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    Real Estate
    Thursday, May 09, 2024

    Analysis shows sales are rapid in California, slow on Long Island

    Buyers are always interested in securing their ideal home once it pops up on the market, and they sometimes have to move quickly to do so. A recent analysis by the real estate site Trulia shows that while some markets find buyers for most of their listed homes within a couple of months, the pace is considerably slower in other areas.

    The analysis looked at individual markets to determine the number of homes which were listed as of Feb. 5. The same properties were reviewed again on April 5 to see how many of them were still for sale.

    Eight California markets were among the top 10 areas with the fastest sales. San Francisco had the most rapid sales, with only 26 percent of the listings remaining on the market after two months. San Jose and Oakland each had 30 percent of their listings remaining, while San Diego had 33 percent remaining.

    The other two areas among the 10 fastest moving markets were Seattle, Washington, and Salt Lake City, Utah. Forty-two percent of Seattle's listings remained for sale after two months, making it the sixth fastest moving market. Salt Lake City was the 10th fastest market, with 45 percent of its listings still for sale after two months.

    These markets typically had high priced homes, with the median price for the San Francisco properties in April coming to $1.099 million. This was followed by an $800,000 median price in San Jose and $699,000 median price in Orange County. Salt Lake City had the lowest median asking price among the 10 fastest moving markets at $299,900.

    New York markets had the three slowest markets identified in the study. Albany had a median asking price of $264,900 on its properties for sale, and 71 percent remained on the market after three months. Long Island was the second slowest market, with 69 percent of its properties unsold after two months and a median asking price of $474,995. In Syracuse, the median asking price was $153,000 and 68 percent of the properties had not sold within two months.

    In Connecticut, Hartford, Fairfield County and New Haven each had 64 percent of their properties left on the market after two months. Hartford was the 12th slowest market, while Fairfield County was the 13th and New Haven was the 17th. Hartford had a median asking price of $255,000, while New Haven's was $239,000 and Fairfield County's stood at $559,000.

    Providence, Rhode Island, placed 70th on Trulia's list of 100 largest metro areas. The city had a median asking price of $279,000 in April, and 61 percent of its properties had not sold after two months.

    In the national market as a whole, an average of 60 percent of homes that were listed for sale on Feb. 5 remained on the market on April 5. This marked a slight decline from the same period in 2014, when 62 percent of the homes listed for sale remained unsold after two months.

    Ralph McLaughlin, a housing economist for Trulia, says the he considers the measure of how many properties have sold after two months to be more accurate than the figure measuring how many days a property has stayed on the market. He says that while the number of days on a market might indicate that homes are being purchased quickly in a certain area, the median figure could also be affected if several new properties are listed, thereby giving buyers more options in a neighborhood.

    Homes with lower prices were more likely to sell. The study divided each metro area's homes into high-end, low-end, and mid-range based on the asking prices in the neighborhood. Half of the homes in the low price category had sold after two months, while 65 percent of the high-end homes remained on the market.

    Low-end homes also had the biggest change from 2014, with the percentage of properties still on the market after two months falling 3 percent compared to the prior year. Mid-range homes fell 1 percent, while high-end homes increased 1 percent.

    However, the study also noted that the markets where homes were selling the fastest also had the largest year-over-year price changes. McLaughlin says these markets tend to already have established high-priced homes, smaller inventories, and more demand.

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