In my 20 years of experience as a Realtor and Appraiser, I have found that the current market has no average that you can use from neighborhood to neighborhood. The homes that are ready to move in, and priced "to attract interest" will sell for more than asking.
And with today's on line data, dozens of buyers are watching each new listing carefully. The homes that are priced "Old School", a little bit above their market value, may take 30-60 days or more to find a buyer and close. Can you afford to wait that long, to sell? The smart sellers are taking their agent's advise, hitting the market strong with a lean competitive price, & spending their next week-end, with several offers at market value, or higher, deciding which offer to accept.
My experience as an appraiser has been enormously helpful to clients, as we evaluate the market and its future trending. James Ebert firstname.lastname@example.org... more
I wanted to give you more detail, but it takes time to really break it down and present the information. The AVG days on market number the Multiple Listing Service provided on our standard reports is a very unreliable number, especially in certain price ranges and and home types. It is pretty easy to go the MLS type in all homes sold between dates ______ & _______ and hit enter. The problem with this approach is that Condo Town homes should never be mixed with single family detached. Also the lower end of the markets in East Ventura county are behaving much the same and the upper end of the markets are reacting far differently than the low end. A one size fits all answer is inaccurate.
Here is a quick snap shot for Westlake. I took the last four months as this really can show better the trendiing than just one month.
Single Family Detached Sold in Westlake Village CA between 5/22/09 and 9/20/09
Between 500k - 600k CDOM=39 DOM=39 Sale Price to List Price 94.15%
Between 600k - 700k CDOM=84 DOM=84 Sale Price to List Price 93.15%
Between 700k - 800k CDOM=127 DOM=128 Sale Price to List Price 92.92%
Between 800k - 1 mil CDOM=109 DOM=109 Sale Price to List Price 91.32%
Over 1 million CDOM=178 DOM=131 Sale Price to List Price 87.02%
Single Family Attached Sold in Westlake Village CA between 5/22/09 and 9/20/09
Under 200k CDOM=186 DOM=186 Sale Price to List Price 104.25%
Between 200k - 400k CDOM=123 DOM=123 Sale Price to List Price 91.77%
Between 400k - 600k CDOM=113 DOM=113 Sale Price to List Price 93.87%
Between 600k - 900k CDOM=93 DOM=93 Sale Price to List Price 92.43%
I wrote a blog post on the trouble of the these numbers to better explain why there is never a quick answer to this question in this market. The difference between CDOM and DOM is broken down.
You can click on the graphic and it will enlarge so you can print it and look at the closings in Westlake Village. That report is for Single Family detached.... more
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