Seasons…

and we don’t mean salt, pepper or garlic

By: Kevin Kern


Seasonality! It’s not just that overly aromatic aisle I avoid at the grocery store.  In real estate, it’s something we think about a lot, for both our Sellers and our Buyers. During the Pandemic, our “normal” real estate market got turned on its head, as people came out of the lockdown and made the Summer and Fall of 2020 an anomaly of frenzied buying.

Since early 2023 though, it would seem we are back to a more reliable seasonal map, where the “Spring is King”, the Summer cools off, the Fall becomes robust again, and the Winter is quiet around the Holidays.

While old axioms are helpful in easily explaining things, it may be surprising to learn new insights when actually digging into the data further though. 

Information we pulled from the GSMLS (see charts below) actually shows that the Summer market does not experience the dramatic pullback in inventory that we in the industry always assume is coming.  Taking a look at the last five years, shows that while South Orange/Maplewood’s Late Spring Market (April 1-May 31) does traditionally have many listings come to market, the Early Summer market (June 1-July 31) is not far behind!

Last year from April - May, we had 106 listings go live on the MLS, and then from June-July, we only dropped to 90 new listings.  The average Sale Price went from $1.05M in the Spring to $879K in the Summer.  This average price reduction is, of course, great news for buyers, but there is good news in the data for sellers as well. In the Summer, the DOM (Days on Market( only went up by 4 days and the average Sale Price was still 7% over the list price. 


Basically...the sky does not fall as fast as some think it does, once the calendar hits Memorial Day.  


Curious about how to “time the market” for your own home sale?  Call us today so that we can strategize your P7 plan and timing so that you can best capitalize on the market!



Article written by:

Kevin kern

KEVIN KERN

Realtor/Sales Associate

Pollock Properties Group of Keller Williams Realty Premier Properties

mobile: 917-405-6998 email: kevinkern@kw.com

 


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