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How long will it take me to sell?

If you are looking to sell your New York City apartment, days on market is one of several key indicators that you should be aware of before listing your property. Interpreting days on market trends means understanding the hyperlocal nature of NYC real estate markets, and the relative weakness or strength of the recent trend.

There are a few ways of breaking down days on market depending on if your looking at what is active and for sale, what is in contract and pending, or what has recently closed. The change in status means a different question is being asked for each one, making conclusions a bit trickier than one would hope.

Here is a general guide to understanding days on market trends for your local sector:

  • Active Days on Market - When looking only at Active, For Sale properties, this is how long your listing competition has been on the market. Its a great way to know whether or not you are competing against fresh, new inventory, or, if you are competing against stale, old inventory that is simply not selling.
  • In Contract Days on Market - When looking only at In Contract properties, this is how long it took them to get a deal signed. This is your most accurate and relevant view of days on market and should be used as a proxy on when to consider a notable price reduction.
  • Sold Days on Market - When looking only at recently Closed properties, this is how long it took them to get a deal signed and is your 2nd best view of the health of your neighborhood.

Determining your expected days on market should mean a review of all three of these variations, including a focus on your specific building activity.

Manhattan co-op and condo buildings have dozens of attributes that make each one unique versus one another. The result is, every building in NYC real estate really is its own little marketplace. By consolidating days on market trends for your local NYC neighborhood and building, it will result in a targeted estimate for how to answer the question: How long will it take me to sell my NYC apartment?

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