The "Days on Market" shows the average time it took from the date the property went up for sale to the date it had a sales contract. Is it faster or slower than normal? Is the market speeding up or slowing down?
Source: MLS (Multiple Listing Service)
Our Opinion of what it meansJune 2006: We have not yet calculated the true average time on the market for those houses that closed escrow in May. Using only the latest listing number, the average days was 40.
BACKGROUND: For the properties that closed escrow each month, this graph shows the average number of days a property was on the market before a sales contract was obtained. This statistic is the indicator that tells us if the market is "speeding up" or "slowing down".