In your neighborhood, if you look at all homes sold since January 1, 2007, and remove anomalies, the average time to get a purchase contract on a home is 22.5 days. Note, this is not the average days on the market, nor the cumulative days on the market. This is the number of days it has taken for the homes in your area to go into Pending status, which means a contract was signed and agreed to. I remove anomalies by eliminating the lowest 10% and the highest 10% time to contract, this weeds out homes that were drastically underpriced and sold â€œtooâ€ quickly, and those overpriced. Selling â€œtooâ€ quickly leaves money on the table for the seller and likely indicates the home could have sold for noticeably more.
So youâ€™re still well within that time period. In addition, sales in your neighborhood went into the winter slump and just started coming out of that slow time to close period in April. Last year the strongest time for a house to go into pending status occurred between March and July.
Except for the anomalies, for homes on the market over 12 days (like yours), the average time to contract over the last year was 37.5 days. So again, youâ€™re in good shape so far. As for price changes, for those that took more than 30 days to get contract in place, about half had price drops to drive the sale.
Hope this is helpful, keep your chin up!