Movoto: Big Drop in Days on Market

by 11 Mar 2013

Just as the clock ticks down on the launch of the 2013 buying season, the Movoto mega site reports that in February days on market has dropped dramatically in its market footprint, which is heavily dominated by California markets.

The decline in the number of days listings are spending on the site is more evidence that new listings on are coming pm stream to lower the age of the inventory of demand is getting an early start, according Movoto’s Chris Kolmar.  Kolmar said the decrease in the time it took to sell a home of the Movoto site varied by market but has declined significantly over the past 30 days.

“The days on market vary from low double digits on the high side to high single digits,” said Kolmar, who has not computed a site-wide median.  Movoto’s volume and markets is heavily weighted to California markets where swings in inventory and time on market has been more pronounced than elsewhere in the country.

Last week Trulia’s chief economist Jeff Kolko said Monday that Trulia’s seasonally adjusted quarter-over-quarter change in inventory is negative, but no longer falling as sharply as it did a few months ago.  The quarter-over-quarter decline in inventory has been at a 14-21 percent annualized rate since October 2012, compared with a 23-29 percent annualized rate from March 2012 to September 2012.

Zillow’s Stan Humphries said that the overall number of homes listed for sale nationwide on Zillow was down 16.6 percent year-over-year in late February. Zillow looked at all homes available for sale on Zillow on Feb. 24, 2013, and compared it to the number of homes available on Feb. 24, 2012. The analysis covers homes nationally and in the 99 largest metro areas covered by Zillow, and across bottom, middle and top price tiers.