A new survey from Zillow that examined the days on market for listings on the site found Boston listings selling over a week quicker than at this time last year, with days on the site down from 107 in September 2012 to 99 in September 2013.
Other parts of the Bay State saw even faster markets: In Middlesex county, days on Zillow were down 24 percent, to 77 from 101 last year; in Suffolk County days on Zillow were down 18 percent, also to 77 from 94 last year; and in Norfolk County, days on Zillow were down 18.5 percent, to 85 from 104 last year.
That increased pace still lags behind the nationwide average, however. Across the country, homes sold a full month quicker in September 2013 than the year before, with days on Zillow dropping from a median of 116 in September 2012 to 86 in September 2013. Among the nation’s 30 largest metropolitan areas, topping the list for the fewest days on market, according to Zillow, were San Francisco (48 days); Sacramento, Calif. (59 days); and Dallas (60 days). Homes sold faster this September compared with last September in all 30 of the largest metros, the site reported.
"The declining inventory of for-sale homes over the past year naturally creates pressure for buyers to more quickly snap up the inventory that is on the market," Zillow Chief Economist Stan Humphries said in a statement. "But even though things are moving fast, buyers should resist the urge to enter into bidding wars or pay prices they’re uncomfortable with. We do expect that this need for speed will abate in the near-term as mortgage rates rise and more inventory becomes available because of new construction and declining negative equity."
For its study, Zillow calculates the median number of days listings spent on Zillow at the national, metro and county levels, dating to January 2010. In order to correct for homes that are listed, then removed and re-posted with new prices, Zillow considered multiple listings within 40 days at the same address as one listing. Since the beginning of 2010, homes nationwide have spent a median of 119 days on Zillow before being sold or taken off the market.
