The second rule of real estate after Location: Timing. Buyers and Sellers need to understand the time trends in the market.
Sellers need to be aware of how long it might take to sell their home. Many variables affect this time, not the least of which is list price.
For the buyers, it is important to understand how fast you have to move – not just in responding to a home you like, but in how frequently you need to check the market and how quickly you need to make arrangements to view the home. Being away for a week can dramatically change the picture in this area market.
In 2017, the average time on market across all price ranges fell under 15 days and most were under 12, then in 2018 that average time contracted further until the market tail-off beginning in May. Here we see that the market has slowed with most price bands selling in about 3-4 weeks on average.