Is there a correlation between the number of days a home is on the market and its price?
There are a multitude of factors that go into the sale of a home. The first thing we think of is "location", and yes, that is a huge part in how quickly a home sells. There are other parts to consider also, condition of the home, supply and demand, listing price of the home (is it priced too high or below market value), time of year, etc.!
But, one factor that we took a hard look at was the correlation between days on the market and the price of homes. Do homes that are less expensive sell faster? Do homes that are very expensive (and out of most of our price range!) sell more slowly?
Here's the deal..
I looked into the sold price of homes in one-hundred thousand dollar increments in Duval County only for one month September 9th, 2018- October 9, 2018.. Here is what was found:
*As you can see the days on the market increase as the price does, except in the case of the $700k-$800k where the number of days dips down by about eleven.
One interesting thing to note is I checked on the comparison of home prices of $500-$600k in Duval vs Nocatee. I did this because Nocatee is obviously one of the fastest growing areas in St. Johns County and wondered if it impacted Duval home prices in that range. The average home price in Nocatee is in that range as well. As I thought, Nocatee homes in that price range sold on an average of 48 days; about half of the time it took to sell a home in Duval County.
So, wherever your home falls in the price ranges above, you can see the average number of days you can expect it to be sold. This is NOT inclusive of course as mentioned above, with location, inventory of homes, condition, etc. so be sure to contact us for a detailed report on your home and what you can expect.
As a seller you really NEED to have an expert who knows the market in your area well. Call us and let us show you how we can help.