{"id":64949,"date":"2019-02-05T04:45:43","date_gmt":"2019-02-05T12:45:43","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=64949"},"modified":"2020-10-06T12:59:44","modified_gmt":"2020-10-06T19:59:44","slug":"days-on-market-soar-across-west-coast","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/days-on-market-soar-across-west-coast\/","title":{"rendered":"Homes Staying on the Market for a Month Longer Than Last Year in San Jose, Portland, and Seattle"},"content":{"rendered":"

Homes for sale are taking longer to find buyers this January for the first time in three years. Typical home nationwide was on the market for 55 days, up from 54 last year.<\/h2>\n

Here\u2019s another sign that the housing market is slowing down, literally: The median number of days homes for sale are spending on the market before going under contract is soaring in markets up and down the West Coast.
\nFor the four-week period ending January 27, the median days on market for homes sold in the San Jose<\/a> metro area was 45 days, up from just 12 days a year earlier. In Seattle<\/a> it was 47 days, up from 15 a year prior, and Portland, Oregon<\/a> hit 50 days, up from 28 a year ago.<\/p>\n

West Coast Days on Market Soaring<\/figure>\n

While we are not seeing as dramatic a slowing trend nationwide, early 2019 marked the first January with year-over-year increase in days on market in three years. The typical home that sold during the four-week period ending January 27 took 55 days to find a buyer, up from 54 days a year earlier. Previously days on market had been declining every year since 2015, when the typical home took 71 days to find a buyer during the same period.<\/p>\n

Days on Market Increased Year-Over-Year for the First Time Since 2015<\/figure>\n

\u201cBuyers this year don\u2019t have the same sense of urgency that was palpable a year ago,\u201d said Portland-based Redfin agent Daniel Brooks<\/a>. \u201cBuyers are not worried about losing out on homes and more than willing to wait for a seller to drop her price. With front-row seats to a rapidly changing market, 2019\u2019s buyer is savvy and is adapting quickly to the new normal.\u201d
\nThe slowing pace of the market comes as good news for buyers who may have felt rushed in the overheated market last spring. As competition for homes eases, buyers now have more time to carefully consider what for many will be the largest purchase of their life.
\nWe are approaching the midpoint of winter, when days on market typically begins to decline and fall dramatically through the spring. We will be watching to see if the same pattern holds this year. If days on market instead continues to rise or holds steady, it would be a signal that more market weakness is ahead in 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"

Homes for sale are taking longer to find buyers this January for the first time in three years. Typical home nationwide was on the market for 55 days, up from 54 last year. Here\u2019s another sign that the housing market is slowing down, literally: The median number of days homes for sale are spending on […]<\/p>\n","protected":false},"author":13505,"featured_media":64950,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,22],"tags":[32],"coauthors":[],"class_list":["post-64949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-market-tracker","tag-housing-market-tracker"],"acf":[],"yoast_head":"\nHomes Staying on the Market for a Month Longer Than Last Year in San Jose, Portland, and Seattle - Redfin Real Estate News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/days-on-market-soar-across-west-coast\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Homes Staying on the Market for a Month Longer Than Last Year in San Jose, Portland, and Seattle\" \/>\n<meta property=\"og:description\" content=\"Homes for sale are taking longer to find buyers this January for the first time in three years. 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