Phoenix Homes Under Contract in 24 Hours

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.

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