Properties that closed in September 2015 were typically on the market for a shorter time compared to a year ago, staying on the market only 49 days (47 days in August 2015; 56 days in September 2014), according to the September 2015 REALTORS® Confidence Index survey report .11 Days on market usually increase after the spring and summer months due to the seasonal slowing down in demand. Respondents reported that it typically took another 41 days to close the sale.
Short sales were on the market for the longest time at 135 days, while foreclosed properties generally stayed on the market for 57 days. Non-distressed properties were typically on the market for 48 days.
Properties that stay on the market for longer are more likely to sell at a discount. The chart below show the price discount or premium from the listing price for properties that sold from January-September 2015 based on a survey of REALTORS®
. Only three percent of properties that sold within one month were sold for a discount of 12 percent or more from the listing price. Meanwhile, 37 percent of properties that sold after sitting for 12 months or more on the market were discounted by 12 percent or more.
11 Respondents were asked “For the last house that you closed in the past month, how long was it on the market from listing time to the time the seller accepted the buyer’s offer?” The median is the number of days at which half of the properties stayed on the market.