A couple things jump out at me when looking at the Days On Market chart for homes sold in Phoenix over the last 3 years:
The trendline (orange) is sloping slightly downward, very slightly. About 4 days’s worth over the 3-year time span. At the same time, homes sold faster during the peak season in 2018 than they did in 2019. In fact, if we looked at the trend over the last year, it would be pointed slightly upward. So I’m not sure we can call out a significant trend in either direction right now.
The Seasonality is smack-you-in-the-face obvious; it takes about 15-20 more days to sell a house in the winter than the summer.
January closings take the longest time to sell. And since January closings probably received an offer in December, and they were on the market for 50-55 days before that… October listings are probably the slowest homes to sell. And October is… Tomorrow?!
What more can I say that the chart hasn’t already said. Tomorrow starts the slow time of the year. Plan accordingly.
- Chris Butterworth
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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.