Saturday, 1 September 2012

Which Cities Have The Fastest Selling Homes? – Part 2

In my previous post, I showed a research that shows the top places in the US with the fastest turnover when it comes to selling houses. Bakersfield came in 5th at 44 days while Fresno, California is 4th at 43 days. However, both these towns do not look good in terms of economic conditions. Anchorage, on the other hand, enjoys a 43-day turnover rate, partly due to fewer supply of houses available in the market.
Below are the top 2 cities with the fastest-selling homes.
2. Denver, Colorado
Average number of days on market: 33
Median home price: $269,000
Population: 2,543,482
Unemployment: 7.5%
One of the few metropolis that saw a huge improvement in turnover rate is Denver, Colorado, up by 10% this year. Note that Denver was among the cities that were least affected by the housing bubble a few years ago. However, house prices in Denver are not expected to rise anytime – just a 0.6% projected increase from this year to next, versus 4.2% in the US.
1. Oakland, Californiafastest selling home oakland
Average number of days on market: 24
Median home price:$379,000
Population: 4,335,391
Unemployment: 9.5%
Also in California, the hottest houses are located in Oakland where it only takes 24 days for properties to be sold. It’s a 9-day gap vesus the 2nd fastest-selling houses in Denver. Also, the median price of $379,000 is the 12th highest in the country, despite the 46% drop from its peak in the first quarter of 2006. Nevertheless, economic conditions in Oakland are still far better than in Bakersfield and Fresno.
Remember though, that this is just a rough guide and turnover rates in the report change rapidly. What might be a fast-selling home this year may not have the same turnover rate the following year. In addition, other information such as house prices, unemployment rate, and other economic indicators in the area have to be considered before making decisions.

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