The February sales statistics are out (see my previous blog report).
Overall in the Denver Metro area prices have dropped.
Days on market increased from 120 last month to 125 in February.
The absorption rate increased by 5 weeks over February. I suspect, no I know the 60 days of snow on the ground had an effect on business.
But you can read the stats for yourself and see that. What I want to point out here comes from February's Monthly Summary for the Denver Metro Market. (see graphic above). These percentages are a breakdown of Total Days on Market before a home sells.
19.96% of the homes that sold, sold in 1-30 days at 98.61% of list price.
51.83% of the homes that sold, sold in OVER 90 days at 96.60% of list price.
Even though we have an average 125 Days on Market, there are homes selling in 30 days or less, 20% of them in fact! These homeowners net more, sell quicker and move on to their next destination at least 3 times faster than there counterparts who speculate on the market.
Let's do some math:
On a $300,000 home the difference in the average List/Sale ratio means $6210 more in the homeowner's net. It doesn't take into account the added aggravation of more days on market. This is aggravation a homeowner DOESN't get paid for, they get less.
The statistics prove yet another case for pricing your home correctly IN THE BEGINNING, staging it to perfection and enjoying the success of your wisdom.
Selling a home is more than putting a sign in the yard. Hire a professional who knows the market inside out, then listen to them. A professional is one who can back up what the market is doing with facts, not fluff.
What could be easier than that?