Property in the US is now selling more quickly than at any point during the past three and a half years as the recovery continues to gather pace this summer. This is in spite of dire predictions that the market would slow.
According to the article in Real Estate Economy Watch, there are three key indicators that show the market is robustly healthy. These key factors are the time taken on the market to sell, the percentage of listing price achieved, and the number of offers each property receives. Last month these factors were all very strong for non-distressed properties.
The average time a house spends on the market fell to a three and a half year low of just 8.6 weeks for non-distressed properties, according to data from Campbell/Insight Mortgage Finance HousingPulse Tracking Survey. This is down on the 9.2 weeks recorded in May, and is far lower than the 12.1 weeks seen in December last year. Regionally, the average time a house take to sell is varying from just 4.5 weeks in California, to 11.5 weeks in the Midwest.
Last months the number of offers received for non-distressed property was 2.3, and this is the fourth consecutive month that the national average has reached a three and a half year high. The state with the highest number of offers was California, with 4.1 offers received for every non-distressed property sold last month.
The average property sold for 98% of its list price in July, up from 97.6% in May, and 95.6% in December last year. Regionally, homes in California achieved an average of 101.8% of their listing price last month, showing that most sold for more than the asking price. Florida had the lowest average, with non-distressed properties achieving just 95% of their listing price.