This month, I decided to highlight average days on market. As everyone is aware, our current market looks MUCH different than our market one year ago. Let’s compare the two.

In August 2019, the average days on market for a single family home was 139 days. August 2020, that number is down to 62 days. Thats a whopping 44% reduction in days on market in 12 months.

Let’s dive into these numbers and break down what this data is actually telling us. The days on market clock starts ticking the day the home is listed for sale. It doesn’t stop ticking until the home sale is closed. Just because the home is under contract, or the sellers have accepted an offer, doesn’t mean the clock stops.

This graph shows homes are actively listed for a shorter time. More importantly, it also shows that buyers have all their ducks in a row and are ready to pull the trigger as soon as they find the perfect house. I cannot stress the importance of being a pre-approved and motivated buyer in today’s market. Buyers are not in a position to figure it out later or to sleep on it. These homes are flying off the market. To catch one, you have to be prepared.

Typically, you see a decrease in home closing in September because many teachers and students are back to school by then. Home buyers typically want to be moved in and settled before back to school time. This year, we never saw that dip in closings. I attribute that up to remote learning and many teachers working from home.

I hope you were able to find this information helpful! Morris homeowners should all care about these numbers ever if they aren’t ready to move. It’s always important to know what’s going on in your local market.

I hope you have a great day and thanks for stopping by!

xo

Dana Hathorn – Realtor, PSA, Pre-License and CE Instructor

Coldwell Banker, Real Estate Group

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