Phoenix homebuyers prepared to move quickly
in tight market
If homes in the Phoenix area seemed to sell at breakneck speed in 2017, home buyers may discover that 2018 is shaping to be more of the same.
Last year, homes sold at faster than ever before, although demand has been outpacing supply for the past three years.
Nationwide, homes were on the market an average of 81 days in 2017. June was the fastest-selling month, when the typical U.S. home was on the market for 73 days, including closing. In Phoenix, homes were listed for an average of 66 days in 2017 before selling, and 62 days in June in June.
Homes in nearly all of the country’s 35 biggest housing markets sold faster in 2017 than in 2016.
With homes being snatched up at such a fast pace, home sellers have been accepting offers at and above list price—in 2017, nearly 25 percent of all homes sold above their list prices, according to Zillow.