In real estate, Days on Market (DOM) measures how long a property is listed for sale, before being taken off market or going under contract (“pending” status). This statistic helps us understand how quickly homes are selling, which reflects key market conditions:
- In a Seller’s Market, the Days on Market (DOM) is low, as properties sell quickly.
- In a Buyer’s Market, the Days on Market (DOM) is high, as properties take longer to sell.
Homes in Kitsap County are selling faster than ever.
In the summer of 2020, we hit a 10-year low trend, reflecting an extreme seller’s market. As you can see, the time on market has shortened over time, even during the off-peak and winter seasons.
Median Days on Market (DOM): Kitsap County
Homes priced in the low and mid ranges sell faster than luxury properties.
Since there are more buyers shopping for homes under $500,000, these properties tend to sell much faster—generally within a week or less. But this summer, despite the COVID-19 pandemic and economic uncertainty, even higher-end homes are selling quickly (2 weeks or less for well-priced properties).
Median Days on Market (DOM) in 2020: Kitsap County
The interesting thing about this graph is that homes would actually sell even faster, if it weren’t for something called the Offer Review Date. That simply means ALL offers will be reviewed by the seller at one time, rather than individually as they come in. Usually, the offer deadline is less than a week after the listing goes live. Homes in the lower pricing tiers generally benefit from offer review dates in this intense market.
Understanding Our Extreme Seller’s Market
So what’s driving the low Days on Market (DOM) trend? In short, the following factors are driving the market right now in 2020:
- A shortage of inventory (or homes for sale) means that more buyers are competing for fewer homes. New construction can’t keep up with the increasing demand for housing. Meanwhile, more millennials are entering the housing market, and homeowners are staying in their homes longer, on average.
- Historically low interest rates are attracting more buyers, who are jumping at the chance to increase their buying power. Low interest rates allow buyers to afford more (or better) housing than they could previously, for the same monthly payment.
- More people are moving into rural Kitsap County, relocating from densely-populated urban centers like Seattle, King County, and even California. We’ve seen this trend increase during the pandemic, as working from home has become the new normal. And who can blame them? We live in a beautiful and family-friendly place!
The net impact is rising home values, and increasing buyer competition. We’re commonly seeing bidding wars with 16 or more offers on homes under $350,000, and sellers are sometimes getting $35,000 or $40,000 over asking price, even for mid-range homes. Savvy REALTORS® are pricing homes at or below market value to encourage bidding wars.
For a more detailed overview of the Kitsap County housing market, check out my monthly insights and real estate statistics.
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