Since Zillow, Trulia and now almost all real estate sites post the days on market this has become some sort of gauge about the desirability of a home to purchase. If it has been on the market more than 30 days it creates a stigma that the house has something "wrong" with it. (See Amy's answer below.) When, in fact, it may just have been poorly prepared to come to market. Many agents don't prep their sellers on how to get their home ready... and just throw a sign in the yard. Some load the house in MLS and it starts getting DOM when maybe the sellers were not ready to show the house.
To top that off...in Charlotte about 30% of all the homes that go under contract ... come back on the market. The contract falls apart. So when you see 40 DOM it very well might have been under contract for 25 of those days. Some homes may have 100 DOM and come back on the market and get multiple offers. As the market changes almost week by week, based on what homes are available on any given week.
Ask your Realtor to help you look at each home you are interested in. They will be able to tell you the history since it came on the market, and if how fast it sold in the past. Don't get caught up in the DOM trap. Look at sold price and features to determine value.
You have gotten some great answers thus far. So, I will not check the MLS system for that calculation because it has already been given to you. I will however add these comments: 1) days on market increase from August onward because to some extent selling real estate is affected by the seasons and holidays 2) interest rates are moving upward which will affect days on market 3) the investor buying is slowing 4) President Obama is talking about taking the government out of buying home loans. These are all significant factors which should make anyone interested in moving real estate get to work.
Days on Market will also vary agent to agent. I am putting houses under contract in 2 weeks or less. Houses under $300,000 move much faster than higher priced homes because there is a larger buyer pool for these houses. The sellers that I work with are motivated to get their houses ready for purchase.
If you are going to sell your house, then get a seasoned real estate agent, attend a couple of open house in your price range, watch HGTV, and list as soon as possible. If you are buying a house, then get a seasoned realtor to help you make a good decision- DOM is just one piece of the puzzle.
Robin Faison, broker
Keller Williams Realty
That is a great question but I would be more inclined to want to really focus in on a particular Neighborhood or Area. For me, days on market is important but it is more important to me about finding that perfect threshold of where the home hits the market shining and pricing the home correctly for the Market.
Homes that are priced correctly are selling very quickly. It is not uncommon for Buyers to be lined up waiting to get in and to receive Multiple Offers. If the property is not updated and in tip top shape and is overpriced you will see the property sit on the Market until the price catches up with the Market. Once the price is reduced, then you will get that flurry of activity.
If you would like to discuss a particular Area or Neighborhood, we can have a more targeted and specific conversation. There is also the discussion of which side of the fence you are on, Buyer or Seller.
I look forward to hearing from you!
Best of luck,
Debra M Buck
Average days on the market is just going to be that average. A house could sell in as little as one to two days ( as a recent listing of mine did) or they could sit on the market for 6 months or longer. Part of the equation is the pricing you put on the house as well as the condition, location and features of the house.
But in the 28210 zip code specifically the average days of a house on the market to the actual day it closed was 123 days through the end of July . Considering the average close is somewhere between 30 to 45 days you are looking in the area of two to thee months to get it sold.
I hope this information helps you and if you need any additional information please let me know....
Coldwell Banker United
To give you an exact statistical answer from MLS data, we would have to talk about what you define as the University Area. Some reference only 28269 when they talk about this area while others include 28262 and even 28213 on the other side of the university. Also, what time frame? All of this year or only the past 90 days etc.
However, I have a feeling you were looking less for exact statistics and more for an educated professional opinion.
Homes that are priced appropriately and in great showing condition aren't lasting long at all in this area. Many homes are selling in under 30 days and some with multiple offers in the first week. Buyers are very sensitive to condition right now so that is key. Spending the extra week or two to prepare a listing appropriately can reduce the time on market from 30-90 or more days down to just a few weeks. I would say in general if a home lingers on the market more than 60-90 days in the University Area, something needs to be addressed (could include the price, condition, and/or marketing). This would be for single family homes as the condo/townhome market has not yet rebounded quite as much as the single family market. Also keep in mind that the market is fluid and always changing. We are heading into a time period of rising interest rates and also the fall months so I am constantly watching for even the smallest market changes to better inform sellers what to expect when marketing their homes.
If you were looking for more of an exact statistical answer, please don't hesitate to email me directly. We can define what data you are looking for and I would be happy to provide it.
Allen Tate Realtors