For Some Housing Markets, Time is of the Essence

Oh, it’s definitely a sellers’ market.

Clear Capital, Reno, Nev., said in some markets, competition for homes is so fierce that homes are on the market for under two weeks.

“The spring season’s residential real estate rush is approaching fast; however, national home price growth remains chilly, but a warmer spring demand will require informed, fast-acting and well-positioned buyers,” said Clear Capital Vice President of Research and Analytics Alex Villacorta.

The company’s Home Data Index Marketing Report said marketing time–measured by days on market–has been steadily decreasing nationwide since the trough of the market five years ago. The national median DOM is hovering at 43 days for performing properties, a decrease of half from the peak of 85 days in January 2012.

The report said three markets have been consistently selling fair market homes in under two weeks all winter–Raleigh, N.C.; Lincoln, Neb. and Denver–nearly a month faster than the national rate. Five other markets–Portland, San Francisco, Fresno, San Jose and Seattle–have homes are consistently selling in less than three weeks. The report said Western markets, where price growth has continued to outpace the rest of the nation for several years, makes affordability remains a top concern.

The report said national first quarter price growth remained stable at 0.9%, where it has hovered since last November. Quarterly growth is relatively homogeneous with all regions reporting quarterly growth between 0.8% and 1.0%. The West continued to lead the nation in price growth.

The report said San Antonio is now the nation’s fastest growing major metropolitan market, with prices are increasing at the rate of 1.8% per quarter, twice the national average. San Jose continued to be the least performant major market in the nation with zero recorded growth over the past quarter.

“Along with an increase in temperatures, the spring season also brings out the buyers and an increase in demand to the housing market, which most often translates to faster price growth and a decrease in marketing times,” Villacorta said. “But what’s great news for homeowners–particularly those looking to get out of negative equity or sell outright–is unfortunately bad news for prospective buyers.”