It is Monday again. And I believe that the best way to start the new week by looking at real estate numbers. Why not?
We still remember real estate housing “bubble” of early 2000s to 2006. Then it declined in 2006 through 2007, and reached the bottom in 2012.
What can we learn from the housing bubble ? We can see interesting housing trends when looking at the number of median days to sell a house.
If you look at the chart above, it says the median days to sell a single family house in Broward County, FL during the period of January 2008 to March 2018.
The longest to sell a house in the last 10 year period was during February 2008 when it took 121 days to sell a single family house in Broward County.
The median days to sell slowly were getting shorter, when it became 70 days in the month of April 2010.
From this time, it was getting longer and longer to sell a house. When it reached a peak during the month of February 2011 when it was 97 days. But even then it still did not reach the height of 121 days of February 2008.
Since then, the period of days to sell a house was getting shorter and shorter, and in the March 2018 reached only 33 days. That is the third of the time it took to sell the house in February 2008.
What does it mean for the homebyer, when it says that it takes 33 days to sell house? It means that the homebuyer has to act quick to look at the house for sale, and the buyer has to decide fast to make an offer for the house or not.
What does it mean for the homeseller, when it says thta it takes 33 days to sell a home? It means that the house will sell fast, so the homeowner better start packing and get ready for the move.
The numbers for this chart are from the MLS of the Palm Beaches & Greater Fort Lauderdale. These numbers are said to be reliable but are not guaranteed.
If you are interested in more information about home sales in Broward County, please visit Local Market Conditions and Home Prices category.