Properties, on average, remained on the market for 34 days in March 2017, a shorter amount of time compared to February 2017 (45 days) and March of last year (47 days), according to the National Association of Realtors’ monthly Confidence Index Survey.
In March 2017, 48 percent of properties that sold were on the market for less than a month, compared to the 42 percent of properties sold in February 2017 and March 2016. This decrease in time is due to the current trend of strong demand and tight supply. Demand continues to trump inventory, as it has over the past few months. Looking back to 2011, properties remained on the market for 97 days on average. So far this year, only three states have markets where the average length of time before a sale is greater than 75 days.
We pulled the stats for Illinois, Massachusetts, Florida, Georgia and Texas below:
|Days on Market|
|Illinois||61 to 75|
|Massachusetts||31 to 45|
|Florida||46 to 60|
|Georgia||46 to 60|
|Texas||less than 31|
Texas and Massachusetts are feeling the beneficial effects of the high demand, low supply dynamic; Illinois continues to lag behind, as its average days on market has remained above 40 since 2011. Florida has plateaued around the 46-to-60-day mark since 2013, and Georgia has bounced back since days on market skyrocketed to nearly 80 days in 2015.