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Days on Market – What is the average and what does it mean?

In the real estate world, the number of days a home is on the market is a big indicator of both inventory and buyer activity. However, it is only one piece of a larger puzzle and there is a little more to it than what meets the eye. This past week, the average home in Spokane was on the market for 14 days. A decade ago, the average Spokane home was on the market for 72 days. Of course, there are countless reasons for this, but the largest factors that affect this are supply and demand. In 2011, there weren’t too many people looking to buy a home whereas now, Spokane is seeing unbelievable growth rates to the point where home builders can’t keep up. In the Spokane market, we have 0.8 months’ worth of inventory which means if no other homes were listed on the market, all available homes would be bought up within 3 weeks. To put that in perspective, a balanced market has around 6 months’ worth of inventory. Regardless, homes are selling fast, and I will be the first to say that most homes sell much quicker than 14 days. The reason for this is because 14 days is just an average. It is taking into account homes that have sat on the market for months because they are dramatically overpriced. If you are looking to buy a home in Spokane, don’t bank on it sticking around on the market. If you are interested in the home, I encourage you to wait no more than 3 days to take a tour or else it may be too late.