I caught this piece in the latest issue of REALTOR® Mag: 11 Cities Where Homes Sell the Fastest. The article listed those cities where the median days on market for recent sold homes was the lowest. The city where houses spent the least number of days on market before being sold was Oakland, California; with a median of 50 days on market. To add some perspective, Nationally, for sales during the month of March, the median days on the market was 160.
How do sales in the Reno-Sparks market compare? I took a look at all sales occurring during the last thirty days and found the median days on market was 127 days, or a little over four months. Keep in mind that the average escrow period lasts about a month. So that leaves three months that it took to get into contract.
Valued Member
Guy, is that a real DOM number? It used to be common practice, not all that long ago, for realtors to withdraw their lingering listings from the MLS for a few days and then bring the property back as “new”. That way, a listing that is really 175 days old gets relisted as “new” after spending 5 days off the MLS. I know for certain that this has happened with a house in my neighborhood. There is a house around the block that has been on the market since last Fall (Sept or Oct). It recently came on the MLS (again) as “new” about 4 weeks ago.
Guy Johnson
Valued Member,
Good question. Our MLS’s policy regarding re-isting as “New” as opposed to “Back on Market” reads:
“Listings reactivated by the same office or firm in less than 30 days must be placed “back on market” under the most recent MLS #. However, properties that have a new owner or were foreclosed and subsequently re-listed with the same office or firm can be reentered as new within the 30 day period.”
Hope this helps.