In Which States Did Properties Sell Most Quickly in December 2017?
Amid strong demand and tight supply, REALTORS® reported that properties that sold in December 2017 were typically on the market for 40 days in November 2017, down from 52 days compared to the same month last year, according to the December 2017 REALTORS® Confidence Index Survey.[1] The median days on market have been broadly on a downtrend since 2011 when the properties typically were on the market for three months from May 2011, when this question was first asked in the RCI Survey, through March 2012. For the full year of 2017, the median days on market was 35 days (43 days in 2016).
During October–December 2017, properties sold in less than 31 days in 15 states: Washington, Oregon, California, Nevada, Utah, Colorado, North Dakota, South Dakota, Nebraska, Kansas, Minnesota, Indiana, Kentucky, Rhode Island, and Massachusetts. Properties also sold in less than 31 days in the District of Columbia.
Amid fewer listings for sale in many areas, properties continued to sell at a faster pace in many metro areas. Of the 500 metro areas tracked by Realtor.com, days on market have dropped in 388 areas, 78 percent of the areas.
The metro areas where properties were listed for the shortest time in December 2017 compared to one year ago are San Jose-Sunnyvale-Sta. Clara, CA (37 days), San Francisco-Oakland-Hayward, CA (45 days), Vallejo-Fairfield, CA (45 days), Nashville-Davidson-Murfreesboro-Franklin, TN (46 days), Ogden-Clearfield, UT (47 days), Provo-Orem, UT (48 days), Stockton-Lodi, CA (48 days), and San Diego-Carlsbad, CA (49 days).
Use the data visualization below to check out the data across metro areas.
[1] In generating the median days on market at the state level, NAR uses data for the last three surveys to have close to 30 observations. Small states such as AK, ND, SD, MT, VT, WY, WV, DE, and D.C., may have fewer than 30 observations.
