Zillow Report Says Homes Selling Faster in Los Angeles Metro Region

If you've been thinking about selling your home amid the coronavirus pandemic, there's some good news for you - Zillow reports that homes in the Los Angeles and Southern California region are spending less time on the market.

According to the report released by Zillow on Wednesday, the Los Angeles Metro area has seen home spend an average of 20 days on the market before an offer is accepted. That's faster than a year ago, when homes would spend an average of 28 days on the market, before an offer was accepted, and 10 days faster than in May of this year.

The Los Angeles Metro region isn't the only area seeing an improvement in home sales - homes for sale in Riverside are spending an average of 23 days on the market before an offer is accepted. That's eight days faster than the same time last year, and 12 days faster than in mid-May.

“Buyers shopping today might expect to be welcomed by desperate sellers, but they'll instead discover houses selling like hotcakes in the speediest market in recent memory,'' Zillow economist Jeff Tucker said. “The market did slow down in April, but anyone shopping this summer needs to be prepared to keep up with the lightning-quick pace of sales today.

“The question is whether the tempo will slow after buyers finish playing catch-up from planned spring moves, or if this fast-paced market will stay hot thanks to continued low interest rates and buyers scrambling over record-low summer inventory.''

The rest of the United States has also seen an uptick on home sales. Homes spent on average 22 days on the market before an offer is accepted - the fastest pace since June 2018. The quick pace of home sales has apparently provoked sellers into bringing more homes on the market with new listings up 14% month-over-month, Zillow reports.

Photo: Getty Images

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