WALTHAM, Mass., May 24, 2017 /PRNewswire/ -- A recent study suggests that closing times are getting longer, now averaging 50 days. This month's Pro Teck Valuation Services Home Value Forecast analyzed over 200 metros throughout the U.S. to determine how long it takes for a home to close in each market.
The analysis, which looked at Sold Days on Market (from listing to close), found that seven metros are selling at or under the industry average closing time of 50-days. The seven metros include:
- San Jose–Sunnyvale–Santa Clara, CA – 41 days
- San Francisco–Redwood City–South San Francisco, CA – 42 days
- Oakland–Hayward–Berkley, CA – 45 days
- Denver–Aurora–Lakewood, CO – 49 days
- Boulder, CO – 49 days
- Dallas–Plano–Irving, TX – 50 days
- Fort Worth–Arlington, TX – 50 days
"These number represent the average for the entire metro," said Tom O'Grady, CEO of Pro Teck Valuation Services. "This doesn't take into account the hot micro-markets inside of these metros that are selling even faster."
O'Grady said the analysis features metros where homes are going under contract fast, often during the first few days on the market.
"In these metros, multiple bids are coming on listing day," said O'Grady. "To be competitive, winning bidders are pre-approved, have no contingencies and often have larger down payments – all leading to less risk and a quicker close with the banks."
Click here to read the entire forecast, including data and graphs that further highlight market trends discussed in this release.
CBSA Winners and Losers
Each month, Home Value Forecast uses a number of leading real estate market-based indicators to rank the single-family home markets in the top 200 CBSAs and highlight the strongest and weakest metros.
Top 10 CBSAs this month include:
- Bellingham, WA
- Boise City, ID
- Fresno, CA
- Modesto, CA
- Mount Vernon–Anacortes, WA
- Olympia-Turnwater, WA
- Sacramento–Roseville–Arden-Arcade, CA
- San Diego–Carlsbad, CA
- Seattle–Bellevue–Everett, WA
- Stockton–Lodi, CA
This month's Top Ten goes west with five metros from California, four from Washington State and one from Idaho. Limited housing supply, increasing prices and decreasing market time is now the new normal in our top metros.
Bottom 10 CBSAs this month include:
- Huntsville, AL
- Santa Fe, NM
- Miami–Miami Beach–Kendall, FL
- Shreveport–Bossier City, LA
- Chicago–Naperville–Arlington Heights, IL
- Lake County–Kenosha County, IL-WI
- Milwaukee–Waukesha–West Allis, WI
- Virginia Beach–Norfolk–Newport News, VA-NC
- Atlantic City–Hammonton, NJ
- Rockford, IL
Our system ranks metros from best to worse based on an overall score. While at the bottom of our ranking this month, the majority of these metros are in much better shape than our bottom metros from years past.
About Home Value Forecast
Home Value Forecast (HVF) is brought to you by Pro Teck Valuation Services. HVF provides insight into the current and future state of the U.S. housing market and delivers 14 market snapshot graphs from the top 30 CBSAs.
HVF is built using numerous housing and economic data sources. The top 750 CBSAs as well as data down to the ZIP code level for approximately 18,000 ZIPs are available with a corporate subscription to the service. To learn more about Home Value Forecast and Pro Teck's full suite of residential real estate valuation products, visit www.proteckservices.com. You can also find Pro Teck on Twitter at @ProTeckServices.
Reporters interested in national, regional or metro level housing data tailored to meet story needs, please email your inquiry to firstname.lastname@example.org.
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SOURCE Pro Teck Valuation Services