A recent study by the Ontario Real Estate Association found that 59% of Ontario sellers started feeling “anxious if their home was still on the market after 45 days or more,” about 1 ½ months.
Understanding ADOM Can Relieve Anxiety
The average days on the market (ADOM) for homes sold typically represents the midpoint. So about half the homes sold, sell in less time than the midpoint and half take longer.
When you narrow the ADOM to price-range and neighbourhood, the ADOM can differ and can be more accurate than an overall measure, such as one that is city-wide.
With the exception of St. Catharines, most cities in the region have an ADOM that’s greater than the 54-day anxiety point.
A Closer Look at ADOM
The average days on the market for the Niagara Region are about 72 days. Yet, depending on the municipality, this overall average can range from 48 to 108 days. Though the medium price can be representative of the overall average, higher price ranges can have a higher selling time.
- In Niagara Falls the overall average selling time for all homes sold to date is 63 days. The average for homes sold in the $250,000 to $299,999 range is 79 days and 73 days in the $300,000 to $399,999 range. It jumps up to 127 days in the $400’s.
- In St. Catharines the overall average selling time for all homes sold to date is 48 days. The average for homes sold in the in the $250,000 to $299,999 range is also 48 days; the $300’s are not much different. Yet home sales in the $400,000 to $499,999 are averaging 67 days on the market, and it jumps up from there.
- In Welland the current average selling time for all homes sold to date is 67 days. The average for homes sold in the $250,000 to $299,999 range is 75 days and 102 days in the $300,000 to $399,999 range. It jumps up from there.
As demonstrated, the ADOM can be somewhat longer than the seller anxiety point of 54 days.
If a home hasn’t sold within the average time, it would be advisable to have the REALTOR® perform a market update as a price adjustment might be needed.