In Basking Ridge, days on market for single family homes in April averaged out at 30 days. For townhouses and condos, average days on market was 41.5. In both cases, if I remove the outliers (21 Hunters Lane took 169 days to sell and 449 Penns Way took 153), the averages drop to 23 for single family and 35 for townhouses and condos.
When you see Days on Market (or DOM) on the internet please keep in mind that the number reflects the number of days that transpired since the most recent listing contract was entered into the MLS. When I do an analysis for my clients I adjust DOM to reflect the number of days since the last price adjustment. Time and again I have concluded that a properly priced home will sell in 30 days.
- The National Association of REALTORS® recently surveyed their members for their Confidence Index.
- The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions.
- Homes sold in less than 60 days in 35 out of 50 states and Washington D.C.
- Homes typically went under contract in 30 days in March!