Days On Market Drops In April
The National Association of Realtors (NAR) recently released data showing the median number of days a property spent on the market for sale reached a new low of twenty-six days in April, as 57% of homes were on the market for less than 30 days.
Lawrence Yun, NAR's Chief Economist was quoted saying:
"What is available for sale is going under contract at a rapid pace. Since NAR began tracking this data in May 2011, the median days a listing was on the market was at an all-time low in April, and the share of homes sold in less than a month was at an all-time high."
Strong demand from homebuyers, a soaring economy, and a low supply of inventory of new and existing homes and condos for sale created the perfect storm to accelerate the time between listing a property and signing a purchase contract.
Illustrated below in the chart is the median days on the market from April 2017 to April 2018
If you are a homeowner who is debating whether or not this is the right time to list your home for sale, consider the market conditions nationwide are primed for a quick turnaround! Let's get together to discuss exactly what's going on in the Fort Lauderdale Real Estate area today!
If you are ready to begin the home-selling process in one of the below Fort Lauderdale neighoborhoods, contact us today.
Fort Lauderdale Neighborhoods
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