAL ESTATE DATA) Redfin data shows that homes sold faster than ever in April 2017.

Large house representing co-living.

Low inventory

It seems that the only problem with the housing market today is that there aren’t enough houses for sale. According to Redfin, houses sold faster than ever in April, and the trend is only set to increase.

bar

Redfin trends

The reports from Redfin show an increase across the board for the housing market. Nationwide, the typical home entered a contract within the first 40 days on the market. Additionally, 20% of those homes were under contract within only two weeks.

In addition, home prices increased 6.2% since last year, bringing the median sale price to $280,000.

The housing market is breaking records across the board and Redfin Chief Economist, Nela Richardson, predicts an accelerating market through June. Everyone is ready to report higher numbers but there is just one problem.

They need more inventory.

In sharp contrast to the soaring sales, housing inventory has been in a steep decline for the last nineteen months.

Advertisement. Scroll to continue reading.

In fact, Redfin reported the biggest drop in the last four years this April at 13.3% less homes for sale.

Rochester, NY saw the largest decline in overall homes for sale, falling almost 40% since last year. However, there is still hope. Especially with the growing demand for homes. Inventory increased in some major U.S. cities including Fort Myers, FL, Knoxville, TN and even here in Austin, TX.

Other trends

Sifting through the details of the Redfin data shows a few other trends regionally for the housing market. For instance, the highest competition remains along the west side of the nation. Denver, CO reported the fastest market with over half of sold homes entering a contract in less than a week. Other fast markets included Seattle and Tacoma in Washington followed by Portland, OR.

All homes sold were under contract within 10 days or less.

The west coast also saw the best competition for homes selling above market price. Over three quarters of the homes sold in San Jose, CA, sold above their listing price. Close behind was San Francisco and Oakland, followed by Seattle and Tacoma.

On the up

For sellers, the good times are expected to keep rolling. Redfin predicts the market continuing this upward trend. The next step is getting more people to sell their homes.

Advertisement. Scroll to continue reading.
Written By

Natalie is a Staff Writer at The Real Daily and co-founded an Austin creative magazine called Almost Real Things. When she is not writing, she spends her time making art, teaching painting classes and confusing people. In addition to pursuing a writing career, Natalie plans on getting her MFA to become a Professor of Fine Art.

AdBlocker Message

Our website is kept FREE to you by displaying online ads to our visitors. Please consider supporting us by disabling your ad blocker OR subscribing to our email newsletter: https://theamericangenius.com/housing/get-the-newsletter/

The Daily Intel
in your inbox

Subscribe and get news and EXCLUSIVE content to your email inbox.

Advertisement

KEEP READING!

Real Estate Brokerage

How to better qualify leads: get enough information to decide how likely the opportunity will convert into sales.

Real Estate Marketing

Will you read this article? According to the latest research, if you got as far as reading that question, the answer is more likely...

Real Estate Brokerage

(BROKERAGE) Spice up your office life! Create a friendly office competition and see if the sales prowess is limited to just homes.

Real Estate Brokerage

(BROKERAGE) Some small steps that business owners take in order to show customers appreciation, loyalty, and service that turns into business success.

The American Genius' real estate section is honest, up to the minute real estate industry news crafted for industry practitioners - we cut through the pay-to-play news fluff to bring you what's happening behind closed doors, what's meaningful to your practice, and what to expect in the future. We're your competitive advantage. The American Genius, LLC Copyright © 2005-2022