The first posting in this series was on December 12 – let’s check in occasionally to see how long recent sellers owned their home before they sold it. This is a review of NSDCC detached-home sales that closed in March, 2016:
| Year of Previous Sale | ||
| 1900-1999 | ||
| 2000 – 2003 | ||
| 2004 – 2008 | ||
| 2009 – 2011 | ||
| 2012 – 2016 | ||
| New Home |
The long-time owners continue to lead the pack, with 42% having owned their home more than 12 years before selling it recently.
Buyers should be prepared for fixers, and sellers should do what they can to improve their home to sell because nearly half of the sales probably look dated.
Interesting that those who could make the quickest big profits, those who bought in 2009-2001, we’re the least likely to sell.
More stats:
| Other Categories | ||
| Number of Sales | ||
| Avg. $$/sf | ||
| Median SP | ||
| Avg DOM | ||
| Sold in First 10 Days | ||
| Lost $$ | ||
| 0 DOM |
Pricing is still strong, and buyers are stepping up – with one-third of sales happening in the first 10 days on the market! (I was checking for relists too).
Very interesting. Thank you for sharing. We bought in 2011 and want to move up but looking at the under 800k market there just isn’t anything for us to choose from yet. Waiting for something interesting to come on the market. I assume this would be the same for those other people who bought along with us.
One thing interesting to consider for buyers. Look at the number of homes owned by a trust in the areas you’re looking to buy. The trust will be in the older parents name and most likely the children will be living in the property (at the parents purchase/tax rate).
If you see a lot of trusts in the area you’ll know that financially many of the people living in the properties have an incentive not to move.