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.
Monte Sereno is composed primarily of luxury homes so it is somewhat surprising to find average sell tines as low as 6 and 7 days in prime market bands. The 83-day mark for the single sale in the $1,800,0000 to $2,000,000 price band dramatically overshadows the 31-day maximum in the other bands and demonstrates clearly that marketing and pricing are as vital in this market as any other.