Even in today’s super hot market not every home sells quickly.
Some listings don’t see an offer in the first couple of weeks. They may become a good candidate to write a contract without having to compete against other buyers.
I did some research on the MLS to see if long Days on Market are a good indicator for home buying opportunities. Here’s what I found …
How Many Homes Have Been Listed for 90 Days Plus?
As of this morning there are 1,549 active residential listings on the MLS. This number is changing by the minute.
Only 243 have been on the market for 90 days or more.
Let’s take a look at 3 school districts to see which homes didn’t sell in 3 months.
Dublin School District
Four are single family homes priced over a million dollars. The most expensive one is listed for $5,000,000, and has been on the market for 5 years.
The other 4 listings are condos.
There’s a resale in Bridge Park West, and two place holders for new construction condos on the East side of the river. Their average price is $650,000.
The final listing is an Epcon model in Jerome Village. The asking price is $589,900. It has been on the market for 192 days.
Hilliard School District
Only 2 homes have been listed for more than 3 months.
One of them is a 7,000 sqft, $1.65 million dollar residence on the Scioto River. It has been on the market for 194 days.
The other listing is a new-built condo North of Hayden Run Blvd with a Dublin address. It is priced just under $440,000 and has been listed for a full year.
Most likely it is the model for this new development.
Olentangy School District
19 homes have been listed for more than 90 days. All except one are new builds.
Epcon and other builders are listing their models in different developments ranging in price between $430,000 and $550,000.
Three listings are inventory homes from custom builders, listed between $700K and $900K.
The only resale property is a 1.5-acre farm with a small house, out buildings, and barns listed for $350,000. The adjacent 5-acre lot can be purchased for an additional $500,000.
Are DOMs a Good Indicator for Buying Opportunities?
Most long-term listings (90 days plus) are advertisements for new-builds or inventory homes.
Conclusion: long Days on Market does NOT seem to be a good indicator for buying opportunities.
The best way to avoid a bidding war is buying new construction!
My excellent relationships with builder reps will certainly benefit you, as most builders have long waiting lists and very few inventory homes available.
Planning to Buy or Sell in 2021? Call or Text me NOW at (614) 975-9650!
Susanne Novak has been a Realtor since 2007. She is the broker and owner of RE/MAX 24/7 in the Dublin Historic District. Susanne typically helps 50-60 families each year with their real estate needs. She's your trusted advisor when you search for your dream home, and a skilled negotiator when she lists your property to get top dollar when you sell.