A lot of people assume that it’s better to sell in the Spring. They assume that they can get a higher sales price then, for whatever reason. However, the data don’t exactly bare out that conclusion.
Let’s examine the facts, comparing the Triangle’s historical sparklines for several months in a row. Year in and year out, listings are at an annual low. In December of 2017, for example, there were just 2,183 new listings, compared to 3,380 in January, 3,933 in February, and 4,875 in March, the month when listings typically peak. Days on market until sale tend to peak in January–in 2018, the DOM was 40 for the Triangle.
However, what I find very telling are the numbers for June. June is when the number of closings peak, as well as the percent of list price received (which is at 99% for the Triangle), and when the number of days on market and inventory levels fall to a year-round low. The scenario these numbers paint is this: we live in a transient, university-related area. A lot of buyers start looking after the New Year and feel especially frustrated by the time summer rolls around and they still haven’t found anything. Summer comes, and they eagerly gobble up whatever comes on the market, often at full price or above (because that’s what it takes to get the job done!).
What does this mean for you, savvy reader?
Well, truth be told, inventory has been low in the Triangle for five years now, so it’s almost always a seller’s market. However, the June numbers seem to suggest that sellers will get even more for their house if they list in the beginning of May. So, if you’re selling, shoot for May! If you’ve done everything you’re supposed to do and your house is priced right, you’ll get the most money possible. Call me if you’d like to get my opinion on what you need to do to sell and price your house well.
If you’re buying: be prepared to get caught up in the feeding frenzy if you’re looking in the spring or summer. You’ll most likely need to bid full price or over on the first day to win a house. If you see your perfect house, text me and we’ll jump on it. If you can wait, the pace isn’t as frenetic, but there is still competition since inventory dwindles as the year goes on.
As always, look me up if you have any questions about the market or anything else. Well, I can’t answer your questions about dark matter or Proust or anything neuro-physics related, but ALMOST anything else.