After nine consecutive quarters in which the supply of homes for sale fell, inventory is 20 percent lower in the country and the effects extend beyond just pricing.
Nationwide change in inventory compared to how long homes stay on the market
A new study from Trulia asserts that there is a correlation with falling inventory and the speed with which buyers are snapping up homes. Since Trulia began examining this metric in 2012, the share of listings that were still on the market after two months has fallen from 57 percent to 47 percent.
“On average, metros with the largest decreases in inventory over the past five years have also seen significantly fewer homes on the market after two months,” the report explains.
Although this rush to buy has been evident in the DC-area housing market to anyone observing, the region is not in the top 10 metro areas where homes are moving fastest. Buyers are moving the quickest in San Jose and Oakland, California, where fewer than 21 percent of houses remain on the market two months after being listed.
The Trulia study measures how long homes stay on the market based on listings on Trulia, calculating how many were still on the market two months after being listed. Trulia opted to use the two-month measure rather than calculating the median days on market (DOM) because DOM could be skewed by a flux of new listings.
This article originally published at https://dc.urbanturf.com/articles/blog/low_inventory_leads_to_hurried_home_purchases/12741.
Most Popular... This Week • Last 30 Days • Ever
There are two new proposals to redevelop the center at 14th and U Streets NW that are... read »
The development will be located a few blocks south of the Takoma Metro station.... read »
The new development along South Capitol Street includes a new amenity for UrbanTurf: ... read »
This Week's Best New Listings includes a Shaw condo with soaring ceilings, a Wesley H... read »
Buying a home and everything inside; the new condos coming to Pennsylvania Avenue; an... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
Why condo fees are high in some buildings and low in others can be a difficult questi... read »
Post Brothers has plans in the works to convert the Universal buildings into a sprawl... read »
Dupont Circle’s Swann House, a former 15-bedroom bed and breakfast, will be listed ... read »
The two-building project will include approximately 825 residential units, 151 lodgin... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro