The end of July saw home sales heating up all over the country. Numerous news outlets including Forbes, CNNMoney, and The Wall Street Journal, have been reporting on the rise in home sales. Since June 2011, the average number of days that listings are staying on the market is down by 10%. Realtor.com reports that typical residential listings are being sold 84 days after being listed. In several parts of the country, homes are being snapped up at a much quicker pace. For example, homes listed in the San Jose, Bakersfield, Fresno, and San Francisco areas are selling in less than 50 days.
Hereâ€™s a look at 5 more cities currently experiencing brisk sales:
Oakland, CA: Average number of days on market-24
Considering that home prices here have dropped by 57.92% since the end of 2011, it is not surprising that buyers have been taking advantage of some steal deals. However, it would appear that the ride cannot last forever, since the median home price is $379,000.00 and the unemployment rate is high at 9.56%.
Denver, CO: Average number of days on market-33
While Denverâ€™s inventory of available single-family homes continues to drop, it appears that once rising home prices have leveled off. The median home price is $269,000.00 and not expected to go up more than 0.6% by the close of 2012. That is good news for Denver residents, whose buying power is enhanced by a healthy economic climate, where the unemployment rate is 7.51%
Anchorage, AL: Average number of days on market-43
With an unemployment rate of 6.13%, Anchorage is faring much better than its fellow US metro areas. Its median home price is up 0.17% from last year and at under 1500, its single-family home inventory is very low, which could explain why properties are going so quickly.
Detroit, MI: Average number of days on market: 47
The Motor City has some of the most affordable properties among US major metro areas. With foreclosures down by 27% from the end of 2011, a low median home price of $99,000.00 is attracting interested buyers. Since its unemployment rate is high at 11.21%, it could be that prospective buyers from outside the area are hoping to score investment properties. According to Realtor.com, after Chicago, Detroit is the second most searched metro area on their site.
Phoenix, AZ-Average number of days on market-48
If you donâ€™t believe that real estate sales are hot in Phoenix, consider that single-family home inventory has dropped 40% since June 2011. The median home price is up by 32% to $185,000.00. This is all great news for sellers who have experienced less than positive sales in recent years. The only thing clouding this sunny picture is that the 2% of the local market is comprised of foreclosures.