Big jump in days on market
As we get closer to Thanksgiving, Hanukkah and Christmas buyer activity begins to dwindle and homes spend more time on market. This week for homes going under contract spent a median of 30 days on market before being placed in a pending status. Based on data from 2013-2021 our typical median days on market is 14, so nearly 100% longer that what we would typically expect for this time of year. Days on market tend to continue to stretch out as we end out the year.
An interesting trend has revealed itself for homes over $1,500,000. This market segment is much less loan dependent and flush with cash buyers. Based on data from the last 12 months approximately 35% of these transactions are purchased using cash. Taking away interest rate volatility and affordability issues this is our fastest moving market this week with homes spending approximately 21 median days on market. There is a very active pool of potential buyers looking at the 1.5-2.0M range who are picking up properties that are priced well, staged, with beautiful photos at a faster rate than lower end properties.
