In April 2006 the DOM average was 54. In April 2005? 15. Clearly buyers still have a much more comfortable window in which to make their purchase decision. But they have 3 weeks less this month than they did last month. What’s going on? Let’s take a look at the distribution of DOM for April in more detail.
What we see here is that half — HALF!–of listings are selling in under 30 days. Who are these ‘lucky’ sellers? Sellers who are in a good location, at a competitive price, have a house that shows well, and have wide market exposure. Another 19% who have some but not all of those things going for them sell in the 2nd month. So 3 out of every 4 sold homes sell in under 60 days. Not so bad for sellers! The message? There are plenty of buyers out there for the right properties.
At the other end of the bar graph, we still have those dog properties dragging the average down. Slowly but surely they are dropping–whether because the sellers finally came to their senses and dropped the price, or whether they’re just expiring unsold, I can’t say.
How do you make sure you’re one of those sellers at the left end of the graph? Hire an agent who is realistic about pricing, who helps you make the changes to your home to showcase it in the best possible light, and most importantly one who will spend the time and money necessary to market the property correctly. If you or someone you know is thinking of selling, please contact me to discuss how I can help you get your home sold more quickly.
Data Source: MRIS. All data believed to be accurate but not guaranteed.