On average homes listed in early May sell nine days faster and for one percent more
(March 2, 2017) – Zillow– Listing a home toward the end of spring significantly increases a seller’s chances of selling their home faster and for more money, according to new analysis from Zillow. Nationally, homes listed from May 1 through May 15, sell around nine days faster and for nearly 1 percent more than the average listing. In 20 of the 25 largest metro areas, the best month to list is late spring, in either April or May.
Housing market dynamics, including low inventory, make the buying season more pronounced in some parts of the country. Sellers in the highly competitive Seattle, Portland, Ore., and Denver markets saw between a 1.5 and 2.5 percent boost to final sale prices when they listed in early May. The lack of new homes for sale in these markets elongates the home-buying season as many buyers are forced to consider several homes and make multiple offers. Less than half of buyers got the first home on which they made an offer, according to the Zillow Group Report on Consumer Housing Trends.
Weather patterns also affect the exact best window to sell in different areas. Sellers in Texas, California and Florida will find themselves with more flexibility in list timeframe, as many regions without distinct climate changes show little variation in sale price based on listing month.
“With 3 percent fewer homes on the market than last year, 2017 is shaping up to be another competitive buying season,” said Zillow Chief Economist Dr. Svenja Gudell. “Many home buyers who started looking for homes in the early spring will still be searching for their dream home months later. By May, some buyers may be anxious to get settled into a new home— and will be more willing to pay a premium to close the deal.”
Additionally, listing on different days of the week can impact the number of buyers who will view the new listing. Listings that appear on Zillow on Saturday earn an average of 20 percent more views in the first week on market than early-in-the-week listings; similarly, Friday listings on Zillow earn 14 percent more views that those published on Monday.
To apply this analysis to individual homes, homeowners can use Best Time to List, a tool that estimates how much the timing of a listing will influence the final sale price for their home and their own market. Registered Zillow users access the tool by clicking the “Sell Your Home” tab on the home details page of their home, and obtain valuable information to pair with the expertise of a local real estate agent when determining the best time to put their home on the market.
|Ideal Day of the
Week to List
|United States||May 1 – 15||9||0.8%||$1,500||Saturday|
|New York/Northern New Jersey||May 1 – 15||7.5||0.7%||$2,600||Saturday|
|Los Angeles-Long Beach-Anaheim, CA||April 16 – 30||15||1.0%||$5,600||Friday|
|Chicago, IL||May 1 – 15||12.5||1.3%||$2,500||Friday|
|Dallas-Fort Worth, TX||May 1 – 15||9||1.3%||$2,400||Saturday|
|Philadelphia, PA||May 1 – 15||9.75||1.0%||$2,000||Friday|
|Washington, DC||April 1 – April 15||15||1.2%||$4,500||Thursday|
|Miami-Fort Lauderdale, FL||March 1 – 15||8||0.7%||$1,500||Saturday|
|Atlanta, GA||April 1 – April 15||19||1.4%||$2,200||Friday|
|Boston, MA||April 16 – 30||13.5||1.2%||$4,500||Wednesday|
|San Francisco, CA||May 16 – 31||5.5||1.3%||$10,200||Friday|
|Detroit, MI||March 16 – 31||17.5||1.5%||$1,900||Sunday|
|Riverside, CA||April 1 – 15||15||1.1%||$3,400||Friday|
|Phoenix, AZ||April 16 – 30||14.5||0.8%||$1,700||Saturday|
|Seattle, WA||May 1 – 15||15||2.5%||$9,300||Thursday|
|Minneapolis-St Paul, MN||May 16 – 31||6||1.4%||$3,200||Friday|
|San Diego, CA||April 1 – 15||13||1.3%||$6,200||Saturday|
|St. Louis, MO||May 1 – 15||10.5||1.3%||$1,800||Saturday|
|Tampa, FL||March 1 – 15||10.5||0.9%||$1,500||Saturday|
|Baltimore, MD||April 1 – 15||21.5||0.9%||$2,300||Saturday|
|Denver, CO||May 1 – 15||8||1.7%||$5,600||Friday|
|Pittsburgh, PA||March 16 – 31||17||0.9%||$1,100||Saturday|
|Portland, OR||May 1 – 15||16.5||2.0%||$6,300||Friday|
|Charlotte, NC||May 1 – 15||12.25||1.1%||$1,700||Saturday|
|Sacramento, CA||April 1 – 15||17.5||2.0%||$6,600||Saturday|
|San Jose, CA||May 1 – 15||9||1.6%||$14,900||Wednesday|
[Source: Zillow media release]
For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.
All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.
OnlineEd® is a registered Trademark
Jeff Sorg is a co-founder of OnlineEd®, an online real estate, mortgage broker, and vocational school founded in 1997, where he also serves as Chief Executive Officer, and School Director. Sorg holds vocational and post-secondary school instructor licenses in several states and has authored numerous real estate continuing education and pre-licensing courses and has been awarded the International Distance Education Certification Center’s CDEi Designation for distance education. Memberships include ARELLO (Association of Real Estate License Law Officials), the National Association of REALTORS®, Oregon Association of REALTORS®, and Portland Metro Association of REALTORS®. Awards and service include REALTOR® Emeritus in the National Association, Life Member award in Portland Metro Association and Chairperson of the Oregon Real Estate Forms Committee.
OnlineEd® provides real estate, mortgage broker, insurance, and contractor pre-license, post-license, continuing education, career enhancement, and professional development and designation courses over the Internet.