Friday, November 1, 2019 / by Dennis Isip
Does it matter if you sell in the middle of winter or in the heat of summer? When will your house sell more quickly? When will you get the best price?
To answer these questions, I gathered the statistics from the actual number of homes sold in the Spokane real estate market, within the past year.
The graph shows that the most number of homes sold in July, while the least is in February. Then we look at Fig 2 that says 33.2 average Days on Market (DOM) for July and 46.9 DOM for Feb. This means that sellers should be listing their home in December to get it sold in Feb, while June or late May is the target in the summer months.
In addition, the table has the Net % column. It is the average difference between the actual selling price against the listed price. So in June, the average home sold for 1.86% more than what they were listed for. In contrast, the average home was sold in Nov for 0.46% less than what the sellers were asking.
So if you were to sell, listing your home in Mar-June will yield the best results in getting the most money. It appears that Aug and Sept will be the quickest; however, this may need further validation from prior years’ worth of data. As a Spokane Realtor, my guess is that the sellers from June & July, now have the cash to buy quicker in Aug & Sept.
However, the above strategy can be a double-edged sword. Keep in mind that when averages are concerned, half are above the average, and the other half are below the average.
If you’re going to sell during the Spring, you will likely encounter more competition as a seller. If your neighbor offers a better value, you can potentially lose out, and not obtain the benefits of an incremental higher price.
Under the same conditions, if you decide to list during the winter months, there will be less homes available in the market to choose from, so it’s possible that you can get a higher price from a buyer who needs to find shelter before it gets any colder. Winter buyers are usually much more serious than summer buyers.
In conclusion, while the numbers reveal the probabilities of your desired outcome - it is still a probability. Perhaps more importantly, consider your personal circumstances to determine your schedule of when you sell.