A recent property data survey reveals that a rapidly growing base of homebuyers amidst a slower rate of new homes built has created a market that favors Realtors and home sellers alike.
The Century 21 report, which accounts for 2,000 Americans, roughly 33 percent of which were looking to buy a home, showed that homebuyers are currently so eager to close the deal they were willing to make compromises on their location and other home preferences, according to CNN.
"The recovery has transformed the mindset of many buyers and sellers who grew accustomed to the buyers' market we saw for years," said Rick Davidson, CEO of Century 21. "Buyer confidence is building back up and demand is strong... sellers are now in a more favorable position."
Residential sales rose in April
The rate of sale for new single-family homes experienced an uptick from March to April, landing at a seasonally adjusted rate of 454,000 homes sold annually, according to the Census Bureau. In March, that rate was calculated at 444,000, and currently, new single family homes are sold at a rate higher than the 29 percent in April of 2012.
The number of existing homes for sale dropped by 13.6 percent from April of last year, and while residential sales rose, the Century 21 survey revealed that just 11 percent of bids placed in the past six months were accepted.
What makes it a sellers' market?
The rise in home sale prices has encouraged many Americans to put their homes on the market, but so did the reduced amount of time that it took to make a sale. A ZipRealty report showed that homes sold after an average of 32 days on the market, 16 days less than it took the average home in April 2012.
"It's less of an indication of buyer momentum flagging and more of seller momentum picking up, finally," Lanny Baker, chief executive of ZipRealty told the Wall Street Journal. He went on to note that some such indications include a close reflection of the listing price in the final sale and an overall rise in the listed price of houses.
San Francisco is one of several regions that sported almost 33 percent fewer homes on the market, according to The Wall Street Journal.