More than one in four existing homes that hit the market for sale in December sold within two weeks of listing, according to Redfin's market summary for the period.
Redfin chief economist Nela Richardson notes that scarcity of inventory lent another lift to pricing power, supporting an 8.8% increase in resale prices in the 68 markets Redfin covers. Other key findings in the December Market Tracker:
Competition and Speed
• Denver and Oakland tied for the fastest markets, with half of all new listings selling in 18 days or less, followed closely by Seattle where the typical home sold in less than three weeks.
• Bay Area metros San Francisco, Oakland and San Jose were the only cities where, on average, homes sold above list in December. In San Jose, 80% of Redfin offers faced competition. In Oakland 78.6% had multiple offers and in San Francisco the number was 70.6%.