I was speaking with a prospective seller client recently and she asked the question that most, if not all, seller’s ask. “How long is it taking to sell a home?” The way that I answer this question is to look at homes in the same neighborhood that have either recently sold or are under contract (pending). Our MLS has a statistic called Days To Contract, which is a measure of the days that the home was listed for sale until going under contract. Of course the numbers are widely ranging, but we can focus on the median as a gauge of how long it will take.
The homes that go under contract quickly are either prime properties or are homes priced where buyers see value, or some combination of both. The ones that take longer to sell most likley had to go through a number of price reductions to find the sweet spot, where buyers saw value. Or maybe the right buyer just had to enter the market. The properties that are overpriced or are not prepared correctly prior to being placed on the market are the ones that are still on the market, expired or withdrawn from the market.
So here are some numbers to consider. For the single family homes in Tampa that are under contract currently, here is what we know:
- Total Number of Pending Single Family Homes: 828 (Yes buyers are buying!)
- Median Days to Contract: 55
- Maximum Days to Contract 492 (That’s a patient seller)
- Minimum Days to Contract: 2 (Does that still happen?)
- Median List Price: $189,000
- High Price: $2,100,000
- Low Price: $22,900
- MLS Grid with the most pending properties: WJ17 (Palma Ceia Area)
The answer to “how long” depends on a number of factors including how many buyers are currently in the market, property condition, property type, LOCATION, etc. The one thing sellers have the most control over is the preparation of the property in anticipation of placing it on the market for sale. Those who prepare best and price best are rewarded with a relatively low Days to Contract.
Considering a sale? A purchase? Both? Call us: 813-205-1802
Data used is from the Mid-Florida Regional MLS, all brokers/agents included, and does not include private-non brokered properties for sale.
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