Time on Market Decreases in July, with Homes Receiving Multiple Offers

Time on Market Decreases in July, with Homes Receiving Multiple Offers

08/23/2013 BY: KRISTA FRANKS BROCK

Homes are selling quickly with multiple offers and favorable prices, according to the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey released Friday.

The survey tracked time on market, number of offers, and sales-to-list-price ratio for non-distressed sales in July. California performed exceptionally well in all three categories, while parts of the Midwest underperformed.

The average number of weeks a home spent on the market in the three-month period ending in July was 8.6 weeks, down from 9.2 weeks in May.

Non-distressed homes that sold in July received an average of 2.3 offers.

Sellers received close to their full asking price in July. The sales-to-list-price ratio was 98 percent for the month, up from 97.6 percent in May.

In California homes spent about 4.5 weeks on the market, received an average of 4.1 offers, and sold on average for more than their asking price – about 101.8 percent.

In contrast, markets in the Midwest lagged the national averages.

The Industrial Midwest—Missouri, Illinois, Indiana, Ohio, and Michigan—performed worst in terms of time on market. Homes in these states averaged 11.3 weeks on the market.

Homes in the Farmbelt states—North Dakota, South Dakota, Nebraska, Kansas, Minnesota, Iowa, and Wisconsin—received the lowest numbers of offers in July—about 1.4 offers per home.

When it came to prices, Florida earned the lowest ranking. Non-distressed homes sold for 95 percent of their asking price in July, in comparison to California’s 101.8 percent.

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