During the past months
there has been a rise in the average time it takes from the time a property is
listed to when it sells (DOM). The
average time it took to sell a single family home in August 2009 was 42 days
while August 2010 was 50 days, showing a 16% increase in the time it takes to
sell year over year. Single family sales for the same months respectively were
1275 units Aug 09 compared to 866 units for Aug 2010, showing a rounded 32%
decrease year over year (keep in mind this number is a decrease in the number
of solds, not price).
This isn’t exactly shocking news as inventory has increased since the same time period last year resulting in the heightened DOM for sold properties. With the end of the year slowly approaching and the infamous December slowdown in real estate activity coming with it, sellers should be thinking about pricing more effectively and ensuring their property shows as well as possible.
In this buyers market doing your due diligence as a seller and making sure your property stands out as soon as it hits the market will be an essential aspect to selling their home in the coming months.
This information deemed very reliable but not guaranteed