Single Family homes taking longer to sell

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

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.