Sunday, January 01, 2006

HouseHunt: 'Sharp Increase in Average Time Needed to Sell a Home'

On average, the length of time required from listing to contract has increased dramatically in the U.S. in the past six months, according to HouseHunt'’s latest national “Current Market Conditions” home sales activity survey.

Seventy-five percent of respondents said it'’s now taking more than 30 days. Of that figure, 30% said itÂ’s taking more than 60 days.

Three months ago, 52% of survey respondents said the average time on the market required for a home to sell was more than 30 days. Six months ago, only 35% said it was taking more than 30 days as buyer frenzy continued unabated.

HouseHunt, Inc. is a consumer-oriented Internet firm that provides free information to thousands of homeowners, home buyers and home sellers through its two primary Web sites, www.Househunt.com and www.moveUp.com.

Multiple offers down. Currently, only 50% of respondents report multiple offers. This is down from 70% in the second and third quarters of this year.
More confirmation of the declining residential real estate market. The bubble is popping in the bubble markets despite the reassuring rhetoric of housing cheerleaders who proclaim it is merely a 'slowdown'.

2 comments:

  1. The condo market is frozen here in central Connecticut- the last porthole out was a few months ago- now listings are growing.
    When I hear the same shopworn excuses as 'it is a slowdown' or niw a 'normal market' then why are listings as high now as in 1998- which is when the RE market began to improve here after being down for nearly 9 years.

    Connecticut will not see the kind of implosion and huge drops as other 'mega bubble' regions- but we will will still decline 10-15% in values-plus be hurt by the coming bloodbath elsewhere.

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  2. This increased waiting time is probably enough to kill the "investor" market.

    It won't look so easy now.

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