In the monthly REALTORS® Confidence Index Survey, the National Association of REALTORS® asks members “For the last house that you closed in the past month, how long was it on the market from listing time to the time the seller accepted the buyer’s offer?”
In February–April 2016, properties typically sold within a month in the District of Columbia, Washington, Oregon, California, Alaska, Minnesota, Nebraska, Colorado, and Texas, according to the April 2016 REALTORS® Confidence Index Survey Report. Local conditions vary, and the data is provided for REALTORS® who may want to compare local markets against other states and the national summary.11
Nationally, properties sold in April 2016 were typically on the market 39 days (47 days in March 2016; 39 days in April 2015). Short sales were on the market for the longest time at 120 days, while foreclosed properties typically stayed on the market for only 51 days. Non-distressed properties were typically on the market for 37 days. Approximately 45 percent of properties were on the market for less than a month when sold. About 13 percent were on the market for longer than six months.
11 Respondents were asked “For the last house that you closed in the past month, how long was it on the market from listing time to the time the seller accepted the buyer’s offer?” The median is the number of days at which half of the properties stayed on the market. In generating the median days on market at the state level, we use data for the last three surveys to have close to 30 observations. Small states such as AK, ND, SD, MT, VT, WY, WV, DE, and D.C., may have fewer than 30 observations.
Source: NAR Economic Outlook