Last year, if you wanted to sell a home in Boston, you would have to wait for an average of 107 days before a buyer came along. This year, the number has gone down to 99 days. This means a decrease of almost 7% in how long it takes for a home to get sold.
According to a research by Zillow, buying of homes in the Greater Boston area has seen a greater increase as compared to other areas of the city.
This comes as quite a surprise to many because real estate analysts and economists have been predicting a doom and gloom situation for the real estate market all over the country. And here we are witnessing quite the opposite happening on the ground.
Boston is not the only city with a rise in buying of homes; San Francisco stands at number one in terms of least days that a home stands on the market with just 48 days. The rise in home buying is not confined to these cities alone as Zillow’s report shows. The trend of buying homes has spread all across the country with the national average number of days on market having fallen to 86 in 2013 as compared to 116 days in 2012.
On the other hand, the number of houses on the Boston market just refuses to go up. This could be one reason for the decrease in days because when there are less houses on the market, the few that there are, will obviously get snatched up quicker than they would if the buyers had a huge list of options to choose from.