Today we take a look at the number of days it takes to sell residential properties in Sedona.
Days on Market or DOM is a useful indicator for Sedona sellers as it helps them align their expectations when listing a property with current market conditions.
When DOM trends lower, it means properties are selling at a faster pace and buyers may perceive from this information that their negotiating power is somewhat diminished as they know that if they don't come to an agreement on buying a property today, it is only a matter of time before another buyer does.
However, it must be noted that there is no direct correlation between DOM and price levels. The graph below shows a net decrease in DOM in 2010 while Sedona home prices continued their steady decline during the same period. Ultimately, buyers always control the process.
The graph also shows that while DOM remained historically elevated in 2011 and 2012,to date 2013 has seen a 26% decrease in the number of days it takes to sell a home. For sellers, relief may be in sight...