This is a common question asked by many of our clients. As a seller, you always want to maximize all factors involved in listing your home for sale to get the highest sale price. Of course, one of these major factors is the time of the year when the highest number of potential buyers are in the market. After all, the term “spring buying season” exists for a reason. The common thinking behind the “spring buying season” is that many families with school-aged children prefer to look for homes in the spring so that they are set up to close and move into their new home during the summer months. This allows these families to move while their children are out of school on summer break. Although this does not impact all home buyers, it certainly is a significant factor in the housing market.
What does the data show?
According to a recent ATTOM data solutions analysis, 19 of the 20 best days to sell in the calendar year fall in the months of May or June. This makes sense based on the increased showing activity typically seen during the spring months. Additionally, the company broke down their eight years’ worth of research month by month. Here were the best months to sell, between 2011 and 2018, based on seller premiums for single-family home and condo sales:
1. June
- Number of sales: 2,881,400
- Median sales price: $200,000
- Seller premium: 9.2%
2. May
- Number of sales: 2,657,045
- Median sales price: $190,000
- Seller premium: 7.4%
3. July
- Number of sales: 2,752,755
- Median sales price: $199,500
- Seller premium: 7.3%
4. April
- Number of sales: 2,372,242
- Median sales price: $184,063
- Seller premium: 6.4%
5. March
- Number of sales: 2,247,224
- Median sales price: $178,000
- Seller premium: 6.1%
6. August
- Number of sales: 2,802,268
- Median sales price: $195,706
- Seller premium: 5.8%
7. February
- Number of sales: 1,694,513
- Median sales price: $170,000
- Seller premium: 5.6%
8. September
- Number of sales: 2,423,163
- Median sales price: $190,000
- Seller premium: 4.7%
9. November
- Number of sales: 2,094,175
- Median sales price: $188,173
- Seller premium: 4.0%
10. January
- Number of sales: 1,762,726
- Median sales price: $170,000
- Seller premium: 3.7%
11. October
- Number of sales: 2,440,413
- Median sales price: $188,000
- Seller premium: 3.3%
12. December
- Number of sales: 2,223,542
- Median sales price: $188,000
- Seller premium: 3.3%
Summary
As expected, we typically see more home closings during the months of June, May, & July (top 3 months). In addition, you will notice that November, December, & January comprise 3 of the bottom 4 months for sales. The reason for this is because we typically see both less buyers and sellers during the end of year holiday months. Not only are many people more focused on the holidays during this time of the year, but many prospective sellers would rather not have to deal with showing their property during the holidays.
In closing, the current market is certainly unique for many reasons. The persistent tight inventory of homes for sale combined with historically low interest rates may very well cause more buyers to either stay or enter the market. During typical years, buyers generally have less competition for properties during the months of November, December, & January. Of course, every market is different. It is always best to consult a local real estate professional for guidance on local market dynamics.
