With homes selling faster than ever and the inventory at record lows, the number of days on the market is a surrogate marker that more buyers are paying attention to. In fact, with homes selling so quickly, it is not uncommon for a home having 14 days or more on the market to be a cause for concern for prospective home buyers in certain hot markets. Of course a number of factors such as location, market trends, how your listing is marketed, and pricing can have direct impacts on the property’s number of days on the market. In short, many buyers focus on the number of days a property has been on the market as a catch-all to see if something is wrong with the house, either in terms of price or condition. As a result, many see a high number as a red flag.
The average number of days on the market
As of March 2022, the national median number of days a property spent on the market was 38. For perspective, this number was approximately double this amount in 2017. Of course, this number can vary tremendously depending on your local market. For example, in Palm Beach County, the average number of days for single-family homes to get under contract in March 2022 was 10! For comparison, the average number of days in March 2021 was 18. As for townhouses and condos in Palm Beach County, the average number of days to get under contract was 10 in 2022 as compared to 36 during the same time in 2021.
Pricing is critical
There is no doubt that the single biggest factor impacting a property’s number of days on the market is pricing. Even though the inventory of homes for sale is at record lows and competition is fierce, home buyers are more educated than ever and have an abundance of resources such as the Florida Home Search App to guide them in their decision making.
For sellers, the lack of inventory can be a trap to overprice their property. Oftentimes, this will lead to a lack of showings and ultimately a stale listing that has been on the market for many days. Naturally, prospective buyers begin to wonder whether the home has significant defects in addition to being priced aggressively.
Summary
Home pricing is a delicate science that strikes a balance of attracting the most potential buyers while resulting in the quickest sale at the highest price. At Live South Florida Realty, Inc. we have found that pricing a property at it’s market value based on recently closed sales results in the best returns. Oftentimes, this strategy has resulted in multiple offer situations where buyers must submit their highest and best offers after just a few days on the market. Needless to say, most of our listings have resulted in our clients selling their properties for above their listing price. Are you thinking about selling your home? Contact Natasha at Live South Florida Realty, Inc. today!
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!
