The share of homes selling within one or two weeks is on the rise during a time of year that typically sees the market slow down. A third of pending sales were under contract within a week, up 2.2 points from a month earlier. During the same period in 2019, this measure fell 0.4 points. The hot market is largely fueled by the ongoing crisis-level supply shortage. Over the past six weeks, active listings of homes for sale have dropped 5.9%, compared to a decline of just 1.6% over the same period in 2019.
“During the pandemic, a lot of my sellers were trying to get out of Seattle and take their equity to a lower priced market,” said Redfin listing agent David Palmer. “Most sellers who are on the market now are very motivated to move: landlords with vacant homes, families who already upgraded and need to sell their previous homes, couples splitting up. As homebuying demand declines into the fall, I’m only encouraging people who have urgency to sell now. Otherwise, I’m advising them to wait until the new year.”
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.