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Gone in a Flash: the DC Situation with Same Day Sold Homes

Been in a bidding war lately for a property you wanted to call home? Apparently, that's not that unusual. While the D.C. metro area has been oscillating a bit and the median time for a home on market in the DC metro area is about 12 days, there is a select group of highly desirable homes that appear for a matter mere moments. About 3 percent, or 1,410 homes have sold in less than one day, according to MRIS data. That means that cruising website listings isn't going to cut it for the hot commodity homes.

Homes in walkable areas with easy access to everyday amenities tip the scales in favor of disappearing acts. The WBJ reports that Columbia Heights is one such area.

If you'd still prefer to wait and take your chances, the numbers jump up for the period of over five business days. About 19 percent of homes in the region are sold in five days or less, according to data. So while sellers are happy about this, buyers may need a pick-me-up. Silver lining, buyers? The percentage of homes sold in five days or less is down from 2013, when nearly 26 percent of homes sold in that time.

· Gone in a flash: Here's how many D.C.-area homes sold in less than one day [WBJ]