In the real estate world it seems everyone tosses around statistics. While they may sound impressive when quoted in some national publication, on TV or the internet, statistics need to be interpreted within the context of a local real estate market.
One of these real estate statistics prospective buyers very often want to know about is the number of days a property has been on the market (DOM).
Does the number days on the market really mean anything?
Days on the market can be interpreted a couple of ways. There is the total cumulative days on the market. This is the number most buyers think of when they ask their agent how long a property has been for sale.
But there is another more important days on the market number. It is the current days on the market which reflects the time since some event occurred such as a price reduction perhaps or a property's return to the market after being previously under contract.
So, in the general sense, in March 2015 the Florida statewide median days on the market was 56 days. This means half the homes that sold were on the market for slightly less than two months.
In paragraph one I said statistics need to be interpreted within the context of a local market. In Brevard County, Florida the median days on the market for single family homes in March 2015 was 30 days.
That is a big difference. Half the homes that closed in Brevard County in March 2015 were on the market for less than a month.
That is a brisk market.
So how can a buyer use the days on the market when buying a home in Brevard County, Florida? The answer in my next post!
Ready to buy a home in Brevard County, Florida? Call me at 321-693-3850 or send me an email.
Ready to sell your Melbourne or Viera, FLorida home? Call me for a market analysis.
Image courtesy of Stuart Miles at FreeDigitalPhotos.net