Spring is generally perceived as the best time to list a home for sale, and the best period of opportunity for buyers to shop for the greatest available deals. The notion is that there are more homes on the market to choose from in the spring, and for sellers, buyers are rip roaring ready to jump off the fence to purchase. Warmer weather brings on the hotest selling season. Right?
Well, according to the sales data of the local market over the past five years, spring may have a slight edge, but not as much as commonly perceived. When analyzing the 1,644 site-built homes sold in the past five years here is how the seasons stacked up:
Spring (March 21 – June 20) has seen an average of 92 homes sold over the past five years. The greatest buying surge was in 2010 when 105 units sold, while the lowest occurred in 2001 when only 71 homes sold. The average days on the market for spring sits at 139 days in the past five years. The average price reduction was only 1.90 per cent.
Summer (June 21 – Sept 20) has seen an average of 85 homes sold over the past five years. Only 69 homes were sold in the summer of 2010, while 98 homes were sold in 2014. The average days on the market hovered at 136 days, almost even with the spring season. The average price reduction settled at 2.59 per cent.
Fall (Sept 21 –Dec 20) has seen an average of 84 homes sold in the past five years. 2013 saw homes sales drop to only 76 units, while in 2009 and 2014 homes sales during rose to 91 units. Surprisingly, the average days on the market during the fall season was 137 days, a figure essentially even with the spring and summer months. The average price markdown moved a bit lower than the summer to 2.63 per cent.
Winter (Dec 21 – March 20) is the season locally where cool weather sets in and market activity slows down. Over the past five years an average of 68 homes sold during this period. Sales dropped as low as 36 units in 2009 and jumped up as high as 91 units in 2011. Average days on the market moved up to 149 days during the winter months. The average price markdown in winter dropped even a bit further to 2.95 per cent.
Despite the above statics showing there to be peaks and valleys, what sells a home is critical attention to condition and price. Without careful consideration to these two items a home will not sell no matter what the season or time of year.