Does the Real Estate Market Slow Down When School Starts Up???
We are often asked when a good time to buy or sell might be. Historically, spring is king when it comes to home sales. This is when listings increase as do buyers looking for a new home. The reason for this? People may have more time to get out during the spring and summer months. In our area, we find that parents often want to get established in a new school district. Sellers may use the opportunity to present their homes when the feeling of "spring cleaning" is in the air - the grass is green and the flowers are in bloom!
But what do the numbers tell us?? In the past month versus May, 2018, active listings are down 3%, new listings are down 7% and sales are down by almost 4%. The average days on market was 66 for homes sold over the past month and 67 for homes sold in May, 2018. BUT, prices are UP! In May, 2018 the average sale price was $153k while in the past month, the average sale was $170k!
So what does this tell us? Could we have a sellers market on the coast one day?? Only time will tell, but it seems that Spring is not the only time the market is HOT. Maybe we can thank our lengthy warm weather season down here on the coast! ️