Real Estate: Homes on Market Taking Much Longer to Sell,

Real Estate: Homes on Market Taking Much Longer to Sell, in Past Six Months

On average, the length of time required from real estate listing to contract has increased dramatically in the U.S. in the past six months, according to HouseHunts latest national Current Market Conditions homes for sale activity survey. Seventy-five percent of respondents said it is now taking more than 30 days. Of that figure, 30% said it is taking more than 60 days.

Three months ago, 52% of survey respondents said the average time on the market required for a home to sell was more than 30 days on the real estate market. Six months ago, only 35% said it was taking more than 30 days as buyer frenzy continued unabated.

Current Market Conditions 4th quarter survey also found:
Home sales prices remain firm. Currently, 82% say they are getting 95% or more of asking home prices. This compares with 80% in the third quarter and 90% in the second quarter of 2005.

Solid appreciation. One-half of all respondents report home price appreciation of 10% or more in the fourth quarter, year-to-year. This compares with 46% in the third quarter and 42% in the second quarter. ...