Home Sales Velocity: Unveiling the Cities Where Properties Vanish Fastest

In the dynamic world of real estate, understanding the speed at which homes sell is crucial for both buyers and sellers. This metric, often referred to as 'home sales velocity,' is primarily measured by the median days on market (DOM). A lower DOM indicates higher demand and a quicker sales cycle, signaling a hot market. Let's dive into a data-driven analysis of several cities to uncover where properties are flying off the shelves.

Analyzing Days on Market: A Comparative Overview

We'll examine several key cities, comparing their median days on market, median sale prices, and the number of homes sold to provide a comprehensive view of their respective real estate landscapes.

Dallas: A Market Moving at Lightning Speed

Dallas, CO, stands out with an impressively low median DOM of just 16 days. This indicates a very competitive market where properties are quickly snatched up. The median sale price in Dallas is $516,805, and 655 homes were sold. This combination of rapid sales and relatively high prices suggests strong demand and a healthy real estate market.

Atlanta: Contrasting Market Dynamics

Atlanta presents a more varied picture. In Atlanta, CA, the median DOM is 18 days, with a median sale price of $289,430 and 756 homes sold. However, in Atlanta, WA, the median DOM is 33 days, with a median sale price of $493,254 and 863 homes sold. This difference highlights the importance of considering specific locations within a broader metropolitan area.

San Antonio: A Tale of Two Cities (and States)

San Antonio offers an interesting comparison across different states. In San Antonio, CA, the median DOM is 49 days, with a median sale price of $254,063 and 304 homes sold. Contrast this with San Antonio, TN, where the median DOM is 28 days, the median sale price is $260,747, and 994 homes were sold. This significant difference in homes sold and days on market suggests varying market conditions even within cities sharing the same name.

Denver: Slower Pace, Different Price Point

Denver, CO, exhibits a slower sales pace compared to Dallas. The median DOM in Denver is 59 days, with a median sale price of $369,115 and 720 homes sold. While the price is lower than Dallas, the longer time on market suggests a less frenzied buying environment.

Seattle and Miami: Coastal Market Insights

Seattle, OR, has a median DOM of 40 days, with a median sale price of $407,219 and 148 homes sold. Miami, OR, shows a median DOM of 46 days, a median sale price of $509,635, and 239 homes sold. These coastal markets, while having higher median prices, also experience longer sales cycles compared to the rapid pace of Dallas.

Data Visualization: Comparing Key Metrics

To better visualize these differences, let's examine the following table:

City	State	Median Price	Homes Sold	Days on Market
Dallas	CO	$516,805	655	16
Atlanta	CA	$289,430	756	18
San Antonio	TN	$260,747	994	28
Atlanta	WA	$493,254	863	33
Miami	OR	$509,635	239	46
San Antonio	CA	$254,063	304	49
Denver	CO	$369,115	720	59

Implications for Buyers and Sellers

For Sellers: A low DOM, like the 16 days seen in Dallas, CO, indicates a seller's market. This means you're likely to receive offers quickly and potentially above your asking price. Ensure your property is well-presented and priced competitively to capitalize on the high demand. In contrast, a higher DOM, such as the 59 days in Denver, CO, suggests a more balanced market where strategic pricing and marketing are crucial.

For Buyers: In a fast-moving market like Dallas, CO, be prepared to act quickly. Have your financing in order and be ready to make competitive offers. Consider pre-approval for a mortgage to strengthen your position. In markets with longer DOM, like Denver, CO, you have more time to consider your options and negotiate.

Additional Data Points and Considerations

Looking at another dataset, we can see further variations within cities. For example, in Dallas, OR, the median sale price is $222,102, with homes staying on the market for 42 days and 522 homes sold. This contrasts sharply with Dallas, CO, highlighting the importance of specifying the location when analyzing real estate data.

Similarly, San Antonio, CA, shows a median DOM of 21 days, a median sale price of $253,829, and 584 homes sold in one dataset, while another dataset shows a median DOM of 49 days, a median sale price of $254,063, and 304 homes sold. These discrepancies could be due to different data sources, time periods, or specific neighborhoods included in the analysis.

Conclusion: Understanding Local Market Dynamics

Home sales velocity, as measured by median days on market, is a critical indicator of market health. By comparing cities like Dallas, Denver, San Antonio, Atlanta, Seattle and Miami, we gain valuable insights into the diverse real estate landscapes across the country. Whether you're a buyer or a seller, understanding these local market dynamics is essential for making informed decisions.