Does ‘Days on Market’ Always Tell the Whole Story?

It’s the end of the year and time to begin compiling data and drawing conclusions about what the real estate market was like in Santa Maria and Lompoc this past year. Often, sellers and buyers rely on “days on market” to tell them additional and useful information about the real estate market. However, as with any one statistic, days on market can be an unreliable and misleading indicator of true market conditions. For example, anyone who has been actively selling real estate in Santa Maria and Lompoc knows that the year has been brutal for buyers with limited inventory and bidding wars for foreclosures. However, the average days on market appears relatively stable in Santa Maria at about 68 when comparing November 2008 to November 2009. Further, even 68 days doesn’t give an accurate picture, as buyers are waiting in line in the dark to see homes on the first day they come onto the market.

The truth is that short sale sale data and the delayed time for banks to sign their own foreclosure contracts skews the data tremendously. Since listings are technically still active while they await bank approval and/or bank signatures the days on market does not tell the whole story in this market. If you would like an expert opinion on how long it will take to sell your Santa Maria or Lompoc home in this market, please give me a call at (805) 878-9879 and set up an appointment.

Tni LeBlanc, JD, M.A., e-PRO
Broker/Owner, Mint Properties
(805) 878-9879, tni@MintProp.com
www.iLoveSantaMaria.com
www.SellMySantaMariaHome.com
www.BuySantaMariaForeclosures.com
www.SantaMariaRealEstateSearch.com

*Based on the information from the Central Coast Regional MLS. Neither the Association, the Multiple Listing Service, or Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.