Thanks to the fact that there simply aren’t enough homes on the market to satisfy the demand from buyers, the homes that do become available are basically flying off of the market.
In fact, according to a new report from HouseCanary, homes are selling nearly twice as fast this year as they did last year.
According to the report, the nationwide median number of days that a home stayed on the market in May was 23. That’s down from 44 at the same time last year.
HouseCanary considers time on market to be the number of days between when a property is listed for sale and when it goes under contract.
And according to HouseCanary’s data, homes now are going under contract just over three weeks after they hit the market.
HouseCanary’s report shows that new listings are up almost 20% year-over-year, but notes that the number of contract signings continues to outpace the new listings. That means that while more homes are coming onto the market, they’re still being snapped up almost as soon as they go on sale.
And that is a trend that HouseCanary expects to continue.
“As we continue into the spring home buying season there are some signs that sellers are coming back into the market, but buyer demand for single family homes still heavily outpaces net new listings as it has for much of 2020 and into 2021,” HouseCanary noted in its report.
“April 2021 shows no signs of near-term relief to the ongoing supply shortage experienced in the single-family residential listing market,” HouseCanary continued. “The current seller’s market continues to put upward pressure on single-family home prices at record pace, and we expect this trend to continue over the coming months.”