In the Current Environment, Should Days on the Market Matter as Much?

Days on the Market is the number of days a property is listed for sale on the multiple listing service until the date when the seller has sold the property.  This number is typically an important figure for buyers looking at a property as it has historically indicated the value of a property.  However, in these times of mask wearing and social distancing, should Days on the Market bear as much weight?

Under usual circumstances, buyers can use Days on the Market to determine whether or not the property has been listed under a fair asking price.  However, as open houses came to a halt and homebuyers were few and far between, the meaning of the Days on the Market figure may not mean what it did a few months ago.  Therefore, as things begin to pick back up, it is important to focus less on the days that a home has been on the market and focus more on factors such as the property’s location, curb appeal, neighborhood comps, home improvement potential, and local market conditions.  

This number will soon be indicative again of appropriate asking price and the home’s general ability to sell, but for now it should not be a cause for concern if the days on the market is longer than expected.