TORONTO–In a changing but still hot real estate market, new research reveals in which states homes are selling most slowly.
New York takes the top spot for longest time to fully complete a sale, according to the study by online bank Tangerine.ca, which analyzed data from Zillow, which included the average “days to pending” and “days to close’’ numbers over the past four years to see where homes take longest to sell on average. “Days to pending” refers to how long it takes to get an offer that is accepted, while “Days to close” refers to how long it takes to close the sale.
According to the analysis, New York has the slowest time to fully complete a sale, with 130.45 days on average.
“This meant that homes are on the market for around 71.64 days before getting an acceptable offer, and then when an offer is accepted and the listing switches to pending, the sales take approximately 58.81 days to close, the highest out of any state,” Tangerine.ca said.
Hawaii came in second place on the list due to an average of 69.66 days to accept an offer on a home and 49.16 days to close the sale. Kapaa is the city in the state where homes are taking the longest to sell on average, taking roughly 130.09 days to sell.
Slow Sales in Garden State
In third place, New Jersey, with an average of 67.55 days before homes receive an offer that is accepted and 49.85 days before sales close, for 117.4 days to overall. Atlantic City is where homes take the longest to sell in the state, with sales taking around 131.31 days.
West Virginia takes fourth place on the list, with homes taking around 70.12 days to receive an accepted offer and another 43.32 for the sale to close, adding up to a total average of 113.44 days. Huntington is the city where homes take the longest to sell, with sales taking an average of 125.35 days.
What’s Happening in New York?
“Despite New York being one of the most populated states in the US, homes are staying on the market for more than two months before an acceptable offer comes through,” the company said. “This might be because sellers are holding out for the highest offer they can get, or that demand just isn’t as high as in some other states. For people looking to sell their houses who are living in the states that feature in the top ten, this data is a useful guide for the timings to expect once your home goes on the market – it might be necessary to wait considerably longer than expected.”
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