New Economik Report from Shillow

From Zillow:

It’s well known that a lack of homes for sale is limiting home buyers’ choices this home shopping season. But this inventory shortage is also contributing to another home buying hurdle – along with limited options, buyers also have increasingly limited time to make a decision on a home purchase.

The typical U.S. home sold in May (the latest month for which data is available) spent just 78 days on the market, more than a week less than the same time last year (86 days), according to the Q2 2016 Zillow Real Estate Market Report (figure 1). And not only is the time a home spends on the market currently much less than recent months, it’s also well below historic norms. Since the beginning of 2010, the long-term monthly average of the time a typical U.S. home spent on the market before selling is roughly 111 days.

Homes are selling more quickly this year than last in 27 of the nation’s 35 largest metro housing markets – in some cases, much more quickly. In Charlotte (70 days), Philadelphia (98 days) and Pittsburgh (97 days), homes are selling more than two weeks faster this spring compared to a year ago. In the eight markets where homes are taking longer (or at least as long) to sell this year than last, the phenomenon may be more attributable to the fact that realistically, homes in those areas can’t sell much more quickly. In seven of those eight markets, homes are selling more quickly than the current national average of 78 days (Miami, at 103 days, is the lone exception).

Markets in the Bay Area and Pacific Northwest epitomize this need for speed. In San Francisco and San Jose, the typical home sold in just 43 days in May, the fastest-moving large markets in the nation. In Seattle homes sold in 47 days, and in Portland homes sold in 51 days. Considering it typically takes a minimum of 30 days (and often 45 days or longer) for a home sale to close once an initial offer is accepted, the window a buyer realistically has to look at a home and decide whether to make an offer in these markets is astoundingly brief.

When there are so few homes on the market in the first place, it makes sense that those that are available would be scooped up more quickly. But in addition to the speed of the market being a product of limited inventory, that speed may also be contributing to that scarcity of inventory too. Potential sellers might love the attention their home will get once listed – and the chance for a windfall profit if a bidding war breaks out over it. But many of those sellers also have to turn around and become buyers. They may end up in a bidding war of their own once they try to buy in this environment, if they can even find a suitable home to begin with. Instead, it’s likely that many current homeowners who don’t have to sell are choosing to stay put rather than enter the fray – which in turn only contributes to tighter inventory.

It all adds up to a very competitive market for buyers, and a fast-moving (and potentially very lucrative) market for sellers. In an environment where one may have only a few days to decide to make an offer on a home, it’s critical that buyers and sellers enter the market prepared and with clear eyes, and to resist the temptation to settle for a home that may not suit their needs in the interest of just buying a place. It’s tough going out there, but the right home will become available for those that are patient but prepared to strike fast once it comes on the market.

This entry was posted in Economics, Housing Recovery, National Real Estate. Bookmark the permalink.

77 Responses to New Economik Report from Shillow

  1. Comrade Nom Deplume, the Deplumiest. says:

    Frist

  2. Amerigeddon says:

    Plus ca change…

    Bunch of bagholders about to get sawed off at the knees.

    BOOYAAAHHHH!!!!!!!

  3. GOP's broken (the good one) says:

    @GretchenCarlson

    My lawyers’ statement after #RogerAiles resigns.
    Thank you to everyone who supported me.

    #StandWithGretchen

  4. #StandWithGretchenWhileSheBendsOver

  5. GOP's broken (the good one) says:

    @tonyschwartz

    Trump has used bullying & non-disclosure agreements to muzzle all those who really know & have worked with him.

    I will keep speaking out.

  6. GOP's broken (the good one) says:

    @ivantheK

    .@rupertmurdoch Will you release former Fox News employees from non-disclosure agreements w/respect to allegations of sexual harrassment?

  7. GOP's broken (the good one) says:

    @GovPenceIn

    Trade means jobs, but trade also means security.
    The time has come for all of us to urge the swift adoption of the Trans Pacific Partnership

    @realDonaldTrump

    Tim Kaine has been praising the Trans Pacific Partnership and has been pushing hard to get it approved. Job killer!

  8. GOP's broken (the good one) says:

    @ditzkoff
    Here is Jon Stewart’s @colbertlateshow monologue from tonight. Well worth your time.

    ” You just want that person to give you your country back.

    Because you feel that you’re this country’s rightful owners.

    There’s only one problem with that.

    This country isn’t yours. You don’t own it. It never was. There is no real America.

    You don’t own it. You don’t own patriotism. You don’t own Christianity.

    You sure as hell don’t own respect for the bravery and sacrifice of military, police and firefighters.

    Trust me, I saw a lot of people on the convention floor in Cleveland with their “blue lives matter” rhetoric, who either remained silent or actively fought against the 9/11 first responders’ bill reauthorization.

    I see you and I see [audio cut for obscenity].”

  9. Colorado town finds THC in its water, warns residents not to drink or bathe in it. Town declares state of emergency citing decreased violence and liquor sales.

    http://www.denverpost.com/2016/07/21/colorado-town-thc-in-water/

  10. Grim says:

    Sorry, why do we care about this Fox News guy again?

    Fat shit in power treats women poorly, probably because women wanted to have nothing to do with him growing up. Why is this the top story on my blog? I don’t even know who this guy is, obviously not famous.

  11. Juice Box says:

    Let’s see POTUS make a statement about this one.

    http://www.cnn.com/2016/07/23/us/veteran-intersex-passport-lawsuit/index.html

  12. Juice Box says:

    #11- Grim – The left is claiming some kind of victory here for women, yet they have barely set foot in court over this sexual harassment suit.

    The real reason this guy Ailes (who is scum) is even fired is simple payback from Rupert Murdoch’s son Lachlan who got booted a decade ago from his own office by Ailes. Lachlan finally had the ammo to get back to NY from Australia and back into his dad’s good graces.

    Fact is these two old fogies Murdoch and Ailes are headed out to pasture anyway, Murdoch is 85 and Ailes is 75, they started fox news 20 years ago together, a pretty good run, Murdoc’s kids are now taking over.

    The left now thinks mediation in contracts, is going away, and sexual harassment is some kind of crime. Sexual harassment is not a crime under state or federal law in the U.S.That ain’t gonna happen. If you want to flash your cleavage Miss. America and then get a job on TV you are going to gladly sign almost any contract.

  13. Not Grim says:

    On your post #11 about the Fox business guy.

    Sorry Grim, is what he represents. Is not the right/left usual chatter. It’s that is really something out the movie “Network” – difference is in the movie they were pro-left wing, in our time is the right. What ever sells baby, whatever sells.

    Is the truly 100% cynical totality of whoredom to be number one in the infotainment industry and the profits that it makes regardless of cost.

    Fox News is the most profitable division within 21th Century Fox. Rupert Murdoch hired him to make money regardless of what it took. Only reason he got canned is because he has beef with Murdoch’s kids and they used the scandal to finally get rid of him.

    Remember is Murdoch, the guy that in London had a newspaper editor hack a kidnapped & murdered 13y/o phone and able to listen to messages and make police and family she was still alive for over periods of months because they kept erasing the messages.

    I believe no one has done more damage to this country than Murdoch, is not an ideological thing. It’s simply the process of lowering the bar to the absolute minimum for ratings and their profit. Converting the news into opiniontainment and infotainment.

    Murdoch killed the equal time rule under Reagan and bought deregulation under the Clinton. His power works because of media concentration like he did in England -where all politicians feared him. Murdoch became a US citizen just to be able to own broadcasting stations. William Pailey he was not.

    Only thing that checked Murdoch and Ailes’s power has been the total decentralization and devolution of media because of internet. That is why Fox’s viewers are elderly, rural, and toward the dullard end of the IQ measurements – people that would have trouble keeping up with technology.

    That is why he’s so important. Is a generational shift. The guy that brought the bar low is gone What next? At same time a ideological shift is happening within both major political parties.

  14. Comrade Nom Deplume, the Deplumiest. says:

    [14] not smart

    You conveniently leave off that Ailes founded another channel that was renamed MSNBC.

  15. Comrade Nom Deplume, the Deplumiest. says:

    Saw that Dennis Green died yesterday

    “They are who we thought they were.”

  16. Not Comrade says:

    No I did not. I purposefully made it the least partisan possible. Is not about ideology is about money, is about what sells to make money.

  17. Juice Box says:

    re # 14 – You aren’t telling the whole story. Primetime viewer age is stuck at 68 for FOX, and MSNBC is 59. You no longer win an election on Baby Boomers.

    Internet is King and Trump know’s this he is no fool, meanwhile Hillary’s people are busy chasing Pokemon.

  18. grim says:

    Still confused.

    Ottoman said that Thiel was in the wrong, because he was the wrong kind of gay (a rich one), and Gawker was in the right, and it’s OK that gawker, a media company, harasses someone based on their sexuality.

    Now the fox guy, it’s bad because he’s the wrong kind of straight (a rich one), and as the owner of a media company, he harasses someone based on theirs.

    I get it, rich people are the problem, right?

  19. Comrade Nom Deplume, the Deplumiest. says:

    Now you’re learning, grim

  20. Grim – There are lots of fat sh1ts in power who treat women badly (Rosie O’Donnell comes to mind) but there is more going on here. When Megyn Kelly decided to jump on the bandwagon during Trump’s nomination it riled up all the other on-air talent to the point of leaking that they were going to exercise escape clauses in their contracts to leave with Ailes. The whole shebang appears to be meticulously timed.

    Sorry, why do we care about this Fox News guy again?

    Fat sh1t in power treats women poorly, probably because women wanted to have nothing to do with him growing up. Why is this the top story on my blog? I don’t even know who this guy is, obviously not famous.

  21. Grim says:

    So the sexual harassment was acceptable by them up until the point that Ailes and Trump came to some sort of resolution they didn’t like?

  22. Homeboken says:

    How come I don’t here Anon or Ottamon or any flag waving Dems here are not outraged over the DNC railing Bernie and trying to sink any candidate that doesn’t have fat cankles? Too me this is a real story that strangely is getting no play in the press. I mean the DNC is guilty of not running a fair election, and yet no Dema seem to care all that much. Must be nice to not be burdened with any self morality and just be concerned with only judging others.

  23. Close. It was acceptable by Carlson until her contract wasn’t renewed, and that’s obvious. Megyn Kelly, OTOH, didn’t have a problem with Roger Ailes’ 2006 hug until just about the moment that Trump was being nominated. In fact there were several stories leading up to this past Tuesday about Kelly’s non-backing of Ailes until she suddenly had that “Ah-ha” moment on Tuesday and tried to focus all the spotlight on herself. No matter how or why, Kelly alienated herself with her peers in a fashion similar to Cruz and for the very same reasons, while waving, “Over here! Over HERE! Look at me! Look at ME!”

    So the sexual harassment was acceptable by them up until the point that Ailes and Trump came to some sort of resolution they didn’t like?

  24. Just to give you and idea about how these things are planned and play out, I’ll start with a short quiz. There was a certain night during the Obama administration where there was absolutely no 11PM newscast by the 3 broadcast networks. Does anyone recall when that occurred? No 11PM news in any timezone in the US, not even delayed news like in after late running sporting event. All 3 networks, all 3 timezones, no local 11PM (or later) news, and no one seemed to notice. Anyone recall?

  25. grim says:

    23 – Because there are already reports/evidence that Twitter pulled the #DNCleaks hashtag off of trending to hide it. If it isn’t on twitter, it didn’t happen.

  26. grim says:

    Who says millennials don’t know anything about finance, they are the largest retail traders of synthetic derivatives…

    http://www.marketwatch.com/story/the-millennials-looking-to-get-rich-or-die-tryin-off-one-of-wall-streets-riskiest-oil-plays-2016-03-30

  27. Dropped our 14 year old off at Logan to fly to Indiana for a school event at 6AM. I saw a single State Trooper patrolling the Delta Terminal, but he was carrying an assault rifle, trigger finger indexed and barrel pointing down the whole time.

  28. And if it doesn’t come up in a Google Search it doesn’t exist (anymore). I just naturally go to duckduckgo.com to search for anything political these days. I’m not sure if it helps, but it definitely returns much different results. I would really like to have my own personal web crawler/spider.

    23 – Because there are already reports/evidence that Twitter pulled the #DNCleaks hashtag off of trending to hide it. If it isn’t on twitter, it didn’t happen.

  29. BTW, I’ll give you the answer to my quiz from last night. The night Seal Team 6 killed bin Laden there was no nightly news. If you recall, there was just an empty podium and some rumors from 9:30PM EDT until 11:40PM or so when Obama took the podium and gave us all the good news. There was no news whatsoever that night except for the bin Laden story as the entire East Coast held off on all news broadcasts waiting for the announcement. Now here’s the next question. What would have been the lead international story that night had there been a newscast? It’s actually pretty big and just about no one (except those involved in covering it up) knows.

  30. Comrade Nom Deplume, the Deplumiest. says:

    We need a civil war. A real one, not some competing circle jerks on Twitter

  31. Comrade Nom Deplume, the Deplumiest. says:
  32. LOL. I noticed this at the time, but I just searched for the first time to find out if anyone else noticed it. Sure enough, not our media, but RT. This would have been the big story that Sunday night if bin Laden wasn’t suddenly taken out pre-empting all coverage of any other international story. Which makes you wonder, were they really going for a two-fer or was the bin Laden takeout rushed(or faked) to cover this story:

    https://www.youtube.com/watch?v=0TX_Fo96D-M

  33. Amerigeddon says:

    It’s only war crimes when others do it.

  34. Comrade Nom Deplume, the Deplumiest. says:

    I remember that now. It was eerily reminiscent of another strike on Libya decades ago

    https://en.m.wikipedia.org/wiki/1986_United_States_bombing_of_Libya

    BTW, considering that the Italians warned Gaddafi about the attempt on him, is it any wonder why many Americans agree with Trump on NATO? This isn’t a recent issue mfgr’d by The Donald. There has always been an undercurrent of dissatisfaction with NATO in our halls of power

  35. Juice Box says:

    ABC news – Sanders Calls for Wasserman Schultz to Resign After Email Leaks.

    Not the first time and she won’t.

    I gather the Bernie Bots will be in an uproar for a week or so at least. Let’s see them the Millennials switch to the DARK side.

  36. Comrade Nom Deplume, the Deplumiest. says:

    The Attack Poodle actually said that the super delegates are intended to remedy any outward tilt in pledged delegates. They were intended to hand the nomination back to the candidate that the DNC wanted.

  37. Libturd supporting the Canklephate (Channeling JJ) says:

    The DNC comments on Bernie’s religion was pretty racist too. Can’t say we weren’t claiming the early rigging here. Too bad Bernie was so nice. Is it any wonder that even most Dems have a trust issue with HER?

  38. No One says:

    I watched Fox for many years. Yes, they were obviously biased in favor of Republicans, but used to have disparate voices, so “fair and balanced” was at least slightly plausible. As in balanced in one direction, as other channels are balanced but in the leftist direction. But over the past year they have thrown away all pretense of journalism, now full time Trump advocacy, which I think some of their better journalists and commentators are getting fed up with. I can barely watch anything on Fox anymore. Minimal news, maximum Trump propaganda.

  39. Captain Nom Deplume, Besotted Rummy says:

    [39] No one

    Then you should feel right at home over at CNN and MSNBC. They’ll tell you what you want to hear.

  40. No One says:

    Nj expat. Megyn Kelly may not be perfect, but she’s not a retard fascist bootlickers like Sean Hannity.

  41. [42] Like Nom said, stick to the Clinton News Network or MSNBC to keep your knickers from getting knotted.

  42. Wasserman Schultz out, Fudge packed in her place.

    http://www.cnn.com/2016/07/22/politics/dnc-wikileaks-emails/index.html

    (CNN) – Democratic National Committee Chairwoman Debbie Wasserman Schultz will not speak at or preside over the party’s convention this week, a decision reached by party officials Saturday after emails surfaced that raised questions about the committee’s impartiality during the Democratic primary.

    The DNC Rules Committee on Saturday named Rep. Marcia Fudge, D-Ohio, as permanent chair of the convention, according to a DNC source. She will gavel each session to order and will gavel each session closed.
    “She’s been quarantined,” another top Democrat said of Wasserman Schultz, following a meeting Saturday night.

  43. Comrade Nom Deplume, the Deplumiest. says:

    I got pushback from leftists in denial. Fact is, the attack poodle was very open on the direction the nomination should take.

    http://truthinmedia.com/dnc-chair-superdelegates-protect-party-leaders-from-grassroots-competition/

  44. [45] The headlines should have read Attack Poodle Quarantined – Bad Doggy

  45. Fabius Maximus says:

    #25 Expat

    You make a sort of pointless argument. The fact the networks held off the 11PM broadcasts is not news, a big announcement was coming, they held off. Now say that OBL had not been turned into Swiss cheese, would that have made such big news. If you want to bury a story, Late Friday through the weekend.

    Looking at the timings the strike was about 48hrs old at that point. Was it big on the 9PM news?

  46. [50] Name a single other time there was no nightly newscast. Or go a step further and name the last time that there was no news for hours and hours and hours except for the promise that there would be news later. You can’t. You’re also a turd.

  47. Fabius Maximus says:

    #23 Homeboken

    Why was Ron Paul not given a bigger role an a VP slot consideration in 2012, he had great numbers in all those young demographics. Remember the LOvE campaign.

    Short answer is “was not needed” Hillary is not chasing Bernie’s supporters just like Mittens never went after Ron Paul’s,

  48. Educate yourself on time zones and then add in that killing the facts about an airstrike in Libya is easily neutralized for 12 hours, especially on the weekend. Blow up a neighborhood in Queens, not so easy to bury. Tripoli on the weekend, piece of cake. I’m telling you that I knew of the strike (because I read news and translate it from other languages, with Google’s help, I’m not a linguist, but I am a daily reader of bankingnews.gr) rather than waiting for the spoon feeding in the US). The 3 Ghadaffi grandchildren getting killed in an airstrike was the lead story that Sunday night and it never aired. If you don’t think that was the lead story than tell me what was?

    Looking at the timings the strike was about 48hrs old at that point. Was it big on the 9PM news?

  49. Ron Paul was assassinated in most every GOP state convention in a similar fashion that was used with partial success on Trump.

    Why was Ron Paul not given a bigger role an a VP slot consideration in 2012, he had great numbers in all those young demographics. Remember the LOvE campaign.

  50. Can’t wait to hear these two chants at the DNC:

    Lock her up!, Lock her up!, Lock her up!
    Pack that Fudge!, Pack that Fudge!, Pack that Fudge!

  51. Comrade Nom Deplume, the Deplumiest. says:

    [53] Rory

    I can never vote for a turncoat like Bloomturd.

    Raised as a Sox fan but converted to the Pinheads for political reasons. A pox on him.

  52. Fabius Maximus says:

    #51 Expat

    So you are saying they were requested to hold off news with a promise there would be big news later, and there was.

    Now show me where it was a hold off the news. My understanding as to the way this went down was that the networks got a call earlier in the evening to get ready for a big announcement and get the White House correspondents back.
    http://www.mediaite.com/tv/chuck-todd-explains-wh-efforts-to-get-the-story-out-sunday-night-its-a-b-f-d/

    Take your Tin Hat off for a while.

  53. Original NJ Expat Should remain an Expat says:

    Expat,

    Even if you are truly right. Why does it matter? Ohh conspiracy bogieman!

    Getting OBL is thousand times exponentially more important than some desert camel f**ker’s genetic output.

    I think this is for you – https://youtu.be/MMzd40i8TfA

  54. [60] Hmmm….Remind me, what candidate said something very, very, similar to that?

    Hahahahahahahahahahahahahaha!

    Expat,

    Even if you are truly right. Why does it matter?

  55. Fabius Maximus says:

    #57 Eddie Ray,

    For the most part I am with you. Orrin Hatch Joe Liberman generally do it to try and preserve personal power. Mikey seems to be in it for the right reasons.

    Now I understand the outflow from Fenway to the Yankees has been painful over the years, but don’t forget the one big name that went the other way back up 95.

    https://jazzydigressions.wordpress.com/category/lebron-james/

  56. Mike Torrez?

    Hahahahahahahahahahahahahaaahahaha. (sorry Nom, I couldn’t help it)

    Now I understand the outflow from Fenway to the Yankees has been painful over the years, but don’t forget the one big name that went the other way

  57. vetting for skeleton implies having skeletons

  58. Comrade Nom Deplume, the Deplumiest. says:

    [59] Rory

    Hardly. I’m surprised they waited this long

    All the crap being hurled at Trump was hurled at Reagan and to a lesser degree, W

  59. No One says:

    Trump isn’t 5% as presidential as Reagan. He had a consistent intellectual message he presented as governor and politician for decades before being elected. Trump has no philosophy, no coherence, just a string of political hatchet jobs, temper tantrums, and a lot of vague promises he has minimal understanding of.

  60. juice box says:

    Was at the beach Sea Bright beach today around 5:30 pm, lifeguards had to come back to work and order everyone (thousand or so people all ages) out of the water at low tide, seems the day trippers were oblivious to the risk of rip currents at low tide. Way too many kids wading out, and little supervision, plenty of nonsence, hopefully nobody dies this summer.

  61. juice box says:

    Re: #70 – I am actually surprised the left isn’t thanking Trump for destroying the neocons. They have been sent out to pasture for good. Too bad Bernie isn’t getting the nod, his goal was to destroy the neolibs. I only see another war or two under Hillary, god help the young kids….

  62. Anon E. Moose, Second Coming of JJ says:

    Brain Dud [9];

    “I see your bull shit…”

    And raise you a lying crook! #CrookedHillary

  63. Anon E. Moose, Second Coming of JJ says:

    Grim [11];

    Sorry, why do we care about this Fox News guy again?

    Because it changes the topic from Hillary’s record of failure, deceit, sell-dealing and treachery — at least to her gnat-brained supporters. LOOK! SQUIRREL!

  64. 3b says:

    Amazing how all the leftists are going to line up behind Hillary who will continue Obama s disastrous foreign policy only worse because we will be putting boots on the ground in the cesspool Middle East yet hate trump who wants to stay out of that third world crap hole.

  65. juice box says:

    Re :75 -our kids were sold, Clinton foundation took plenty from the Saudis, ISIL is their biggest threat.

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