The pace of housing sales in the Washington area continues to accelerate, and technology may be part of the reason.
Real estate data company Redfin Corp. says 50 percent of listings in the region last month went under contract within two weeks, and 37 percent were under contract within a week.
Last month, 210 new listings in Washington area were under contract within 24 hours.
The local market’s sales pace puts Washington No. 7 on Refin’s list of fastest-selling markets. Homes are being sold faster only Northern California, Los Angeles and Denver, according to Seattle-based Redfin.
Real estate groups say there is an imbalance between sellers and buyers, with inventory extremely tight in the Washington area, but technology has also changed the pace of buying and selling a house, according to Refin.
“Today, people can find out within minutes when a new listing has hit the market and schedule an in-person home tour with a real estate agent, all from a smartphone,” Redfin said. “While market conditions like supply and demand will fluctuate over time, changes brought about by technology are most likely creating a ‘new normal’ for the overall pace of home buying and selling.”
Washington is also one of the most competitive markets.
Long & Foster Real Estate Inc. reported median sales prices in April in a half dozen popular D.C. neighborhoods were above the seller’s asking price.