Most sellers are getting as much or more than they are asking for their homes in eight out of 24 major metros tracked by a new market report released yesterday, a sign that the metros have crossed over from buyers’ to sellers’ markets.
In a new market report, ZipRealty’s data shows that the ratio of sales to list prices reached an average of 98.5 percent in the markets it covers and in eight-San Francisco, Las Vegas, Orange County, Sacramento, Los Angeles, San Diego, Portland, and Seattle-the median sales price was equal to or higher than median list prices, a sign that the markets are now sellers’ markets as sellers are getting as much more than their list prices. A year ago only Sacramento had reached a sold to list ratio of 100 percent.
ZipRealty reported that homes are selling faster, especially in Western markets where inventories are low. The average median days on market has fallen 27 percent from a year ago. In the past year, median time on market is falling fastest in Orange Country (-70 percent), Sacramento (57 percent), Los Angeles (55 percent), and the San Francisco Bay area (53 percent). The percentage of homes sold after seven days on the market rose from 13 percent a year ago to 18 percent in the new twice monthly report. Las Vegas, Denver and during the period February 15 to March 15.
“In seven major cities that ZipRealty analyzed, more than one-quarter of the homes listied for sale are selling in less than seven days, though it looks like the supply of newly listed homes may finally start to keep pace with frenzied buyer activity,” said Lanny Baker, CEO and president of ZipRealty.
Median home prices increased 14.6 percent to $242,519 on a year-over-year basis, with the highest gains in San Francisco, where home prices shot up 38 percent as of March 15. Real estate prices in both Las Vegas and Phoenix jumped 31 percent during the same period, according to the debut edition of the ZipRealty Housing Trends Report, which will be issued twice monthly.
Total housing inventory in the 24 metropolitan areas declined 34 percent as of March 15, 2013, as did the level of distressed home sales. The report shows 35 percent of the homes sold in the 2012 period were either foreclosures, short sales or REOs, compared to only 23 percent in 2013, a decline of 12 percent.