By Brett Ellis
A few weeks ago, we wrote about how strong closings have been in 2018. This week we’ll talk about two more indicators that help us evaluate the health of the market; median time to contract and dollar volume. Currently median time to contract date 63 days this year.
The median time to contract is 63 days this year. This is measured by taking the number of days from listing to time of pending contract. In other words, it’s taking just over 2 months for homes to go under contract. If you have a home on the market and it’s taking longer than that, it’s either not being marketed correctly, it’s overpriced, or both.
Because the market has been strong in 2018, the median time to contract is down 4.5%. It’s taking less time to sell homes this year than last. In the past month or two we’ve seen listings increase, and yet the market has gobbled up many of these listings. This tells us buyers are out there and ready to buy, but at the right price. Even in a hot seller’s markets some sellers seem to overshoot the market. Ask all …read more
Source:: Top Agent