There is a lot of discussion regarding the number of days that a home is on the market. Some feel that the longer it is there the more inclined a buyer will be to make a low offer in hopes you will be more likely to accept a low offer. The more number of days that your California home is on the market the more your list price can be affected and can cost you in other ways if not sold quickly.
Fortunately, for most sellers in California cities the number of days on the market, DOM, is less than 75 days with some cities selling homes in a little over a month. You can find market trends that will give you the median days on the market for your area from Movoto.
Median Days on the Market
Source:flickr.com
The number of days on the market is a factor to look at when you first price your home. When performing a comparative analysis you calculate the days on the market of sold and listed homes, which can help you, keep from making the same mistake as other sellers whose homes have been listed or on the market for an extended period. Other point to consider when pricing your home is how many times the sold homes reduced their price before they finally sold.
In all of the following cities, the median number of days is below 180, signifying a strong market for sales across the state. Although sales are slightly slower in a couple of the listed cities median list prices and sales prices are increasing, overall, while days on the market are at a high of 74 days and a low of 40 days on the market for five California cities.
Redding
The number of days on the market for homes in Redding is currently 77 and was 42 a year ago for an increase of days on the market of 46 percent. This is a big change year over year and correlates with flat list prices and sales. This is a buyers’ market if you have the wherewithal to purchase a home right now. Median home prices in Redding are slightly higher in January 2016 as they were in 2015 even though the number of days on the market has increased.
San Francisco
The numbers of days on the market for homes in San Francisco is 58 and increase of 38 percent over the same time in 2015. This could be partly due to the increase of list prices based on last year’s sale trend that failed to develop in 2016. Determining a perfect sale price takes experience and research of comparable homes to keep home sales close to list price with the lowest days on the market possible.
Santa Clara
Source:flickr.com
Days on the market for homes in Santa Clara fare better than many California cities with the number dropping from 47 days in 2015, to 40 days in 2016 over the same period. This increase goes along with the increase in home prices in Santa Clara over the last year. Homes are selling briskly even at a median home prices that have increased 35 percent over the last year. The median price of homes in Santa Clara is $895,000 that is an exception to the days on the market rule of real estate with more expensive properties but homes in Santa Clara are selling for top dollar and quickly.
Long Beach
The numb of days on the market for Long Beach is up 3 percent year over year, from 51 in 2015 to 53 in 2016. Again, with median home prices at $524,000 and increase of 19 percent over last year’s list prices, the increase in days on the market for Long Beach homes is negligible due to the strong market.
San Diego
Like Santa Clara, San Diego is enjoying a brisk sales market and days on the market have fallen 11 percent year over year. Days on the market for 2015 were 52 and have dropped to 46 days for the same period in 2016. The increase of 5.2 percent for list prices along with the shortened days on the market indicate a sellers’ market where you should be able to get list price for your home if it is properly priced.
Average Time to Sell a House
Source:wikimedia.org
Knowing the market trends for your area of California will give you a clearer idea of the average time to sell a house in your area of California. The listing prices of homes that are comparable to yours, and prices of homes that have sold over the last few months, how much they sold for and the number of days they were on the market are all factors in the quick sale of your house.
No matter the city you live in in California, the market shows favorable conditions to sell your home now. Prices are up, the average time to sell a house is below a 180 days, indicating a strong market and interest rates continue to be favorable for buyers in the California housing market.
