There’s a new phenomenon in today’s real estate market. Homes are being sold in 24 hours or less. Some people take more time to decide on a new pair of shoes. Redfin has coined the term “Real Estate Flash Sales” to describe homes that go under contract not within days, but hours of their debut.
Where do flash sales happen the most? The top 15 cities with the most flash sales in the last five months are —
Rank | City | # Flash Sales |
---|---|---|
1 | Phoenix, AZ | 540 |
2 | Chicago, IL | 261 |
3 | Houston, TX | 188 |
4 | Dallas, TX | 184 |
5 | Austin, TX | 163 |
6 | San Diego, CA | 135 |
7 | Los Angeles, CA | 132 |
8 | Sacramento, CA | 128 |
9 | Denver, CO | 115 |
10 | Portland, OR | 115 |
11 | Las Vegas, NV | 100 |
12 | Baltimore, MD | 97 |
13 | Washington, DC | 87 |
14 | Seattle, WA | 87 |
15 | San Jose, CA | 74 |
To determine these rankings, Redfin counted the number of homes listed from October 1, 2012 to February 26, 2013 whose status changed from “active” to “pending” within 24 hours time, using data pulled from local MLSes and public records.