The typical home for sale in the Boston metro region in July had been sitting on the market for 65 days — a little over two months.
So says Realtor.com, which released a market trends report with statistics on homes for sale. These stats were based on a snapshot of the so-called “market inventory.”
The Boston region median time on the market is 32 days shorter than the nation’s, which is at 97. Several metro areas are at or above 150 days – five months.
It should be noted that aggregated days on the market figures may have several variations. Boston condos and single-family homes are always coming on some lasting one day. Others have been languishing for months. Occasionally years. And the figures don’t necessarily reflect how long the wait has been for condo sellers, since some pull their condominiums off the market and put them back on latter so they can be a brand-spanking new listing again, at least from the MLS standpoint.
On a related note, Realtor.com stated that the Boston area was the 18th most popular online real estate search in July 2011. Chicago was No. 1, followed by Las Vegas and — wait — Detroit. Hard to believe more real estate buyers are looking up Detroit over Boston. It might be due to prices. The typical asking price is $95,000 in Detroit (I actually thought it would be lower).
But back to days on market: The above stats were existing inventory. For comparison sake, I looked up stats for Boston condos that sold in July 2011, based on MLS. The average condo sold that month took 83 days. For my neighborhood of Beacon Hill, it was 45 days.