Market times needs to be looked at from both sides. Sellers will often say they don't care how long their house has to stay on the market they will hang in there until they get the price they want. The first question out of a buyer's mouth is, "how long has this house been on the market?" I am not certain market time means anything.
The reason why I say that is that the market time can be manipulated by the listing agent. The MLS, Multiple Listing System, records the most recent listing contract and not accumulative days. A house that has gone on and off the market for the last 6 months might only show 24 days at present. A trace can be done but often the public is not aware of the total days. The buyer wants to know the number of days as they feel the longer the house has been on the market the better their chances at offering a lower price.
A seller often does not feel that market time has anything to do with value. If the average market time is 75 days and they have an above average house (doesn't every buyer have one of those) than it might take longer. If their market time is 125 days so be it. To them value is not based on market time.
Ask me and I say, "There is so much that goes into the price of the property and days on the market is just one of them." Here is an example, what if a seller has been on for 100 days and on day 100 decided they were over-priced and reduced their property by $50,000. At that new price does it mean to bring in an offer even lower? Maybe now the price is right and full price is warranted.
I am careful with my buyers and sellers how days on the market is used. It is all the perspective of the person reading market time.
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