In recent posts we've covered how some listings sell and some listings expire. We've also covered how a greater percentage of listings are expiring in today's market than in years past.
- A listing that sells in the current market tends to require more marketing time than a listing that sold in years past.
- A listing that expires in today's market tends to sit on the market for a longer period of time than a listing that expired in years past.
Looking at Dane County homes, the average Days on Market for a sold listing jumped from 48 days in 2004 to 74 days in 2007. During that same time period, the average Days on Market for a listing that expired jumped from 117 days to 149 days. This year the Dane County Days on Market for sold and expired listings continue to trend at historically high levels. You can get the details by viewing our monthly Single Family Home Days on Market Report.
The trend toward longer sold and expired listings has been much more significant in the Dane County condo market. The average Days on Market for a sold listing jumped from 93 days in 2004 to 146 days in 2007. Meanwhile, the average Days on Market for an expired listing jumped from 157 days in 2004 to 241 days in 2007. This year's Days on Market numbers continue to trend at high levels. You'll find more details in our monthly Dane County Condo Days on Market Report.
The trend toward a growing Days on Market for expired listings is a clear indication that sellers and real estate brokerages are adjusting their expectations of the market. Listing contracts these days tend to allow for more marketing time than in years past.
Of course there are many other ways that a seller can adjust to the market, all of which involve a shift toward more of a business mindset. How a seller presents, prices and markets his home all go a long way toward determining whether or not it will "sit or sell".
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