On Sunday, I wrote my real estate humor post on Tracey missing out on her dream house because Jack beat her to it using technology rather than running shoes. It was humor mixed with a little reality. My scenario of what happened after the TV commercial ended turns out not to be all that far fetched (and more than twice as likely to happen than this time last year).
My RMLS listing search shows that in the last month 552 residential properties sold in Portland. Fifty-Five of those show as selling in five days or less. Twenty of them were 1 day on market! There were just 10 one-day-on-market properties during the same one month period in 2009. Days on market is for the current listing, we can’t tell if it was an existing listing that was canceled and re-listed.
It’s been said here and pretty much everywhere else that the key to a real estate recovery is jobs. The market is going to determine the selling price of any active listing so if a home hits the market at the right price it could sell in just one day.
Now that I’ve written all of the above it seems to make sense to go back a few more years and look at the history of the “One Day On Market.” This is what I found: