Inman released an article today sharing that NAR announced a new metric for median days on the market. Interesting, for you real estate pros! The figures showed that the days were down almost 30 percent from 2011, which was 98 on-the-market days and now has decreased to 69 days on the market.
Many listing services collect data like days on the market , and sometimes it can be difficult to measure as Inman mentioned too, “…the task is complicated because sellers sometimes take their homes off the market and re-list them.” NAR is now reaching into a new data collection method, including monthly member surveys that will be included in their future releases on existing homes-sales. Be on the look out for that!
NAR even said that for that past 20+ years up to 2011, the time on the market was typically 6.9 weeks. See the change below between last year and now, as you can see we hit somewhat of a plateau during the holidays and then steadily decline in days on the market.
Read more here.
What is your personal median for days on the market and/or have you noticed a decline in your listings?