10 ½ months to sell a home

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It’s taking 10.5 months, on average, to sell a home in the Pikes Peak region.

That’s the latest reading from ERA Shields Real Estate, based on the latest Multiple Listing Service data.

While homes in the $150,000 to $325,000 range are selling in 7.3 months, single family houses priced from $325,000 to $700,000 are averaging 14 months to close in January.

Agent Eddie Hurt said homes priced $100,000 under the average price in any given area are likely to see faster sales. Activity still remains highest in entry level homes.

He said there’s a “gigantic” increase in the inventory of higher priced homes, from $325,000 and up, since the credit squeeze began six months ago.

January saw an alarming 20 percent drop in sold units from the same time last year, he said.

“What we’re finding is that most online searches at Realtor.com and others are done in $25,000 increments,” Hurt said. “With buyers we’re seeing the perception that they can stay under the next $100,000 break. They figure they’ll find a deal so they’ll look at $425,000 instead of $500,000 – and then they’ll make a lower offer. The silver lining in all this is that there are incredible opportunities for buyers. That’s where you’ll make your money in the end – on the buy.”

One Response to 10 ½ months to sell a home

  1. To clarify one point regarding this story; the 10.5 months mentioned in this sotry is for inventory (homes sold in January divided by homes on the market) not how long it is taking to sell. Homes that sold in January were actually on the market for an average of just 99 days. Homes that are priced correctly are selling.

    ehurt
    February 12, 2008 at 5:25 pm