As we close out a summer marked by rising home prices and limited supply, we’re conditioned to expect the inevitable end-of-season slowdown. But the change of season doesn’t
Just When Is The Spring Market
If you ask a metrologist, they'll tell you spring is March, April, and May. If you ask an astronomer, they'll say it starts between March 19 and March 21 and lasts until June 21st ish.
(This year it's March 20th at 5:28 AM Eastern if you're wondering)
But in real estate, it can depend on the location. Spring is certainly the hottest time of the year when it comes to home prices, inventory, and competition, but different markets have different reckonings.
Above is the number of contracts written every month last year in Wake, Durham, Chatham and Orange Counties. You'll see a jump up in March, a peak in April, and a gradual decline of the rest of the year. I'd call the spring market here between March and June. Based off the above I'd stay you should target being on the market a couple of weeks before April.
But people don't live in "Triangle, NC". Different neighborhoods have different trends and ebb and flow differently throughout the year. You'll see most of the places below peak around the same time, but others have greater drop offs in the fall.
Wake County is where about 70% of the tranactions in the Triangle are written. If 2017 is anything like last year, sellers should target listing their home by April or May to hit the peak of the market.
CITY OF RALEIGH
When we zoom in a bit to Raleigh itself, we see that March, April, and May are all fairly strong months with June beginning to slow. Check out the big drop off after August. Thank the school year for that.
Holly Spring is a red hot housing market with only a couple of months of inventory at any given time. Looks like April was the clear winner in the number of contract last year with July coming in second.
Like most other sub-markets - the holidays are the slowest time of the year. Not only to buyers focus on buying presents and not houses, many sellers pull their homes off the market so they don't have to worry about keeping their home in showing condition while the family is in town.
To be perfectly honest, many homes in Cary and Apex sell in days for over asking price regardless of what month you list - that's just how hot it is there.
Different parts of Durham County can vary wildly in terms of time on market so if you're thinking about selling your home, let's chat about your specific neighborhood.
CHAPEL HILL (ORANGE AND CHATHAM COUNTIES)
NORTHEAST CHATHAM COUNTY
Heading down 15-501 even more brings us to Chatham County and it has a unique trend thanks to the number of new home construction, which tends to be more steady over the year than the resale market. April and May were almost tied and oddly enough August has a pre-school spike to come in third. November and December also had strong showings thanks to builders offering year-end incentives to close out remaining inventory.
Each town, zipcode, and neighborhood is unique and knowing when to put your home on the market can help you take advantage of the increased traffic to get you top dollar.
Want more info about your neck of the woods? Shoot me an email: [email protected].
Michael Cunningham is a Real Estate Broker as well as the go-to tech and marketing wiz at Domicile Realty. A native of Tennessee, Michael arrived in Chapel Hill by way of Washington, DC where he help....
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