When preparing to sell a home it is very important to know how long it will take to get your home sold.  This can be very useful information in several different scenarios.  The first is if you are building a new home and it will be ready to close and move into on a exact date.  Most builders will not give you this date until a month or two before settlement. 

This date will also be important if you are relocating and need to be at your new job at a specific time.  Most people need to be able to sell their current home before they can close on the next. This time frame is an average of course and you should make plans in case it sells sooner or later then the average home.  The price on a home will also allow the home to sell faster or slower but you should consult a knowledgeable Realtor.

These are the days on the market for homes from January 16th to February 16 2008 in Gainesville Virginia.

The average home took 112 days to sell in Gainesville and the current homes under contract are higher at 129 days.  The current 360 Active listings have been on the market for an average of 175 days.  All of the days on the market have increased since last report.  This tells us the average home is taking longer to sell since the active listings have a higher number of days on the market.  A positive note for home sellers is the total number of homes on the market has dropped by just over 10% since last reported.

These numbers should give anyone selling a residential property an idea of what time it may take to get their property Sold.  Some other statistics for Gainesville are:

January 16th-February 16th 2008

Average Sold Price: $375,385

Average Price of Homes Under Contract: $454,410

Number of Homes Sold: 25

Active REO's: 43

Active Short Sales: 27

With the number of short sales and REO's, 20% of active listings, this will cause a further drag on the prices in Gainesville and cause a continued down trend in prices.  This can very from neighborhood to neighborhood please contact me for neighborhood specific information.  If you need to decide if a short sale is right for you refer to my article HERE or contact me.

For a free market report on listings and sales in Northern Virginia and with no sales calls from an agent sign up here at MLS Market Snapshot.

Joey Remondino is a full time Realtor specializing in residential homes in Northern Virginia including Prince William, Fairfax, and Fauquier Counties. Trained and experienced in Relocation, Short Sales, REO's, investments, and any other residential real estate Joey can guide you through the home buying or selling process.