In the past five months, nearly 100 homes in metro Baltimore went under contract in 24 hours or less, according to data complied by real estate brokerage Redfin.
“The inventory shortage plaguing real estate markets across the country, paired with extremely high homebuyer demand have caused the pace of the market to accelerate dramatically,” the firm said in a statement. “Already frustrated homebuyers are finding it necessary to move very quickly to keep up with their market’s selling velocity.”
Metro Baltimore ranks 12th in the nation for the number of homes sold in their first day on the market over that five-month period, according to Redfin’s data. Phoenix and Chicago led the rankings, with 540 and 261 homes, respectively, under contract in a day.
- The Real Estate Wonk blog
- Top 10 most expensive homes in the Baltimore region in 2013 [Pictures]
- Local housing market Top 10s for 2012 [Pictures]
- Most expensive Baltimore-area communities 2012 [Pictures]
- Most expensive Baltimore-area communities [Pictures]
- Housing market Top 10s in the Baltimore area in early 2012 [Pictures]
See more photos »
- Real Estate
- Real Estate Sellers
See more topics »
One of the “flash sale” homes in metro Baltimore was an Odenton home that went under contract in August for $450,000. The buyer, who lost another home in a bidding war, arranged a tour of the home the day it was listed.
“Immediately after the tour, we got her offer in, which included a personal letter to the sellers,” said Lynn Ikle, a Redfin agent who worked with the buyer. “We were up against two other offers, but the seller chose ours the next day.”Have a real estate news tip or experience to share? Email me at firstname.lastname@example.org.