Sales of Dane County single family homes (excluding condos) increased in 2009, but did the market for single family homes really improve? To answer this question we turn to one of our favorite statistics - total days on market experience.
For those who want the details, the total days on market experience approximates the time required to sell a home by taking into account the average days on market for listings that sell, the average days on market for listings that expire, and the overall listing success rate for homes in Dane County. In other words the total days on market experience is a measure of the effort required to sell the average Dane County home.
When we look back at the last two years, we see the total days on market experience for the average Dane County home decreased from 258 days in 2008 to 225 days in 2009.
Last year was a tale of two markets. Low interest rates and the home buyer tax credit boosted the market in many of the lower price categories, but the market for homes priced at $500,000 and above took a clear hit.
This year several of our higher priced listings have been receiving good showing activity and good offers - thanks in large part to our clients who have embraced proper pricing, home staging, and aggressive marketing that leverages our clients' efforts to make their homes show their best.
In this market a listing's success depends a lot on how well the seller and the agent are able to work together on an aggressive, well-conceived plan. And in the highest price categories, a strong collaboration between client and agent is a requirement, not an option.
Have a good week,
Dan Miller, Keller Williams Realty and http://www.danecountymarket.com/
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