Average Days on Market

Definition:

This measures the average length of time each home has been for sale in a given market. How long does it take to sell a home in your area? Pay close attention to the Average Days on Market (ADoM) trend.

Here's why this is helpful to you...

Not only does it tell you about the health of the market, but also how long you might expect it to take to sell a home. If you cannot afford to wait as long as the current Average Days on Market, you might consider pricing your home more competitively so that it sells faster. Or if you're buying, it might tell you how quickly you should make an offer on the place you saw this weekend. If ADoM is relatively low, you should act more quickly. If it's high, you might have more time to negotiate. Take advantage of this knowledge to optimize your home selling and buying experience.