Days On Market
Let’s look at how long it is taking to sell a home in the North Florida Area. The trend has been staggering to see as marketing times have plummeted over the past few years. That means it is taking less time to sell your home. I use the term CDOM which stands for Cumulative Days On Market, which is the time it takes from the day you list your home to the day it goes under contract. We like to use the contract date since it is what the industry refers to as the “meeting of the minds” date. Now that we got some groundwork covered, let’s look at the numbers.
These numbers are looking at the averages in Columbia and Suwannee Counties. In 2017 the average CDOM was about 124 days which is about 4 months. In 2022 (year to date) the average CDOM was about 46 days which is a little over a month. The Graph below shows a decline for every year.
When we look at the numbers by quarters it shows a very similar pattern. There is a downward trend, but you will notice that there are peaks and valleys.
As we break it down even further into a monthly trend, we begin to see a little bit of a leveling off point. You can see that the trend from last year was still dropping (Jan 2021 to Dec 2021) but from January of 2022 it has leveled off. Since these counties are classified as rural, we deal with a low number of sales per year which is another factor in the data going up and down. I don’t see us going much under 30 days on the market, that is just the nature of our market area. Rural sales tend to take longer to market than Suburban areas do.
Lastly, I also looked at the different price points to see if there was a difference in the marketing times over different selling prices. I found that it was consistent across the board except for sales over $500,000 which took much longer to sell. That makes sense since the median sales price in the same time period was about $245,000.
Bottom Line: There has been a drop in the marketing times for area sales. This means that homes are selling in less time than in past years. Currently it is talking about a month to sell a house. Over the past few months, things have leveled off regarding marketing times. We will have to wait and see what the future hold. If a home is priced right, it should sell quickly. But, overpricing a home will lead to longer time on the market. That is why it is important to enlist the help of a professional. Thank you for visiting.