Houses Are Still Selling Fast

Houses Are Still Selling Fast

Houses Are Still Selling Fast




Have you been thinking about selling your house? If so, here’s some good news. While the housing market isn't as frenzied as it was during the ‘unicorn’ years when houses were selling quicker than ever, they’re still selling faster than normal.

The graph below uses data from Realtor.com to tell the story of median days on the market for every January from 2017 all the way through the latest numbers available. For Realtor.com, days on the market means from the time a house is listed for sale until its closing date or the date it’s taken off the market. This metric can help give you an idea of just how quickly homes are selling compared to more normal years:

 

 

When you look at the most recent data (shown in green), it's clear homes are selling faster than they usually would (shown in blue). In fact, the only years when houses sold even faster than they are right now were the abnormal ‘unicorn’ years (shown in pink). According to Realtor.com:

“Homes spent 69 days on the market, which is three days shorter than last year and more than two weeks shorter than before the COVID-19 pandemic.”

What Does This Mean for You?

Homes are selling faster than the norm for this time of year – and your house may sell quickly too. That’s because more people are looking to buy now that mortgage rates have come down, but there still aren’t enough homes to go around. Mike Simonsen, Founder of Altos Researchsays:

“. . . 2024 is starting stronger than last year. And demand is increasing each week.”

Bottom Line

While national real estate trends provide context with a snapshot of the health of the nation’s economy, which is reflected by general real estate trends, your local real estate market may differ. Specifics like Days on the Market, Median Sales Price, Average Sales Price, List to Sales Price Ratio, and Sold Price will vary greatly depending on your location. For current trends of the real estate market for the Santa Barbara area, please contact me for accurate, specific, and timely real estate market data. 

If you’re wondering if it’s a good time to sell your home, the most recent data suggests it is. The housing market appears to be stronger than it usually is at this time of year. To get the latest updates on what’s happening in our local market, let’s connect.


Recent Blog Posts

The Truth About Down Payments

February 26, 2024

If you’re planning to buy your first home, saving up for all the costs involved can feel daunting, especially when it comes to the down payment. That might be because … Read more

Lock in the House Price not the payment

February 23, 2024

With interest rates on the rise, potential home buyers are wondering if this is a good time to buy.

Expert Home Price Forecasts for 2024 Revised Up

February 22, 2024

Over the past few months, experts have revised their 2024 home price forecasts based on the latest data and market signals, and they’re even more confident prices will… Read more

Some Experts Say Mortgage Rates May Fall Below 6% Later This Year

February 21, 2024

There’s a lot of confusion in the market about what’s happening with day-to-day movement in mortgage rates right now, but here’s what you really need to know: compared… Read more

Strategic Tips for Buying Your First Home

February 20, 2024

Buying your first home is a big, exciting step and a major milestone that has the power to improve your life. As a first-time homebuyer, it's a dream you can make come… Read more

It’s Time To Prepare Your House for a Spring Listing

February 20, 2024

If you're thinking of selling your house this spring, now is the perfect time to start getting it ready. With the market gearing up for its busiest time of year, it'll… Read more

Achieve Your Dream of Homeownership with Condos and Townhomes [INFOGRAPHIC]

February 16, 2024

If you're trying to buy a home but are having a hard time finding something in your budget, consider condos and townhomes.

Don’t Let the Latest Home Price Headlines Confuse You

February 15, 2024

Based on what you’re hearing in the news about home prices, you may be worried they’re falling. But here’s the thing. The headlines aren’t giving you the full picture.… Read more

Why So Many People Fall in Love with Homeownership

February 14, 2024

Your house should be a space that’s uniquely you. And, if you’re a renter, that can be hard to achieve. When you rent, the paint colors are usually the standard shade … Read more

Work

Lori’s reputation for exceptional service, discretion, and uncompromising integrity is at the heart of every transaction. With experience cultivated from almost 20 years of real estate transactions, both as an agent and investor, Lori brings her passion, market knowledge, and unmatched work ethic to each transaction.