CLARK: Days-On-Market

Buyer demand is beginning to moderate along seasonal trends across the country. Homes are staying on the market a bit longer. Homes that sold in July were, on average, on the market for 42 days. (Source: Realtors Confidence Index). The days-on-market for a listed home, typically, increases after June due to seasonal changes and a slowing of the housing market as fall approaches.

However, since home inventory is still tight, homes are moving more than last year when homes averaged 48 days on the market. Whereas, in July of this year, reportedly 43% of sold homes were on the market for less than a month.

According the National Association of Realtors (NAR), short sales are on the market an average of 135 days while foreclosed homes are on the market an average of 49 days. Whereas, non-distressed properties were on the market an average of 41 days.

The following states are where homes, on average, sell in less than a month: Washington, Oregon, California, Utah, Colorado, North Dakota, Kansas, Texas, Michigan, Massachusetts, and the District of Columbia. The median days on market for homes in Connecticut were reportedly 46-60 days between May and July of this year. (Source: Connecticut Association of Realtors)

In Greenwich, the days on market for single-family homes this year were: 166 days in January, 181 days in February, 203 days in March, 211 days in April, 219 days in May, 142 days in June and 160 days in July. (Source: Greenwich Days on Market)

Home buyers willing to purchase a home during fall and winter or the “off-peak” seasons are in a position of strength. Typically, home supply is increasing providing buyers more choices than in the previous months in most communities. In Greenwich, the most supply of homes thus far this year was between March-April. However, buyers in the coming off-peak months will not be competing with as many buyers. The primary reason is the school year has already started and families are more likely to stay in place.

Realtors are reporting down-sizing continues to be a force in the Greenwich real estate market. In July, 22 condominiums (includes co-op’s and town homes) sold. The median sale price for condo’s was $649,900. What continues to cause challenges for down-sizing is the sale of existing homes. Many of these homes, most likely, require updating or renovation, and have characteristics that don’t appeal to today’s buyers. What helps is to help a home being listed is to: neutralize paint colors, remove heavy window treatments, wall paper and wall-to-wall carpeting, and minimize furnishings.

To become a serious buyer, a want-to-be downsizer needs to get their home ready for sale and list it. Many start looking and when they find something they want, they then want to take the time to organize, streamline and list their existing home thereby th risk losing the home they like. Unless a down-sizer has cash to buy another property before selling their existing home, this strategy is not recommended.

Mary Ann Clark is a realtor with Coldwell Banker at 177 West Putnam Avenue in Greenwich. Questions or comments may be emailed to [email protected]

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