I would imagine that for much of the United States, selling a home during the winter is a bad experience. A snow covered roof, dead landscaping, and having potential buyers slosh through a home with wet, icy boots has to be frustrating for everyone involved. And while I am envious of places that get 4 seasons, I’m sure shoveling snow gets old.
Do our hot and humid summers have the same effect as slushy winters? Or has the real estate industry made it’s own busy season by constantly reinforcing the idea that Spring is the best time to sell?
I was curious. So I did my own research.
The data in this report is based on 1,192 homes sales found in the Acadiana MLS from 2006 to 2016, and to the best of my knowledge these statistics (and my Excel formulas) are accurate. Sales statistics will vary significantly by price. So I limited the homes in this study to the following critieria.
Sales Price: $150,000 to $250,000
Days on Market: 0-180 Days (I excluded sales that were on the market for more than 180 days, as they may have been overpriced)
Sold Dates: 1/1/2006 to 12/31/2016
Types: Single Detached, 3 Beds, 2 Baths
Age: 4+ and older
Minimum List Price per SQFT: $100
For one reason or another, Lafayette does follow a national trend with a significant spike in homes listed and sold during the spring. March and April alone made up 21.85% of all listings. But putting your house on the market is only part of the equation.
To establish demand, I used the UNDER CONTRACT date. This is the day a buyer made an offer, and the seller accepted that offer. Once a home goes under contract, the act of sale will typically happen about 30 to 45 days later.
July easily wins with 232 offers (12.13%), followed by April with 10.66% and June is close behind with 10.19%.
Average Days on Market
Selling a home can be inconvenient. Your home has to be ready at a moment’s notice to show potential buyers. It doesn’t matter how busy work is, how many activities your kids have, and how much your dog hates being in a kennel...your home has to be ready.
The longer your home is listed, the more stress starts to build. So if selling your home as quickly as possible is important, July is the month for you.
Getting the most for your home.
List Price vs Sold Price differential is the difference a home seller was asking for their home, vs what they received. The differences between the months are subtle. Over the last 10 years, the average has been 97.4%. For example, if you listed your house for $200,000, and accepted an offer for $194,800 your list price vs sold price differential would be 97.4%.
July wins again with 98.05%. On a $200,000 home, that would bring in an extra $1,280.
Winter is coming...
Things slow down during the winter. The number of listings plummet. The average days on market increases. Home buyers are feeling the pinch of holiday spending, and traveling for Thanksgiving, and Christmas..There is a subtle drop in the list price vs sold price in December. I’m guessng that sellers are in the Holiday spirit, and are feeling generous.
Want to know what your home is worth?
Get started with a report specifically created for your subdivision.