What Does “Average Days to Contract” Mean?

Superior Homes Average 6 Days to Under ContractRealtors and news reporters often talk about the average number of days to contract as if everyone knows what it means.  This statistic is a great indicator of how the real estate market is moving and since its been mentioned in the news lately I thought I’d take a minute and explain it to you here.

The Average Days to Contract statistic tells us how fast or slow homes are selling.  It tracks the actual number of calendar days from the moment a home is listed for sale on the MLS (Multiple Listing Service) to the day the contract negotiation is finalized and both buyer and seller have signed the contract.

This statistic is a great one to watch because its clean and simple.  It only tracks how long it takes for a house to “go under contract”.  The shorter the number of days the faster the market is moving.

Sellers like a small Average Days to Contract number because that means they only have to keep their home in show-home condition for a short time.  Buyers get nervous and sometimes anxious with a small Average Days to Contract statistic because that means they have to move fast when a new house comes on the market.  No more casually waiting for the weekend to look at houses – do it today!

The Boulder Area Realtor Association just posted their April statistics and it shows some very telling details about home sales in Boulder Valley.

30-40 Average Days to Contract: Broomfield and Louisville

25-30 Average Days to Contract: Boulder, Erie and Lafayette

0-6  AverageDays to Contract:  Superior

The most stunning statistic jumps out from Superior.  Superior had 10 homes close in April with an Average of 6 Days to Contract!  Six days means most of those homes had inked contracts in less than one week of putting the sign in the yard.  Talk about fast!  That takes some specialized tools to keep up a market that hot and I can help you.

If you would like to know within hours of a new listing coming on the market please sign up for my email listing alerts.  It’s a free service and the information is updated several times throughout the day.  You can register to get your free email listing alerts here.

 

I am a Boulder County real estate specialist. Over the past three years, I have earned the distinction of being named a 5280 Five Star Realtor. This puts me in the top 7% of all Realtors in the Denver Metro Area for customer satisfaction. If you would like to schedule a buyer or seller meeting with me, please feel free to call me at 303-579-1617 or contact me by email.

TO RECEIVE FUTURE POSTS IN YOUR INBOX JUST CLICK HERE.

JeffGazaway.com is the most comprehensive online source for Boulder County real estate information. Whether you are looking for the latest sales, trends or homes for sale in the Boulder area, JeffGazaway.com has it all at your fingertips. Browse information regarding Featured Listings, Market Trends, Buyer Tips, Seller Strategies and Fun Things To Do in the Boulder Valley.

  1. Ashley Cusack

    So interesting to see that your market is moving that fast! Things are selling in Miami this quickly – the market has really changed fast. I’m impressed to see that it’s the same in Colorado, too!

  2. Gazaway Group

    Thanks for your comments Ashley. The market is so accelerated right now. I showed a brand new listing yesterday and there were 3 offers by evening. Found out this morning that the winning offer was approximately $20-$25K over asking price on a $500K home.
    Thanks for reading our blog and good luck to you in Miami!

Leave a Reply