How Quickly Are Homes Selling?

 

Introductory Comments

To address the question of how quickly homes sell, most real estate stats focus on the average number of days that homes are on the market before they go under contract. In our view, those stats are pretty useless, particularly for home buyers.

First, in a typical market, 30-40% of listed homes go under contract within a couple weeks of listing, while a similar number may take 4-6 months to sell.  The “days on market” stat will indicate an average of 60 days or so given these numbers, but only 20-30% will actually be going under contract in the 50-70 day ballpark.  Most sell much more quickly or much more slowly.

Second, most buyers aren’t interested in buying the average house anyway.  The critical question for a buyer is how long the best homes, or the best deals, are on the market before they go under contract.  That’s why our “days on market” stats focus on how many homes sell quickly, in 5 days and 14 days or less. As a buyer, you need to behave differently in a market where 80% of the homes are going under contract in 2 weeks or less than you would in a market where 5% are.  Where most of the best homes are moving quickly, you’re going to have to get organized, know what you’re doing, work with someone who’s equally focused, and…in all likelihood…be aggressive with the terms of your offer.

Under Contract in 5 Days or Less: Data Grouped by City

Under Contract in 5 Days or Less: Data Grouped By Year

Under Contract in 5 Days or Less: Compared to Normal Market

Under Contract in 14 Days or Less: Data Grouped by City

Under Contract in 14 Days or Less: Data Grouped By Year

Under Contract in 14 Days or Less: Compared to Normal Market

If you’d like to focus on data from only one of the communities we cover (e.g., Boulder or Longmont), or if you want to compare pricing changes for different sizes or types of homes within a single community, you should check out our section entitled Stats for Each Community.

If you’re interested in stats for neighborhoods in Boulder & Longmont, or in stats for some of the small towns or rural moutains and plains of Boulder County, see our section titled Towns, Rural Areas, & Neighborhoods.

For important information on how to read our stats, how to use them, and how they were generated, please CLICK HERE.