It Is Taking Longer to Sell a Home in November: Redfin

The median number of days a property for sale has remained on the market increased to 34 in November from 31 in October, according to a Redfin study of 23 markets.

The percentage of homes which entered contract within two weeks of being placed on the market remained in the area of 27% during the same time frame.

Nearly half the homes listed in San Jose during November entered into contract within two weeks and the median time a property is listed for is just 12 days.

Philadelphia is at the other end of the spectrum, with only 7% of homes going into contract within two weeks of listing, up from 6% in October. Homes here are on the market for a median of 71 days, up from 69 days in October.

Homes listed for sale in Boston are spending 25% fewer days on the market. The median time on market for a Boston for sale property is 42 days, down from 55% for October.

Redfin previously found that there were 7% fewer potential buyers seeking house tours in November versus October.

Article source: http://www.nationalmortgagenews.com/dailybriefing/It-Is-Taking-Longer-to-Sell-Home-November-Redfin-1040441-1.html

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