Do you know which cities boast the fastest selling homes?
While bank owned REOs are flying of the shelves in hours and are creating fiercer battles than is expected over the new iPhone 5 other parts of the country still have homes sitting on the market from 2005.
Markets where homes sell fast can be great for real estate investing and flipping houses, while underwater homeowners is sluggish areas may need to get moving to find alternative ways to stop foreclosure or sell than waiting for a buyer to drop out of the sky.
According to a recent 24/7 Wall St. and Realtor.com report these are America’s top 10:
1. Oakland, CA
Average days on market: 24
2. Denver, CO
Average days on market: 33
3. Anchorage, AK
Average days on market: 43
4. Fresno, CA
Average days on market: 43
5. Bakersfield, CA
Average days on market: 44
6. Seattle, WA
Average days on market: 45
7. San Francisco, CA
Average days on market: 45
8. San Jose, CA
Average days on market: 45
9. Detroit, MI
Average days on market: 47
10. Phoenix, AZ
Average days on market: 48
Clearly all of these are incredibly short periods of time, with 6 months (180 days) being indicative of a normally healthy market. However, it is also interesting to see such a disparity in other factors between these cities with some reporting record high unemployment rates to Anchorage at just 6.13% and the presence of both San Francisco with the highest median home price at $725,000 and Detroit at just $99,000.
All of the above cities may be great choices for real estate investing and flipping houses, though there are many others as well. However, real estate investors and homeowners need to keep other considerations in mind too such as whether these are trends which will last, which direction interest in these markets is trending in now and how sustainable home prices are due to employment, infrastructure, incoming investment and rising wages.
