I was looking at Scottsdale Inventory Levels (the number of houses for sale) today. This chart is showing that at the annual sales rates, it would take 259 days, or 8.6 months, to sell all of the currently listed single family homes. Definitely a buyer’s market.
However, the inventory level doesn’t tell you how long it might take to sell your house. Looking at the real estate sales data for November 2010, I discovered that the average time to sell was just over 90 days.
Now, that I have this new tool to dig into the MLS data a lot more effectively, I created the following chart:
The print is a little on the small side, but you can tell by the size of the circles that many homes did sell in much less that the average of 3 months. In fact, most Scottsdale homes sold in 4 months or less, with a significant number selling in 60 days or less. The homes that sold quickly were priced right from the beginning. Your initial listing price will have a direct correlation to how long it will take your house to sell. And when you do that, it will sell much faster than the average time to sell for everything else. Yes, much faster than 8 months.
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