By analyzing data from the South Central Wisconsin MLS, we know how often listings sell versus expire. We also know the average Days on Market for those listings that sell and those that expire.
When we combine these two data sets, we can approximate the Total Days on Market Experience for the average Dane County home and Dane County condo seller. In other words, this measure approximates the total required marketing time for the average seller by taking into account how often homes and condos need to be "re-listed" after a previous listing had expired.
Looking at Dane County homes, the Total Days on Market Experience for the average seller increased from 89 days (2.9 months) in 2004 to 210 days (6.9 months) in 2007.
Looking at Dane County condos, the Total Days on Market Experience for the average seller increased from 141 days (4.6 months) in 2004 to 502 days (16.5 months) in 2007.
Keep in mind these numbers represent an average. Plenty of properties end up selling more quickly than the average number of days shown above. And quite a few end up taking longer to sell.
These numbers also show the effect that the rise in condo inventory has had on the market. Dane County condo sellers will need to aggressively compete for their closings as the market works to digest the excess of condo inventory.
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