RMLS reports days on market for each RMLS area monthly. Time on market in March, the latest data available from RMLS places DOM at 51 days for SE Portland (area 143). Average overall time on market was 65 days for that period. Average selling price in SE Portland was $293,500.
How does price range effect days on market? For April, I ran my own reports (using our company’s proprietary software). Total days on market was 43 days (a large drop from March’s 65). I ran additional searches and discovered the following:
Seventy seven properties sold under $200,000. They averaged 44 days on market
There were 192 sold properties priced between $200,000 – $400,000. Average time on market: 40 days.
Thirty five properties sold between $400,000 – $600,000. Average time on market: 48 days.
$600k – $800k: seven properties sold averaged 72 days on market (see a trend forming?).
Over $800k; three properties for 130, 137 and 157 or an average of 140 days!
There is most likely some difference between how RMLS gathers data and I searched for it. When their April report comes out (usually about the third week after the period is over), we will compare my overall results to theirs.
So what? It shows us that there is a much larger buyer pool at the “lower” end of the market and properties move faster. It says that sellers at the higher end of the spectrum need to have different expectations about selling their properties.