Hello fellow nerds. Ready for a deep dive? I'm sure you are...Let's go!
Instead of relying on the standard "days on market" number that is most commonly reported, I like to follow the "days til offer" (DTO) to truly understand how quickly our inventory is moving. The reason I like looking at DTO instead of DOM is because days on market can vary for so many different reasons. The closing timeframe can be shortened, like in the case of a cash offer with fewer contingencies, or lengthened to accomodate a home sale contingency, fixes to accomodate an inspection request, or many other variables. The DOM statistic, in theory, is nice to use as a benchmark just to understand how long you can expect to be tied up in a sale, from sign in to sign out. What I like about the DTO statistic - it provides the truest metric on just how quickly you can expect your home to go under contract - that's something you can take to the bank.
For my analysis, I took single family, detached homes that are currently under contract (as of 8.10.20) in Fort Collins, Loveland and Windsor. I also removed any new construction homes, simply because they tend to skew the market towards a longer DTO timeframe because often times they are marketed long before there is a physical home to see. This gives you the best possible data if you're considering listing. Then, I broke it up in to specific price points to derive trends.