Days on market climb heading into Labor Day Weekend
Heading into Labor Day weekend showings tend to slow down. With 3 day holiday weekends and religious based holiday weekends buyer activity tends to dip creating a great opportunity for buyers to have more negotiating power on these weekends. On these weekends showings tend to drop 30-40% over non-holiday weekends.
Days on market have grown significantly since earlier this year. Setting the stage up front with your sellers that it is increasingly less likely that they will be under contract in the first weekend is imperative. Based on data from last week for units that went under contract median days on market was 20, or just under 3 weeks. I break this into $500,000 price segments for you on a weekly basis so be sure to take a look at the breakdowns in each pricing tier. Days on market are longer for higher priced homes. This metric is likely to continue to lengthen out through the end of the year.