The average house “lingered” on the market for just 61 days in January. And guess what? The spring selling season hasn’t even begun.
For-Sale Homes Sold at Blazing Pace in January
With total supply (-28%) and new January listings (-9%) down to record lows, home buyers must be on their toes if they want to be “winners” in this scorching hot housing market.
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And on their toes they’ve been. The average for-sale home spent only 61 days on the market in January, according to Realtor.com. This blow-away sales pace in January 2022 was 10 days faster than the sales pace in January 2021 and 29 days faster than the pace of home sales from 2017-20.
Sales Pace Even Faster in Select Markets
Some housing markets saw an even more blistering home sale pace. Take aa look:
– Nashville – 29 days
– Denver – 35 days
– Las Vegas – 38 days
– Seattle – 39 days
On the other hand, the pace of home sales in Minneapolis MN, Richmond VA and Washington DC decreased slightly.
Sellers Not Stepping Up to the Plate
Danielle Hale, chief economist with Reaaltors.com, said, “Factors like omicron uncertainties could be causing sellers to hesitate even when they know housing conditions are favorable. Another key hesitancy is the inventory ‘chicken-and-egg’ dilemma for sellers who are also buying: ‘Do you list now when home shoppers are hungry for more options, or do you wait for more inventory to hit the market in the spring?'”
Rising interest rates could also be holding back sellers from selling as the majority of homeowners have mortgage rates under 3%. As rates climb towards 4% and home prices continue rising, homeowners may not be interested in paying more for a home mortgage debt that offers them less than the one they currently own.
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Thanks to CNBC and Realtor.com.
