how long should i wait before taking my condo off the market?

Asked by tanya_krochuk@yahoo.com, Boston, MA Tue May 17, 2011

we've had our back bay condo ($1.85M) on the market for 110 days. we had a buyer after 53 days but wasted the last 50 days negotiating before it fell through.

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9
Robert Byrne, , 02118
Thu Jul 7, 2011
Here are the Multiple Listing Service Statistics for sold properties in Downtown Boston (All Condominiums, no single family):

Sold Listings YTD 7/7/2011


Price Range # of Listings Avg.Days on Market Average Sale Price


$0 - $49,999 18 85 $39,822
$50,000 - $99,999 74 48 $75,097
$100,000 - $149,999 75 96 $125,112
$150,000 - $199,999 125 106 $176,727
$200,000 - $249,999 211 105 $225,224
$250,000 - $299,999 334 98 $273,977
$300,000 - $349,999 360 91 $324,522
$350,000 - $399,999 375 93 $373,898
$400,000 - $449,999 304 91 $423,195
$450,000 - $499,999 236 93 $472,728
$500,000 - $599,999 348 96 $544,556
$600,000 - $699,999 215 97 $646,037
$700,000 - $799,999 127 101 $740,444
$800,000 - $899,999 131 106 $844,102
$900,000 - $999,999 73 111 $940,770
$1,000,000 - $1,499,999 191 132 $1,232,171
$1,500,000 - $1,999,999 124 154 $1,700,073
$2,000,000 - $2,499,999 53 139 $2,206,931
$2,500,000 - $2,999,999 24 168 $2,741,211
$3,000,000 - $3,999,999 23 200 $3,311,739
$4,000,000 - $4,999,999 13 211 $4,335,577
$5,000,000 - $9,999,999 13 262 $6,315,385
$10,000,000 - $99,999,999 2 765 $12,700,000


Total Properties Sold 3449
Avg. Time on Market 103 Days

In your price range $1,500,000 - $1,999,999 - 124 Properties sold after being on the market for 154 Days for an average sale price of: $1,700,073

Best to you in your sale.
2 votes
dploves2sell…, Agent, Woodbury, NY
Sun Feb 22, 2015
Robert Byrne took some time to put together some information for you. My questions to you would be, Why are you selling your condo? Do you need to sell your condo within a certain time frame? Why are you considering taking your condo off the market? Would you consider reducing the price? In my opinion 50 days of negotiating seems to be a bit long. Was the condo still being shown during this time?
I would have a face to face meeting with your Realtor to go over everything, again. Ask your Realtor the average days on market for condos in your area. Open communication with your Realtor is very important.
Best of luck to you.
1 vote
Tom and Joan…, Agent, Boston, MA
Tue Jul 12, 2011
Tanya:

I would discuss with you Realtor the absorption rate for condos in your price range in Back Back. The absorption rate is a statistical indicator of how many months the properties in the $1.5 mil to $2mil range are taking to sell. My guess is that your market is somewhere in the 4-6 month range and therefore you will need to give it more time to find a well qualified buyer. Please reference my website if you have further questions.
1 vote
Molly Hay -…, Agent, Columbus, OH
Fri Jul 8, 2011
By looking at Robert's numbers I would give it more time. If you don't have an offer soon maybe you should look into hiring another agent !
1 vote
Tean Wong, Agent, Boston, MA
Fri Jul 8, 2011
Tanya. I am so sorry to hear that. I just can't imagine what you have gone through negotiating for 50 days. Were you looking for a backup offer at all during that 50 days? You could leave the listing active with a remark that you have accepted offer, but looking for a backup.

Anyway, there is no rule on how long you have to wait before taking it off the market. But taking it off for a month or two would help when you put it back on the market again.
1 vote
Tom Lynch, Agent, Great Barrington, MA
Tue May 17, 2011
Tanya,

I'm not familiar with the Boston market... but it seems to me an offer in 53 days in your price range is promising. I'd be curious to know what held up the negotiation, and what you can learn from it.

Good luck!

Tom Lynch
Associate Broker, Berkshire Property Agents
Great Barrington, Massachusetts 01230
1 vote
David Burnham, , Washington, DC
Tue May 17, 2011
I would also add that properties in the higher price ranges usually take longer to sell. If you really have only marketed it for 53 days, then you probably need to give it more time.

In the higher price ranges, you can probably leave it on the market for a year before worrying about the days on the market.
1 vote
Phil Rotondo, Agent, Melbourne, FL
Tue May 17, 2011
Tanya;
You should ask your listing agent what the average days on the market is for your community and consider that the property was only on the market for 53 days...
Web Reference:  http://www.321property.com
1 vote
Angela Guo, Agent, Brookline, MA
Wed Mar 4, 2015
50 days for negotiations seem awfully long. I agree that you should determine why you are selling and your real estate goals before deciding to put on or pull your listing.
0 votes
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