The long and short answer is “It depends”.
There are multiple factors that will impact how we answer this question:
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.
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.
(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.
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?
Categories: Real Estate Market Update