When discussing the real estate market, average selling times are often mentioned. While many people see this figure as a reliable indicator of market strength, it's a good idea to take the time to understand what's behind the calculation, to avoid drawing the wrong conclusions. 

Calculating the average selling time 

The average time to sell a property is calculated when the property is declared sold, i.e. when an offer to purchase has been accepted, and the conditions attached to it have been lifted. The duration used in the calculation is the time elapsed between the time the offer to purchase is accepted and the time the property is put on the market. For DuProprio, this is the first day the property is posted online on DuProprio.com and its mobile application. The average selling time will then be calculated for all properties considered sold during the period under study.  

For greater precision:  

• The geographical area will be as restricted as possible (e.g.: one city).  
• The type of property will be as specific as possible (e.g. condo).  

Naturally, there needs to be a minimum number of properties reported as sold in order to produce reliable statistics. When this minimum cannot be reached, the filter will be expanded. In such circumstances, you may see an average sales time applicable to an administrative region, or to all residential properties of all types. 

Is sale time a good predictor of how long my sale will take? 

The time it takes to sell a property varies from one situation to another: some properties sell very quickly, others take longer. As a result, posted sales times, regardless of the source, never guarantee the exact time it will take to sell a specific property. 

Moreover, this data is based on properties sold in the past. Since the market is constantly evolving, the current market average could be longer or shorter, which means that sales times are more indicators of the market than precise predictors of the future. 

What can influence the time it takes to sell my property? 

Factors beyond your control  

• The local market : The real estate market in which the property is located plays a crucial role. In a dynamic market with strong demand, properties generally sell faster. Conversely, in a slower market, selling times can be longer. 
• Product Range : Some properties have a limited number of potential buyers. For example, luxury properties or homes with unique features may take longer to find buyers due to the restricted nature of their market. 

Factors you can control

• Price : The selling price is one of the most important factors influencing the time it takes to sell a property, as well as being one of the most controllable. While setting a competitive price that’s in keeping with market trends can attract more buyers and speed up the sales process, a price that's too high can deter potential buyers and stretch lead times. 
• The Product : The condition of the property is also a factor you can control. Make sure the property is well maintained, clean, and attractive. Minor improvements such as a fresh coat of paint, or minor repairs can make a big difference in potential buyers' interest in your property.
• Visibility : DuProprio is an essential search platform for all potential buyers. The visibility of your listing is a crucial factor in the sale, so you can maximize the exposure of your listing by: 
  
  
  • Organizing one or more open houses   
  • Using Featured display  
  • Sharing your listing on social media 

Frequently Asked Questions