Time on the Market Drops to New Low in 2017
According to recently released data from the National Association of Realtors (NAR), the median amount of time a home spent on the market hit an all-time low of only three weeks in 2017.
Strong buyer demand, a good economy, and a low inventory of new and existing homes for sale created the perfect storm to accelerate the time between listing and signing a contract. The time needed to sell a home has dropped substantially since its highest mark of 11 weeks in 2012.
The chart below shows the median weeks on the market from 1987 to today.
Collin County Average
The average home in Collin County sold in 40 days according to the Collin County Association of REALTORS data through November of 2017. Here are averages for some of our local Collin County cities:
- Celina - 73 days
- Frisco - 44 days
- McKinney - 43 days
- Plano - 33 days
- Prosper - 76 days
Keep in mind there are many aspects that will affect how quickly your home will sell.
If you are a homeowner who is debating whether or not to list your home for sale, know that national market conditions are primed for a quick turnaround! Let’s get together to discuss exactly what’s going on in our area, today!