Seattle Real Estate company, Redfin released some interesting data today. They pulled a year’s worth of data on three quarters of a million homes listed across the country and analyzed sales statistics by season. Here’s what they found:
- Homes listed in winter sell faster: 46 days in winter vs. 55 days in summer
- Homes listed in winter are more likely to sell: 59.2% sell in winter vs. 53.1% sell in summer
- Homes listed in winter sell closest to their original price: a 2.7% drop from the final price in winter vs. a 5.2% drop from the final price in summer, worth more than $7,000 on a $300,000 home
5.8% more homes listed in winter eventually sell (compared to the overall percentage of homes listed throughout the year), and they sell 1.4 percentage points closer to their original list price than the median—that’s $4,900 on a $350,000 home.
Spring wins in one category: Speed. Homes listed in spring sell the fastest, sitting on the market for 15% less time than the median. Winter comes in second in this category though, at six percent below the median, while homes listed in summer and fall both sell slower than the median (12% and 16%, respectively).
I find this data interesting. It could be due to fewer listings and less competition in the Winter months or maybe it’s Santa Claus. Either way – I am rethinking my strategy with sellers and may be suggesting to list during the winter months instead of advising to prepare their home for the beginning of Spring.
What do you think?