Thursday, October 20, 2011

Wilmington #1 on the list of 10 cities where homes are on the market for the longest time..

The number of homes listed for sale in the largest cities in the country has fallen 20 percent in the past year, according to a report released last week by While the number of homes on the market has dropped around the country, the average number of days that listed homes have been on the market has remained the same: 107 days.24/7 Wall St. has identified the 10 cities where homes are on the market for the longest time.
Cities Where Homes Will Not Sell- But think about it - there is not better time to buy.....When it comes to the housing crisis, foreclosures and home prices often dominate the headlines. Other information, however, is just as important to a complete understanding of the crisis. Chief among these is the amount of time that homes are on the market and whether the total inventory of available homes has changed. These are better indications of supply and demand than any other data.
#1 Wilmington, N.C., tops the list, with houses remaining on the market for 164 days. Compare that to a city in bad shape, like Detroit, where the number is only 65 days. Wilmington's figure is not necessarily a bad sign. A city where listed homes have been on the market for a long period may be one where many homeowners still believe there is a chance that they can make a sale. Detroit's figure is probably low because people are no longer listing their homes for sale due to a lengthy and depressed housing market.

No comments: