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A Record 52% of Homes Under Contract Within 2 Weeks

Fri, 12 February 2021  |  real estate pandemic 

The COVID-19 pandemic continues to be a key factor in the real estate market, driving both prices and speed of sales according to a new report from Redfin, a read estate brokerage. In it's latest report covering the four-week period through February 7th, Redfin found that asking prices of newly listed homes hit a new all-time high of $334,770, up 10% from the same time a year ago, and pending home sales were up 29% year over year.

The pandemic real estate market is further compounded by a severe lack of inventory. New listings of homes for sale were down 11% from a year earlier, and active listings (the number of homes listed for sale at any point during the period) fell 37% from 2020 to a new all-time low. Half (52%) of homes that went under contract had an accepted offer within the first two weeks on the market, well above the 43% rate during the same period a year ago. This is the first time the four-week average has surpassed 50% since at least 2012 (as far back as Redfin's data for this measure goes). During the week ending February 7, the rate was 57%.

"There is a serious lack of new listings, and although prices are through the roof, homeowners are reluctant to sell, because it's so hard to buy again unless you are moving to a less expensive area where you can afford to outbid other buyers," said Redfin chief economist Daryl Fairweather. "Sellers who are concerned about finding their next home are asking buyers for a rent-back agreement, which allows the seller to stay in the home until they can move into their next one. Offering a rent-back agreement can also be a winning strategy for buyers with flexible timelines."

To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/housing-market-update-over-half-of-homes-sold-in-2-weeks/

Source: Redfin