There’s a lot of noise and fear out there whenever the real estate market changes. We want to help cut through that noise and give you the information you need to be best prepared for the market. Is the market changing? Yes. Is it crazy yet? No. The sky is not falling. We want to show you how the market actually is shifting, using statistics from Savannah Chatham County MLS.
Here’s DeAnna, one of our seller’s agents, breaking it down:
Last summer (2021), we were seeing an average of about 20 days on market. That means that from contract to closing, it would take about 20 days. Now (July 2022), we’re seeing them sit a little longer. Just for an example, using the stats from Savannah Chatham County MLS: in the past 6 months, we’re seeing an average of 37 days on market. Now, for active contingents (meaning “under contract, pending inspection”), we’re seeing houses sit on the market for an average of 45 days. With active listings, we’re seeing an average of 41 days.
It’s tracking upwards, which does not mean that houses aren’t selling, it just means they’re sitting on the market for a little longer and taking slightly longer to get a contract. So sellers, hang in there, listen to your agents, price your house correctly, and get it ready for the market as much as you can!