Redfin Finds Flash Sales Driven by Inventory Shortage

Redfin said Phoenix had 540 of what it has defined as “flash sales”—a home going into contract 24 hours or less after listing—in the past five months, more than double second place Chicago, which had 261.

This is a sign of the inventory shortage impacting many real estate markets across the country, the real estate brokerage firm said.

The rankings are based on local multiple listing services data, public records and information from Redfin agents.

The company counted the number of homes listed from Oct. 1, 2012 to Feb. 26 whose status changed from “active” to “pending” within 24 hours.

The Texas trio of Houston (188 flash sales), Dallas (184) and Austin (163) are next, followed by San Diego (135), Los Angeles (132) and Sacramento (128).

Article source: http://www.nationalmortgagenews.com/dailybriefing/redfin-finds-flash-sales-driven-by-inventory-shortage-1035125-1.html

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