Weekly Special | March 18, 2018

How Long Does It Take A Contract To Close?

If you are preparing to move your family in the near future, we have some measured timeframes that you can use in order to have it go as smooth as possible.

Do you sell your home first then go under contract for your next home? Or do you find the next home, secure it with a contract, then list your home for sale?

In the graph above, the median contract to closing time frame (number of days) is shown. The red dashed line represents the overall market median time of 24 days for a contract to close.

This means that when looking at all sales in the MLS last year, 24 days from contract to close was the middle value.

The wild fluctuations towards the higher end of the range is mostly a result of outliers having an impact on the results (in other words, so few homes sell in those price ranges that if a few take 9 months to close, it could skew the results to a higher number).

The results of this study surprised me, as we often prepare our buyers and sellers for a 30 to 45 day closing time frame. As far as what do you do first … ask the agent you hired to help you!

The original one-page Weekly Special PDF is still available.