Home sales, super quick and very slow
Think it's impossible to sell a home quickly these days?
Last month, 100 homes in the Baltimore metro area were on the market and back off -- with a contract -- in one to 10 days. So it can be done. (About 130 more sold in 11 to 20 days, according to Metropolitan Regional Information Systems, keeper of the local multiple-listing service.)
All told, about 350 homes -- a quarter of the properties sold in January -- were on the market for one to 30 days.
But there are plenty of homes that sit and sit, too. Just among those selling last month, about 150 were listed for at least six months before going under contract. Two were on the market for -- wait for it -- at least two years.
Here's the range:
(Days on market to the left, number of home sales to the right)
|1 to 10||100|
|11 to 20||131|
|21 to 30||115|
|31 to 60||270|
|61 to 90||215|
|91 to 120||152|
|121 to 180||178|
|181 to 360||124|
|361 to 720||27|
What about the 37 homes that sold in zero days? MRIS's stats arm, RealEstate Business Intelligence, says that category was all about the sold-immediately craziness of the bubbly years but nowadays is more likely to capture the unlisted "comps" sold and entered into the system by agents after the fact, such as for-sale-by-owner properties and new homes.
(Agents who focus on the upscale part of the market tell me they still do sell some homes before they're listed, either because the stars align or because their clients don't want photos of their home splashed all over the MLS and therefore the Internet.)
The statistics don't break down the average days on market among homes still on the market -- the ones without contracts yet. But I'm guessing there are a lot more two-year-plus listings, even accounting for owners who go on and off the multiple list a few times.
In January, at least, it was a whole lot easier to sell a newly listed home than one on the market for six months. (The most common selling point? Between one and two months.) Puts a lot of pressure on sellers to figure out the sweet-spot asking price early on.