How Long Will It Take To Sell Your Home In Greater Phoenix?
June 15, 2009
Longer then at any time in the last few years.
Graph is from The Cromford Report
It's still taking a long time to sell home, in general. The market has improved and inventory is moving rather quickly now but there still a lot of it out there and sellers should have reasonable expectation about how long it may take to sell a home, that is, unless: the home is in the condition, location and price range where the greatest demand is.
How long?:
Scottsdale 180 days.
Peoria 150 days.
Chandler 136 days.
Surprise 140 days.
Avondale 130 days.
Phoenix 130 days.
Tempe 120 days.
These are numbers for single family homes in each of the respective cities and these are average numbers. The graph above starts from July 2006. That first big dip is April 2007. From then on the inventory grew.
A Street Level View:
Well priced homes in popular neighborhoods and for the most part ready to move in are selling in less time. There are instances of many homes going under contract within a week and I'm talking about normal sales, not lender owned. Lender owned homes in the price range up to $200,000 go under contract in a matter of days: about 70% of them do that and others are either over priced or in bad condition.
A normal seller has to be very aware of the market demands in both pricing and condition: location you can't change but the latter you can. When combined with effective real estate marketing a seller can have the home sold for market priced in less time then the average.
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