Days On Market Matter in Charlottesville

Do days on market matter when selling a home in Charlottesville?

Short answer – Yes.

Slightly longer answer – I’d also wager that of those 47 homes that went under contract in the first 30 days, their selling price is probably closer to the original asking price than those homes that were put on the market 120 days ago. Or 300 days ago.

Think about it – while you might put your home on the market for $400k and it’s really worth $370k, the buyers know this. You likely won’t sell your home in the timeframe you need or want to; when you reduce your price to $380k in three months, you’ve (probably) been making mortgage payments and delaying the move to the next phase of your life that is dependent on selling your house. There are carrying costs associated with living in your home. (I have a spreadsheet that helps this conversation; let me know if you’re interested in it)

We are about to enter the doldrums of the Charlottesville real estate market:

So where do we go from here? Schools in the Charlottesville area start around the third week of August (Albemarle – PDF), and we have about three months left before the annual doldrums set in. October – People are focused on Halloween. November – Thanksgiving. December – Christmas, Hanukkah, Holidays. January – It’s cold.

192 homes were put under contract in the past 52 days in Charlottesville and Albemarle.

– Single Family – 131
– Attached – 27
– Condo – 31
– *

So, using 192 as our number:

– 47 of the properties put under contract had Days on Market of less than 30 days. These sellers recognized the need to price their homes to sell. Today.
– 72 had Days on Market less than 60 days.
– 99 had DOM less than 90.
– 121 had days on market less than 120
– 141 had days on market less than 150

It’s not rocket science. Price your home to sell and it will sell.

* Data pulled on Friday, 23 July.
* Numbers don’t add up because two of the 192 were “proposed listings” – as in “new construction”
* There are still ways to game the MLS in Charlottesville. Get a good buyer’s agent to help you.

If you’re looking for new listings in Charlottesville and Albemarle:

If you’re looking for stale listings in Charlottesville.