What does “Days On Market” Mean in the Greater Waterbury Area?
The answer to this question depends on three things: one, if you are a seller and want to know what the average "days on market" are for properties that have sold; two, whether you want to know what that means for you as a buyer when you see that number on any active property you are previewing; and three, whether your definition of Greater Waterbury is limited to Waterbury alone, or if it includes the surrounding towns.
For buyers, the higher the days on market (DOM), in a market like Waterbury CT, usually indicates overpricing, condition, or location. Outside of Waterbury, however, high DOM may indicate a glut of available homes for sale, especially in high-end markets like Cheshire, Middlebury, and Southbury. This definitely pertains to active listings. It also depends on the property type, as multi-family homes would typically have a longer average DOM than single family homes.
For sellers, again, if we are talking about Waterbury CT only, a high DOM for properties like your that have been sold can mean either a bad location, the condition of the house did not entice offers, the price did not reflect the true market value of the home, or a combination of all three factors. Outside of Waterbury CT, it usually means (but not always) that the amount of inventory on the market is greater than the demand for homes in those areas. In many cases, a high DOM is accompanied by reductions in price over time as well.
If you want to compare the DOM for active properties for sale and for homes that have sold in Waterbury and the surrounding towns of Watertown, Middlebury, Southbury, Naugatuck, Prospect, Wolcott, Plymouth and Thomaston, you can visit greaterwaterburyct.com and peruse the market reports on any one of those areas.
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