|
How
long will it
take to sell
your home?
Our research uncovered data
on
Greater Milwaukee
home sales
that dispels
some myths about
the average
time it takes
to sell a home.
For example,
it is often
believed that
a home has a
higher chance
of selling in
spring than
winter. However,
a higher percentage
of homes initially listed
from 1-05-06
to 1-10-06 sold
(59%)
than homes initially listed
between 4-05-06
to 4-10-06 (54%).
Many
homeowners expect
to sell within
the first month
of listing.
However, a
minority of homes
actually sell
in the first
month. Of listings
that actually
close, only
about half are
closed by the
end of the third
month. This
includes time
for transaction
to close after
accepted offer. This
should be taken
into account
in terms of
pricing. If
no offer is
accepted in
45-60 days,
a price reduction
may be advisable.
The
data is compiled
from the Metro
Milwaukee MLS
which covers
the Greater
Milwaukee area.
|
Sold
homes
listed
between
1-05-06
to
1-10-06
735
homes
listed
during
this
period.
431
sold
(59%).
Of
the
homes
that
sold:
|
|
Sold
within:
|
Percentage
of
homes:
|
Number
of
homes:
|
|
1
month:
|
6%
|
25
|
|
2
months:
|
24%
|
102
|
|
3
months:
|
20%
|
88
|
|
4
months:
|
19%
|
83
|
|
5
months:
|
12%
|
52
|
|
6
months:
|
8%
|
37
|
|
7
months:
|
5%
|
23
|
|
8
+
months:
|
5%
|
21
|
|
Sold
homes
listed
between
4-05-06
to
4-10-06
861
homes
listed
during
this
period.
470
sold
(54%).
Of
the
homes
that
sold:
|
|
Sold
within:
|
Percentage
of
homes:
|
Number
of
homes:
|
|
1
month:
|
5%
|
24
|
|
2
months:
|
34%
|
159
|
|
3
months:
|
26%
|
120
|
|
4
months:
|
15%
|
69
|
|
5
months:
|
9%
|
43
|
|
6
months:
|
4%
|
22
|
|
7
months:
|
3%
|
15
|
|
8
+
months:
|
4%
|
20
|
|
Sold
homes
listed
between
8-05-06
to
8-10-06
887
homes
listed
during
this
period.
314
(35%)
sold
by
the
date
of
this
survey
(1/10/07).
Of
the
homes
that
sold:
|
|
Sold
within:
|
Percentage
of
homes:
|
Number
of
homes:
|
|
1
month:
|
8%
|
25
|
|
2
months:
|
33%
|
106
|
|
3
months:
|
30%
|
95
|
|
4
months:
|
18%
|
58
|
|
5
months:
|
4%
|
13
|
|
6
+ months:
|
N/A
|
N/A
|
|
This
survey
was
taken
before
the
arrival
of
months
6-9.
As
homes
sell
during
this
period,
the
percentages
above
(for
months
1-5) will
drop.
|
|
(c) 2005 Wave Realty, Greg Schliesmann.
Information deemed reliable but not guaranteed.