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What is the average time it takes to sell a house in Niles, OH

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September 28 2012 - US
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HI there, I am not a local agent so I do not have access to the local data, but I can tell you how to do the calculation.  You are referring to what is often referred to as the Market Absorption Rate which measures the average time to sell.  To calcuate it you divide the total number of active listings by the number that have gone under contract in the last 30 days.

A market is considered "normal or balanced" at 5-6 months, anything less is considered a "sellers' or appreciating" market, anything more a "buyers' or depreciating" market, by degree.

This is nothing to watch daily, but looking at the stat on a monthly or quarterly basis can be very helpful in understanding how your local market is moving.
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September 28 2012
 
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