One of the more frequently asked questions I and my peers receive is "How long has it been on the market?", and another is "how long will it take to sell my home?". Both questions essentially centered around "days on market" (DOM). Days on Market (DOM) is reported on sold properties, and not often calculated on active properties. The days on market for active properties can be influenced by new listings coming on market so that number can be more fluid or a snap shot in time, while days on market for sold properties is on transaction that are for the most part complete.
Today the average DOM for Red Deer sold properties is 44 days on market. That number includes the pending or conditional time which could be 1 week or 2 weeks depending on the conditions accepted. The actual time frame until an offer is agreed upon is closer to one month. You may be thinking "so what", "what does this all mean?". It is a measure as to how well your listing is doing versus those that are actually selling. If the average DOM is 44 and on average those homes received an offer around that 30 - 35 day mark, and your home is still for sale with no offers you have some decisions to make.
Your home is on the market longer than the average you should:
- Review your price with your REALTOR®. Who's price is it? Yours?, the REALTOR's®, or the markets?
- Ask for an updated market evaluation (CMA). Has the market changed and you are not aware?
- Ask how many similar priced homes have come on (competition)
- Ask how many similar homes have sold since you've listed
- Ask or verify how your home compares for showing condition
- Ask did we respond to the feedback that was given (to small).
Now is not the time to let your feelings of frustration and anger regarding your home not being sold. You should put those feelings in check and objectively ask questions as to how you can improve or increase your opportunities for securing an offer.
The market has been improving as discussed in my earlier posts but it is still competitive. Today their are 665 active properties for sale in Red Deer compared to 95 sales reported for the month of May. Definitely far more not selling than selling today. The average DOM for those sold properties was 44 days, compared to today's average for the active listings of 48 days. The days on market range for those active listings is 0 or new on market to 290 days. Average days on market can be interpreted as what buyers are looking for. That is to say, they are looking at "new" listings and choosing those that are newer on market and those that are on longer than the average are often carrying a stigma.
Your Friend in Real Estate,