What’s the best time of the year to sell a home? As listing agents, It’s a question that we get asked when people are preparing to sell a home, but have some flexibility in their timeframe to do so. There are a few factors to consider, here are the biggest two:
#1: The Weather. Obviously in Massachusetts (especially North of Boston), we have a lovely white winter that sometimes likes to stretch itself out into April! This can effect “curb appeal” by immediately hiding what may be just beneath the snow: beautifully landscaped lawns and plantings, but also downgrade warm weather desirables such as a pool, patio, deck, and air conditioning! What the winter MAY help to highlight is a large, comfortable interior and details such as a fireplace (especially if it’s lit during a showing or open house!) and finished basement. This will also be true for condominiums, as private outdoor spaces and landscaped common grounds may not catch someone’s eye in the colder seasons, but well appointed (and WARM!) interiors could help a sale.
#2: Schools. If we are focusing on single family home sales - and when we say “family” the majority will most likely have school aged children - the need to move in before school starts in late August / early September is huge factor. For the most part, condominiums don’t have this type of timeframe / pressure on the buyer.
For both of these reasons in particular, spring is historically the target season to list a home. Well, with that in mind, I looked into sales for both condominiums and single family homes in the Reading / North Reading market in 2017 to find out which “season” had the highest prices and the quickest days on market. I broke the year up into thirds, as the closing date of a home is different than the listed date of the home, of course (usually 45-60 days from listed date). So, the thirds I broke the year into were: Late Winter (January - April) Spring and Summer (May - August), and Fall / Early Winter (September - December).
As I usually do, I used price per square foot as the “price” measuring stick, rather than average sale price - as price per foot is a more accurate representation of price.
Here’s what the data revealed:
Single Family Homes in Reading & North Reading
Jan - April:
Number of Homes Sold: 80
Days Until Offer: 33
List Price Per Square Foot: $277
Sold Price Per Square Foot: $278
May - August:
Number of Homes Sold: 220 (PHEW!)
Days Until Offer: 18
List Price Per Square Foot: $288
Sold Price Per Square Foot: $293
September - December:
Number of Homes Sold: 133
Days Until Offer: 25
List Price Per Square Foot: $293
Sold Price Per Square Foot: $299 (interesting……)
Condominium Sales in Reading & North Reading
Jan - April:
Number of Condos Sold: 37
Days Until Offer: 40
List Price Per Square Foot: $293
Sold Price Per Square Foot: $295
May - August:
Number of Condos Sold: 87 (WOW!)
Days Until Offer: 22
List Price Per Square Foot: $307
Sold Price Per Square Foot: $309
September - December:
Number of Condos Sold: 66
Days Until Offer: 36
List Price Per Square Foot: $305
Sold Price Per Square Foot: $306
So, obviously the good news for sellers in the Reading & North Reading market is that in ALL seasons for both single family homes and condos, sellers on average were rewarded with “over-listing” sale prices. Spring & Summer closings reflected the quickest days on market. But interestingly, in Fall / Early Winter - single family homes sales price per foot rose.
If you are considering selling your home, contact President of Residential Sales, Paul Santucci at 617-694-0004 for this level of market insight, comprehensive sales strategies and to work with the most experienced home sales team North of Boston.
Reading Woods Condo - SOLD by the True North Ream in 2017
8 Gould Street, Reading - SOLD by Lori Keefe of True North Realty in 2017
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