How Long Does it Take to Sell a Home?

The long and short answer is “It depends”.

There are multiple factors that will impact how we answer this question:

(1) Location:

According to the most recent MLS® system reports of the Niagara Association of REALTORS® it currently takes 70 days on average for a home to sell in the Welland and Pelham Area.

Take a look at this chart summarizing the 802 sales that have occurred in the Welland/Pelham marketplace between January 1st through to November 7th, 2013.

wellpelchart

Welland/Pelham Combined Residential Sales Statistics January 1st – November 7th, 2013

When you further break down the statistics between the two communities you discover that on average it takes 65 days to sell a home in Welland whereas in Pelham the average number of days on the market is 84.

Welland Residential Sales Statistics January 1st - November 7th, 2013

Welland Residential Sales Statistics January 1st – November 7th, 2013

PelhamSTATS

Pelham Residential Sales Statistics January 1st – November 7th, 2013

(2) Price Range:

It is not surprising that the lower the price the faster the sale. Currently the year-to-date average price in Welland is $188,040 compared to $351,183 in Pelham.

(3) List Price/Market Price Ratio:

Homes that sell within 30 days of list date sell for 97% or more of List Price. The longer the time on the market the lower percentage of List Price is achieved.

Welland/Pelham Residential Sales Statistics January 1st - November 7th, 2013

Welland/Pelham Residential Sales Statistics January 1st – November 7th, 2013

 

Despite all circumstances you can be rest assured that locally we can expect your home to sell within 30 days 39% of the time, within 60 days 59% of the time, within 90 days 75% of the time and within 120 days 85% of the time.

How do these odds sound to you?

Nov9Update

 

 

 



Categories: Real Estate Market Update

Tags: , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: