Redfin has come out with an interesting new metric for analyzing how fast moving real estate markets in the country. They have captured the flash sales, those homes that have gone to contract in under 24 hours after the initial listing, in major markets across the country.
As inventories tighten and buyers have returned to the market, we are seeing the days of people pouncing on homes the minute they are listed, very reminiscent of the early parts of the 2000′s. Over the past 5 months, Phoenix was by far the leader in this category with 540 flash sales, followed by Chicago with 261. Portland, Oregon brought up the rear of the list at 115.
Numbers like these have to make real estate agents salivate and start beating the bushes for listings. It is a profitable storm, homes that move quickly with no marketing costs. A few months of these hitting the market and agents will forget their abject fear of taking a listing that they experienced over the past few years.
Top 10 Fastest Real Estate Markets in 2013
Rank City # Flash Sales
1 Phoenix, AZ 540 2 Chicago, IL 261 3 Houston, TX 188 4 Dallas, TX 184 5 Austin, TX 163 6 San Diego, CA 135 7 Los Angeles, CA 132 8 Sacramento, CA 128 9 Denver, CO 115 10 Portland, OR 115
Interesting. Not sure that I agree with their prediction as I see Miami and Orlando also doing very well.
I think the report captured 1 datapoint. Homes that sold in 24 hours of being listed. That is an indicator or panic buying.
I agree with you Gabe Sanders about Miami and Orlando. However, I would definitely want to congratulates the Top 10 Real Estate Markets in 2013. In just 3 months, it has definitely boosts that much.
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The number of flash sales in Phoenix is daunting. It seems like the listing prices would rise quickly enough to counterbalance this. On a smaller scale, we’re seeing a lot of new listings in my market, too, go under contract within a couple days of entering the MLS. However, prices here have gone up about 14% for the tri-county compared to last year.
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VERY interesting. RealEstate.com recently published an infographic on the U.S. real estate market (click my name to see it) that predicted the fastest growing local markets, among other things, using data collected in a survey of ActiveRain agents.
Seven out of ten cities that appear in the list on this post also appear on the RealEstate.com infographic's list of the real estate markets with the fastest value appreciation. Way to go ActiveRain agents for being able to accurately predict the hottest real estate markets!
Orange County is heading up there with just over a one month supply of homes on the market at this purchasing pace… We too are seeing quite a few flash sales, not the number in phoenix but were getting close.
Redfin has found a new interesting method to know the emerging trends of markets in real estate. A new metric has been initialized to check about the different status in the market. As we know the inventories are tightening up themselves and buyers returning to their market the customers plunge into their homes immediately after being listed.
Prices are going up all over the country. Now is the right time to buy a home.
In every sector up and downs are there but real estate is such a field if we are investing money on it means we will be always in profit. Everyone wants profit in every business. To be update with the market every day we should check the market status which helps us to gather knowledge which sector is best for business.Los Angeles Real Estate Agents
Interesting post about real estate market. Keep it up.
Wow. Phoenix is far outpacing any other market. 540 sales in under 24 hours is crazy!!