Days on Market: Pick a number, any number!"

I was fooling around with today's Hot Sheets and decided to calculate some DOM figures.

As of 10:35PM today, 57 homes in Wake County, NC, went to "Pending" status on the Triangle MLS.

Average Days on Market:  96.   Not too pretty...

Well, let's deduct the 4 that went from "Active" to "Pending" to "Closed" in a matter of minutes.  Somehow I think they were under contract and "Pending" as much as a few weeks ago.

And let's dump the Duplex, and focus on detached SFR's.

And let's forget the 6 new construction homes and foreclosures, like the new construction home that went on the MLS before the foundation was laid out, and has 424 DOM.  We'll just talk about resales for now.

Now we have 46 resale homes and 62 Days on Market average.

18 of those 46 homes went to contract in less than 30 days, 5 of those in less than 10 days.

Moral of the story:  Good real estate, priced right, will still sell quickly!

 
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13 Comments on Days on Market: Pick a number, any number!"

Mike, a lot of people don't realize how new constuction homes can hurt figures.  Most are entered into the system when the concrete is laid and 90 to 120 days later its complete. 

05/14/2008 11:25 PM by Ray Nellum, Fort Smith Real Estate (Ramona Roberts Realtors)

Great presentation... When you cut through the clutter it's easy to see how critical price is to a timely sale.

05/14/2008 11:52 PM by Fairbanks Real Estate Broker Jesse Clifton (Jesse & Kathy Clifton, REALTORS - 907.699.6024 - )

Your market sounds familiar to me. 

05/15/2008 04:09 AM by Melody Botting RE/MAX Empire Realty

Mike:  Very clever way to get to the truth of the matter.  If it's priced right, they will come and they will buy.

05/15/2008 05:06 AM by Donna Yates, Georgia Realtor, North Georgia Blue Ridge Real Estate (Mountain Investments of North Georgia)

Mike,

424 Days on the market!  Someone ought to get with the idiot that listed that and explain what they're doing to the average!  LOL 

Mike in Tucson

05/15/2008 05:23 AM by Mike Jones (Tucson Mortgage Company, LLC)

Ray,

We also have a media that loves to stress the worst numbers they can find.

Jesse,

"Clutter," indeed.  It's out there all the time.

Melody,

Me too!  ;)

Donna,

Yes.  There are Buyers. 

Mike,

LOL

05/15/2008 05:53 AM by Mike Jaquish Keller Williams Realty, Cary, NC (Keller Williams Realty)

Mike - those are great numbers for resales.   I assume this is May to date?

05/15/2008 06:33 AM by Stanton Homes - Penny Hull: Raleigh Area Custom Home Builder (Stanton Homes Inc - Raleigh Custom Homes)

Penny,

That was just yesterday.

TEMPO 3 won't give me more than 99 to play with at a time.

TEMPO 5 will let me play with 499, so it will be possible to get a broader snapshot.  Starting next week!

05/15/2008 06:36 AM by Mike Jaquish Keller Williams Realty, Cary, NC (Keller Williams Realty)

Mike - good info, your market is pretty similar to NE FL.

05/15/2008 06:38 AM by Carol Zingone, Broker Associate, GRI, SRES (Vanguard GMAC)

Mike...

Anything less than 60 days and they're selling by owner. Sounds like you market is fine.

05/15/2008 01:30 PM by Richard Weisser, Associate Broker, E-Pro ERA United Realty, Auctioneer, CE Author (Coweta Fayette Real Estate, Inc. ERA United Realty)

Carole,

congratulations on being in another strong market!

Richard,

Still, we do have a few soft places and niches.  But, all in all, pretty good.

05/15/2008 03:14 PM by Mike Jaquish Keller Williams Realty, Cary, NC (Keller Williams Realty)

Mike, I believe more and more agents and getting better at pricing the homes and the sellers are taking more time to get the homes ready for the market to make the move faster.

05/15/2008 08:45 PM by Susan Trombley Re/Max Broker Raleigh NC & Surrounding Areas (Re/Max Hometown)

Susan,

I agree.  The word is out.  People will not overpay for poorly kept properties.

05/15/2008 09:49 PM by Mike Jaquish Keller Williams Realty, Cary, NC (Keller Williams Realty)

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Real Estate Agent: Mike Jaquish Keller Williams Realty, Cary, NC (Keller Williams Realty)
Mike Jaquish Keller Williams Realty, Cary, NC
Cary, NC
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Musings and meanderings around the North Carolina Triangle area, with pithy stuff about the Raleigh and Wake County area, particularly Cary, and thoughts about the Real Estate industry.

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