Although it’s unclear whether the overall U.S. housing market is on the mend, some areas are doing decidedly better than others. Some, in fact, managed to miss the housing bust altogether.
Even as home sales pick up, it is clear that a significant number of homes purchased in today’s market are bought by investors looking to generate rental income, according to the National Association of Realtors.
While price trends are important, sellers also need to be aware of how long a property is likely to sit on the market before being bought. The faster that homes sell, the faster an inventory backlog is cleared, suggesting heightened demand and an upward trajectory in prices. Additionally, if a home is on the market for an extended period, it may put off prospective buyers and force sellers to accept less-favorable offers.
To identify the cities where houses sold the fastest, real estate websiteZillow.comanalyzed local market information based on the median number of days a home was on the market. The numbers presented here are for homes sold between March 2011 and March 2012.
During this time, the national median for time on the market waas 129 days, while Hilton Head, S.C. (196 days), Poughkeepsie, N.Y. (201 days), and Ocean City, N.J. (202 days) were where homes sold the slowest.
Also in the analysis is the Zillow Home Value Index (ZHVI),which represents given city's median value of homes on the market. The information presented here also includes the proportion of listings with price cuts, the average amount those listings were reduced and the “final discount from list price” (the average amount negotiated off the original list price before the sale).
So, where do homes sell the fastest? Click ahead to find out!
By Paul ToscanoPosted 30 March 2012