Due to increased buyer demand, fewer homes are staying longer on the market. Multiple Listing Services showed that homes last month sold faster than in any other February since 2007. In February 2013, homes were available for sale for a median of 98 days, down from 123 days in February 2012.
Most of these fast-moving transactions occurred in California. In Oakland, homes spent 14 days on the market and, in Sacramento, it was 21 days, according to Realtor.com. Denver, Colorado had a median market time of 28 days and Seattle, Washington saw homes at a median of 33 days.
In addition, the markets with the greatest declines saw a 48% drop-off in inventory, while the 146 metropolitan areas on Realtor.com’s list saw a 16% drop in homes on the market. The National Association of REALTORS reported that, in January, the nationwide housing inventory fell to its lowest level in eight years with a 4.2-month supply. That same month, homes were available for a median of 71 days on the market, down from 99 days the previous year.