Understanding Average Days on Market | Canadian Real Estate Market |
- Articles, Blog

Understanding Average Days on Market | Canadian Real Estate Market |

Hey there Savvy Home buyers and Sellers his is Jeff O’Leary “The Village Guru” Mississauga Real Estate Broker and in today’s episode I want to go over the real estate statistic Average Days on Market and go over why it’s an important stat to keep an eye on and how can help you as a buyer or a seller get a better deal. So without any further ado let’s
get right into it! Average Days on Market simply put it’s the average time it takes to sell a home in a given market in a given time period. Normally real estate boards will track statistics on monthly basis and it’s going to give you an idea of how the market is doing and also how long it should take to sell a home that is properly priced. So as a home seller if the average days on market is 30 days and you’ve been on the market for 90…
You’re probably overpriced because if it was at the proper price then you should
already sell it. As a buyer same thing if you notice a home is on the market way
beyond the average days on market it might be a good time to go lower or at least investigate what the real value of the property should be now keep in mind sometimes home sellers it can also be a sign that they’re just not budging they’re unrealistic about their expectations but either way you can’t control that all you can do is protect yourself ad make sure that you make a good decision for you! Now when we talk about average days on market there is one thing you need to keep an eye on… it’s common to do what’s called a “cancel
and realist” that means cancel the old listing and then realist a new listing under new MLS number which in turn brings the average days on market to zero and it starts counting from there again buyers kind of know this trick and
when it’s been on 90 days they start to ask questions they start to think it’s not going to sell so having a fresh listing means “oh it’s only been on the market a
week.. I better offer on it” So as a buyer, make sure that you have your agent pull the complete history of the home for the last few years see how many times the house has been listed for sale count up the actual, all
the average days on market and that’ll give you a good picture is to you know what’s really going on with this house… so that’s number 1. Number 2, when you’re looking at average days on market to tell you how the real estate market
in general is doing when they only count the active listings that sold it can kind of be deceiving especially in a slower market on average if 50% of them
are doing the cancel realist and they’ve actually been re listed two and three
times the average days on market might actually be more like 50 or 60 days which is completely different and that’s one of the downfalls of looking at statistics you have to be able to dig in and find the whole picture but having said that average days on market is a good stat to understand and will help you in your real estate endeavours. There you have, it I’m Jeff O’Leary talking about average days on market if you liked this video give it a thumbs up,
subscribe to my channel and share it with your friends. If you have any questions about real estate always feel free to call or email I’m Jeff O’Leary “The Village Guru” Have yourself a great day!

About Gregory Ralls

Read All Posts By Gregory Ralls

2 thoughts on “Understanding Average Days on Market | Canadian Real Estate Market |

  1. Do you think paying attention to real estate statistics is important when buying or selling a property? Let me know in the comments below!

  2. Great info for first time. Should teach how to find real value. I like to appraise based on engineering pov, MPAC assessment, or use 1% rule. How about u? How do u appraise a value of a home. Perhaps use example from Mls.

Leave a Reply

Your email address will not be published. Required fields are marked *