Is the spring market always the best time to sell and when is the typical spring market?
That is such a great question! Thankfully, the stats from the NorthstarMLS continue to be our friend for knowing when to sell your home. With that in mind, we always need to remember the real estate market varies on many different factors—including price, type of property, location, etc. For years the Minnesota market had a strong spring market that was typically in April and May. In recent years, the market here has gotten to be much more even throughout the year, due to homes being able to be seen for sale online.
Let’s take a look at one previous segment of the market: North Oaks homes that sold last year in 2019 that had been listed between $400,000 to $800,000. Between January 1st through March 31st, we saw nine homes sell during this time period. Then, if we look at a more traditional spring market and go from April 1st through June 30th, we see that only 2 additional homes (for a total of 11) sold during that time frame. 22% of all homes sold in North Oaks at this price point in 2019 sold in the 1st quarter, with 27% of similar homes selling in the 2nd quarter of 2019.
So better to sell April through June? That all depends on inventory levels and the law of supply and demand. With inventory levels being at a current all time low, and with buyers moving continuously throughout the year in Minnesota and throughout the year to Minnesota, it would make sense to take advantage of these low levels. And in addition, since less homes are typically for sale between January through March, it may be that you could sell for more money and more quickly at the beginning of the year and get a jump on the competition. The one sure thing to remember is that your home cannot sell if it is not for sale! Happy Selling! —Krista Wolter
Have a real estate question you want Krista to answer? Email it to her at Krista@KristaWolter.com.