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Days on Market--sold vs unsold

Those who follow my posts know that I like to analyze data for our Kauai and Maui markets.  I was thinking about properties that sell versus those that don't and decided to take a look at days on market for both. 

Here on Kauai, average days-on-market for sold properties is 158 days (last 6 months of condos, homes, land).  For active listings that number is 281 days or nearly twice as long.  In other words, properties that have sold have done so in just about half the time of the average active listing.  This is pretty compelling evidence that properties that are properly priced sell relatively quickly while the rest languish in this buyer's market.

Is this Kauai data consistent with what others are seeing?  Does anyone have a different interpretation as to what it means?

Aloha,

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Richard T. Dolbeare, R(B)

Keller Williams Realty(808) 651-4550

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 Hawaii multi-island specialist, Maui & Kauai
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Comment balloon 8 commentsRichard T. Dolbeare • June 28 2009 12:56AM

Comments

The data in Los Angeles is pretty much along the same lines.

Although the number of unsold properties is starting to decrease due to the increased market activity.

In general there is more aggressive pricing across the board.

Posted by Ralph Gorgoglione, Hawaii and California Real Estate (800) 591-6121 (Maui Life Homes / Metro Life Homes) over 9 years ago

Appears that you have some overpriced listings in your system. We see them here as well. Some segments of our market are now under 90 DOM as the market improves. Home buyers and agents in the metro area of Washington DC can view extensive statistics at www.mris.com

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) over 9 years ago

You hit the nail on the head Richard! 

Sometimes I see prices and the immediate thought is, "Are you on drugs!? No wonder you're still sitting there!"  I really wonder about their agents; obviously wanting/having a "pretty sign out front" is good advertisement for them!?

I recall a post some time ago about "firing yourself"; mostly about how clients don't listen to their agent when setting the price!  Having your sign out for the world to see is great; but I don't think it is so great for that same sign to sit until you have to grab the windex to clean off the dust from it sitting too long!

Posted by Eilean Foster, Real Estate Agent (Keller Williams Realty Atlantic Shore) over 9 years ago

Days On Market no longer has any meaning to me.  Short sales do not get a status change when the buyer and seller enters into contract as would normal listings.

I no longer have any faith in the relevance of the Days On Market entry.

 

Posted by Lenn Harley, Real Estate Broker - Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) over 9 years ago

The market in Oregon is improving with June being extremely busy - last week four of our staged homes received offers.  But yes -- those that are overpriced will continue to languish on the market!

Posted by Margaret Oscilia, Home Stager, Salem Oregon (Creative Concepts-Home Staging and Contracting, Salem Oregon) over 9 years ago

It's all about price relative to home appeal and the market.  I've seen staging make a major difference in appeal

Short sales aren't a big thing here so that's not had much effect...yet.  But I think our time in the barrell is getting close and I'm getting prepared to deal with it.

Posted by Richard T. Dolbeare, R(B), ABR, CRS...Hawaii Multi-Island Specialist (Keller Williams Realty Maui) over 9 years ago

I think the numbers are about the same, I've also noticed if you take the average of the active, expireds and pendings, there is a trend there also. Expireds are priced hire than the active, the active are priced hire than the sold week in and week out. 

Todd Clark - www.LivingBeaverton.com

Posted by Respect Realty LLC, Brokers - Oregon / SW Washington Real Estate (Respect Realty LLC) over 9 years ago

Todd--that's an interesting metric and one that I will check out here on Kauai.

Posted by Richard T. Dolbeare, R(B), ABR, CRS...Hawaii Multi-Island Specialist (Keller Williams Realty Maui) over 9 years ago

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