Average Days on Market or “ADOM” in Market Reports
One number you will see in a real estate market report is Average Days on Market or ADOM. Because it’s an Average, one could safely assume that some sold for less time and some sold for more….
Buyers always want to know “how long has this house been on the market?” – (they don’t ask about the AVERAGE)
And when you decide to sell your home, you should not expect to be on the market for the “AVERAGE number of days”, either and I’ll tell you why:
As an example, the Average Days on Market for SOLD Residential Properties in Crystal Lakes (a subdivision in Red Feather Lakes, Colorado) is 249 days. *
“Gee, honey if it’s going to take 249 days to sell our house who knows what might happen before then, it’ll be Labor Day already!—what will the interest rates do? -- we can’t start making plans that far in advance-- I really wanted to be settled this summer---we’ll already have paid for the wedding —heck, I could even be dead by then! ….Let’s just wait until the market improves. I can’t stand the thought of having to wait and worry about it for 249 days!!!
Crystal Lakes ADOM for sold homes in 2012 was 333 days.
Crystal Lakes ADOM for sold homes in 2013 was 249 days. Less time on the market indicates an improvement! That’s what a market report will show, but it doesn’t tell the “whole story”;
Here’s the reality:
61% OF ALL HOMES SOLD IN CRYSTAL LAKES IN 2013 SOLD IN LESS TIME than the AVERAGE (ADOM) of 249 days or even Cumulative Days on Market (CDOM) of 257
41% of the homes sold in less than 150 days
20.5% sold between 152 and 249 days
20.5% sold between 250 and 411 days
18% sold between 546 and 815 days
You don’t need to wait until Labor Day to get your home sold! Just price it well, sell it and get on with your future plans. When we break it down, odds are, (at least in Crystal Lakes) you will sell your property in less time than the stated “average”! And buyers, you do not have 249 days to dilly-dally either! If you see something you like, go ahead- make an offer, or someone else will.
Wishing you all the best for 2014!
*Stated ADOM is for Crystal Lakes sold Homes, and not vacant land. Statistics from MLS considered to be reliable but not guaranteed.
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“A Day in the Mountains will always soothe your city soul”
Mary Douglas, your Mountain Broker-Associate and REALTOR®
United Country Ponderosa Realty, Red Feather Lakes, CO
www.marydouglas-redfeatherlakes.net
970-231-5756
I specialize in the Red Feather Lakes area, Fox Acres, Crystal Lakes and Glacier View Meadows Subdivisions, if you are interested in buying or selling your mountain home, please give me a call, I’m here to help you.
The information contained in Mary’s blog is deemed reliable but is not guaranteed and the opinions and views expressed in these articles are solely those of the author.
I write about my area in Colorado; Law, Custom & Procedure vary from State to State and even within the State.
REAL ESTATE IS LOCAL. Always consult with your LOCAL Real Estate Professional.
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