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Wednesday, November 23, 2011

Selling Your Brevard County Home: Does the average number of days on the market mean anything?

The average days on the market (DOM) for residential properties in Brevard County is currently about 115 days.

The DOM reflects the number of days from listing to under contract – not closing.

Typically, on a non-short sale, there is another 30 days or so if the transaction is not a cash deal which can close more quickly from contract date to closing.  It is during this period due diligence is exercised - association rules reviewed, inspections conducted, repairs made if required, survey conducted, etc.

The median days on the market is much less.   For instance, about two thirds the way through November the average DOM for residential properties is 114 while the median days on the market is 45 days for all sales (and 93 days for short sales only).

I looked at some of the "sold homes" so far this month.  Several had been on the market over 1,000.  A lot of them had been listed (active) for over 500 days.

It is because of these extremes the average days on the market should mean less to a seller than the median days on the market.

If you are considering selling your Brevard County, Florida home check out the median days on the market for your neighborhood or area.

I think this will be a good indicator of your prospects.  This will certainly tell you how popular your neighborhood is as well as how realistic are your neighbors pricing their homes. 

When you are ready to sell your Brevard County, Florida, home, call me if I can help.



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