More than 1/3 of homes are selling within 2 weeks of being listed

Last month more than one-third of homes listed were sold within two weeks, according to the recent monthly housing report from Redfin.

The report covered 19 different metro areas across the country and revealed that on average, 34% of homes were under contract within 14 days of being listed. This was an increase from January’s 30.3%.

Some metro areas, especially in California, saw even higher numbers. San Jose for example, saw 63% of homes selling within two weeks of being listed.

The report also touched upon one of the main pains most Agents have been feeling… The fact that inventory had fallen by 32% over the past year. However, it DID rise 1.1% in February compared to January 2013.

As a result of the low inventory, home prices were up 13.2% compared to this time last year and sales were up just 2.3% in that same time time span.

Have you been seeing an incredible turnaround time with your listings?

Source: Analysis from Redfin based on local databases used directly by real estate agents to list properties and record sales.