July 30, 2014
By: Jan Buchholz
Homes are selling faster in Austin than anywhere in the country at the moment. That’s the conclusion of California-based ZipRealty Inc.(Nasdaq: ZIPR), an online real estate brokerage and research company.
The survey, which crunched numbers from the Multiple Listing Service, indicates that half of all Austin houses on the market are selling in 10 days or less. The median number of days a house is on the market is different from the average days on the market, which is the matrix commonly cited by the Austin Board of Realtors. In ABOR’s most recent report, Austin single family houses are selling on average in 39 days.
The large difference in the statistics likely indicates that certain types, price ranges or locations of houses are selling very quickly — perhaps as soon as they are entered in MLS, while other houses — probably high-end luxury homes — are taking much longer to sell.
Both ABOR’s and ZipRealty’s numbers are based on market conditions as of June 30.
The second-fastest market for home sales is Washington, D.C., and Northern Virginia with half of all houses selling within 14 days. The median time on the market is 15 days in Dallas, Denver and Portland, Oregon. Houston and Seattle log in at 17 days. Perhaps most surprising are the markets of Sacramento, California, and Boston where the median days on the market is 19.
Austin comes in second for median home value with a 14 percent year-over-year increase to $266,000. The largest median price increase was in Sacramento where home values increased 15 percent to a median home price of $267,000. The third slot was Las Vegas with a 12 percent price increase to $182,000 followed by Houston, also with a 12 percent increase to $215,000 and Orlando, Florida, with an 11 percent increase to $154,000.