Most Realtors never met a listing they didn’t like. If you called them up on Christmas Eve to list your home the next day, in the midst of a blizzard, they would be sure to oblige.
Propaganda is rampant in the real estate industry. The reason being, most consumers aren’t paying attention. Real estate news and market updates, aren’t exactly the most exciting pieces of content to indulge in, and 99% of the industry news you’ll hear is how great of a time it currently is to sell your home.
As Punxsutawney Phil gets set to pull out the infamous groundhog in an effort to predict the end of a bitter cold winter, we take the opportunity to tell you that, we hope a shadow is indeed cast today, because waiting to sell your home until Spring, can make you a lot more money, compared to listing it at any other time of the year, especially the winter.
[Update: The groundhog has indeed, see it’s shadow]
This is probably the opposite advice you’d expect from a real estate firm who depends on commission sales to make a living. But it’s the truth, and a accurate deception of our local real estate market. Don’t take my word for it, or the groundhogs for that matter. We have a better way to spell out the truth in the Capital Region real estate market that is irrefutable, and that is by way of statistics.
The following data is best described as, the number of homes offered for sale, each month, for all of 2017, but listings that actually sold. Other homes may still be for sale, or expired from the market and failed to sell.
Basically, there were more homes listed in each county than the ones depicted below, but these were the homes that were successful in selling, thus, we can see the average sale prices they received based on month they decided to list.
Albany County 2017
When looking at simple housing market data, it’s no surprise when you see the amount of homes that come on the market every Spring.
Being that it’s Upstate NY, usually facing tough winters, it’s not a shock to see home listings shoot up in the Spring, and drop off in the Fall and Winter.
In 2017, like every other year, this was indeed the case. The top 3 months for the most homes hitting the market in Albany County last year was May with 311 listings, June with 268 listings, and April with 250 homes listed.
We often talk about Supply and Demand, but despite a surge of listings in the Spring every year, this actually increases sale prices due to being the “season” that real estate is conducted the most.
So which listing months netted home sellers the most money in the sale? It wasn’t the the Wintertime, I can assure you of that.
Albany County home sellers, who listed their home in April of 2017, saw the most money in their sale, with an average sale price of $249,782.
This was followed by August 2017 listings, who saw an average sale price of $244,350 from 200 homes listed, and thirdly, the home owners who hit the market in June, netted $243,341 in their sale.
You can ignore the $260,433 average sale price from December, as this average was from only 4 homes to hit the market and sell within the same month.
The story is no different for the other three main counties. Let’s take a look at how much money home sellers made in relation to their listing date in 2017.
Current homes for sale in Albany County
Rensselaer County 2017
The top listing months for Rensselaer County in 2017, in which home sellers actually closed a sale, were May with 168 new listings that ended up selling, April with 135 listings, and March, which ties July for 119 listings sold.
This was in conjunction with the best sale prices coming from homes listed in June at $201,765, May with an average price of $199,691, and homes listed in July, saw the third best average sale price in Rensselaer County by posting a final $199,288.
Again, you can ignore the months of November and December in the following graph, as this was due to only 9 total homes listing and selling in the same month, which inflates the averages greatly.
Saratoga County 2017
There were no months during the Winter, where listing your home resulted in higher sale prices for Saratoga County home sellers in the 2017 calendar year.
The top months for overall listing volume came in May with 313 listings, June with 261 listings and April with 233 listings.
As you may have guessed, Spring and Summer sellers made the most money in their home sale as well, with the best averages coming in at May listings with an average price of $322,508, August sellers with an average price of $306,787 and March sellers posting an average of $304,185.
Only 2 homes listed and sold in December, for an inflated price of $662,500, which isn’t relevant here.
Schenectady County 2017
Schenectady County home sellers decided to hit the market in May, June and March in 2017. These total listings, respectively, looked like 252, 191 and 171.
Average sale prices were almost perfectly in line with the top listing months, as May sellers netted the most money at $188,820 on average, followed by April sellers at $187,649 and finally, June sellers at $182,004.
There were actually no other months in 2017, where home sellers made an average sale price of over $180,000 in the entire county of Schenectady.
The numbers don’t lie
There are countless examples, both locally and nationally about how hot the market is, and how “buyers are waiting” to pounce on your listing this winter.
While there may be some truth to an overall healthier market, the fact remains that listing your home in the Spring nets you more money, while listing in the Winter, makes you less money.
Apart from having to sell now due to a job transfer or other personal reasons, if you can wait till the Spring, if not late Spring / early Summer to list your home, I recommend that you do, since the data proves you’ll make more money.
Not only is that fact proven, but also with a healthier market and overall price increases in many markets across the region, your home may most likely be increasing in value by the day.