Our market reports have always told you the average marketing time, homes on market as your competition, sales price to list ratios and more. Now we can tell you how many showings to expect before you sell.
As with all things data driven, the averages are made of all the data we have. It can only be a result of certain systems being used by real estate agents, not all of whom do. But the good thing about averages is that it allows for anomalies.
Remember that this is based on the data available I have in front of me today. The average amount of showings today to sell homes in the Barrington area is currently – 19. The average showings for each month is 3 to 4. We had a spike of up to 6 in the months of March and April after a slow January at 2 a month. Now it has fallen back and been fairly consistent since the spring rush. So 4 showings a month and 19 total gives us a five month timeframe to sell. That matches our average market time of 5.2 months, so my math is good!
What Sellers Can Do With This Information.
Now you have the knowledge that you might get one showing each week, 4 in a month, and it will take 5+ months to sell, you are armed with expectations. A new listing will have it’s most showings in the first 2-3 weeks, after that you can expect a more consistent flow of buyers.
Here’s what to look out for.
- No showings in the first month, there’s a reason for that.
- Not enough showings month by month, there’s a reason for that.
- No offers in 6 months, there’s a reason for that.
You get the idea. Of course there are variations to this depending on the price point of your property. As an example here are two variations.
- Properties priced $2 Million and up have an average showings of 35 before a buyer pulls the trigger.
- Properties priced Between $500,000 and $600,000, which are the median homes in our area need less showngs at 13.
I would expect the higher priced homes to need more and they also take longer due to the price tag. The market times are currently average 495 days for the over $2 Million homes.
Properties in the median price are selling in 51 days! So that means the sellers can expect a rush of showings to start.
It’s all about marketing your home at the right price. Testing the waters at higher prices always fails. If you are not getting showings, are getting showings but no offers, have a discussion with your real estate agent about why! There’s always a reason.
Let us know if we can help!