I’ve just run a few numbers on November 2008 so far in Nelson.
I’m of two minds about applying medians to average selling days, and I think the average number of days should also be considered. If it has taken much longer than the 50 days, see below, then those sellers aren’t interested in accountant type figures that don’t always reflect the whole story for Mums & Dads out there.
So far in November 22 properties took over 50 days to sell, 17 of those over 90 days, and 11 took more than 150 days to sell.
The median of the price reduction for those 22 properties was $21,500 from the listing price. Just for your info, the median for those over 90 days was $24,000, which goes to show as we all know the longer the property is on the market, the rarer becomes the opportunity to get the best price.
And just for comparison purposes, the median price reduction from list to sell, for the whole data sample of homes sold so far in November in Nelson is $10,000.
As you can see from the chart, vendors have to be very sharp on correctly pricing, so that they are in the market, not just “on the market”, if they want to sell. It’s apparent from the data (as the chart shows) that over the last 2 months there is a delta forming and anedotally, it appears its getting bigger.