The days on market average has been fairly consistent for 2008 in the Edmonton market. We started the year at 61 days and dropped down into the 51-55 day range in the remaining months. Many people call me in to sell their home and make the mistake of thinking they can put their home on and have it sold (ie have their money and move out) in 30 days. This is a possibility although very unrealistic.
Firstly, our days on market average does not include homes that sold but were also on the market previously and failed to sell. For example a home may have been on for 180 days with another REALTOR® and then it was relisted and this time it sold in 45 days with the same or different REALTOR®. The days on market reported is 45, NOT 225 (45 when sold + 180 when expired). So our days on market average is always understated. This is a minority of the listings but it does cause the reported days on market to be lower than in reality.
Secondly, the possession date on average is in the 45 day range. So, if you add the average days on market to sell (55 in July) plus the average possession date (45), you end up with 100 days or a little over 3 months from the point you put the home on the market until you receive your funds and move out.
That being said, I have sold homes in the first week and had a 21 day possession, so anything is possible. But, if you look at the law of averages you are better to give yourself 120 days from the point of listing to when you want to move out.
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