An interesting statistic has developed here in LAFAYETTE, CA regarding Average Days on Market. Recently, Average Days on Market has been slowly climbing for homes in all price ranges or quartiles. However, upon further inspection one can discover some good news! A quick background- Quartiles are used to divide list price of homes into 4 averaged groups or quarters: Top/first being the most expensive 25% of homes, Upper/second being secondly ranked in price, Lower/Third, and Bottom/Fourth being an average of the 25% least expensive priced homes.
What is interesting here folks is the Lower/Third quartile labeled green in the chart above. The median list price in LAFAYETTE, CA this week is $1,295,000 for total homes (inventory) on the market and this price represents the Lower/Third quartile. Currently, the Lower/Third quartile of listed homes also happens to be the group that stays on the market 2 full months less on average than homes listed in ALL other quartiles! This data is a perfect example of how Days on Market may be independent of listing price. One can see that the homes in the Bottom/Fourth 25% (being listed as the least expensive) are actually on the market nearly 2 months longer than the Lower/Third quartile.
Thinking about listing your home or gauging the housing market as a buyer? This above statistic is merely one of many (the listing prices for the other quartiles shown above, for example) that are so helpful and crucial for understanding the market in real time. Not only are the stats constantly updated and reader friendly, but they are also free and zero hassel.
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