It’s a race for time.
How much time do home buyers have before prices start escalating out of
Redfin, the real estate app, gathered information from 19
of our country’s fastest selling markets and documented a 15% increase in home
prices from March of 2012 to March of 2013.
San Francisco led the way with more than a 31% increase
in prices across the board. This could
also be due to the drastic reduction of inventory over the last year and the
recent surge of closings just over the last 30 days.
So if you are looking to purchase a home, keep this in
mind. The pace, at which almost 35% of
homes are going under contract, is around 2 weeks from the time the listing
hits the MLS. That’s pretty fast. Redfin says it’s a record pace in fact.
Of those 19 markets experiencing price increases and
record setting closings, the top 4 were all in California. 64% of home sold in San Jose were closing
within that 2 week pace.
San Francisco, LA, and Ventura were the other markets with biweekly closing
numbers of 52% to 60%.