what is the average days on market in Hyde Park, Ohio?

Asked by N Holland, 45208 Tue Apr 1, 2008

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Timothy Osbo…, Agent, Florence, KY
Sat May 3, 2008
According to the Cincinnati Multiple Listing Service the average days on market in the past 6 months in Hyde Park is 74 days for a 3Bd, 2.5(average) Bath home with the average sale price being $356,093 and average listing price being $377,309. The Median List price is $292,450, Median Sale price $272,500 and Median days on Market is 53.

The difference between median & average are as follows:

Average: add up all the numbers and divide by the number of numbers. example: 2-5-8-10-14; add them up equals 39. Divide 39 by 5 and answer is 7.8.

Median: is the middle number or the average of the two middle numbers if there is no exact middle number. Example: 1-3-8-10-19; the middle number is the third number which is "8" which is the median. In this case the median has exactly two numbers on each side of it. Now if there is no middle number, such as 1-3-8-9-10-19 then average the two middle numbers, which would be an average of 8 and 9 which is 8.5. Remember to order all the numbers from low to high before you start computing the median. so if u have 10-1-23-18-0-5 you should order the numbers first as 0-1-5-10-18-23; in this case the median is 7.5

By the way the "mode" is the most frequent number in a set. In the above examples there is no mode. however if u had something like 3-6-6-6-8-9-14-14-21 the mode would be '6' because that is in the set three times and no other number has that great an occurrence.

I hope this helps.
1 vote
., , Cincinnati, OH
Tue Apr 1, 2008
DOM defined as the Cincy MLS uses it means the number of days it took for a property to sell at a specific listed price. For example, I could list a house at 359K and it could sit on the market for 3 months. I could reduce the price to 329K, and get a sale (pending) five days later. In which case, the DOM would be logged as 5 when in fact the property was on the market much longer. In addition, this number will change dramatically when sorting listings by price range. Be that as it may, MLS currently lists average DOM for this area as 95. A better indicator of market activity is the absorption rate. Hope this helps.
1 vote
Dan Weis, Agent, Cincinnati, OH
Tue Apr 1, 2008
What price range do you want to know the 'average days on market' for?
1 vote
M, Home Buyer, Cincinnati, OH
Fri May 9, 2008
My answer just dropped in the middle. As a resident of Hyde Park for most of my life and a Realtor in the area, days on market for Hyde Park homes are based on location within Hyde Park -- and list price. Realtors not familiar with the nuances of the community rely on the paper statistics -- but true residents and agents who actually work in the area know the statistics are not necessarily correct. If a property is on the best side of a street and is priced right, it should sell quickly. Many homes sell the day the sign goes in. Others are on the market so long they become "tired" on the market. When I list a Hyde Park property I counsel my seller client to price it to sell and an offer should be forthcoming within a 90 day listing period.
0 votes
Tracy Johns, Agent, Cincinnati, OH
Thu May 1, 2008
The number would be skewed considering several factors: new construction vs. resale, if the property was taken off the market and relisted (the d.o.m .is counted is our mls by listing number, not property address) and, of course, homes listed in the Winter vs. in the Spring market. If you're looking to get a projection on how long it will take YOUR home to sell--speak to a REALTOR (or two, or three). If you're looking at buying a home and want to gauge seller motivation levels I have other options that might better gauge this for you. Absorption rate is one- when the last price reduction was is another. If you're not working with a REALTOR, drop me an email and I'll help you with the tips of the trade. If you are working with someone, ask for their guidance. Helping buyers and sellers understand the market is part of what we do.

Tracy Johns
RE/MAX Unlimited
0 votes
Kevin Duffy, Agent, Cincinnati, OH
Tue Apr 1, 2008
N Holland
I could look and tell you but there is not a real accurate figure because our MLS only counts from the beginning to the end of a particular listing it does not add to the days if the listing is relisted. Some agants may cancel and relist a property every 30 days. In Cincinnati the average last month was 90 days. Last February it was 85 days.
Web Reference:  http://www.CincinnatiMLS.com
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