Today I’d like to debunk the myth that Spring is the best property selling season.
Despite what many selling gents would like you to believe it’s just not the case.
We all expect property listings to increase during the spring selling season however when buyers aren’t active the bigger volume of listings compresses the market further.
I remember last year RP Data undertook an analysis of the property market during the 2000 decade looking at sales each month and the number of listings each month since 2005.
March is the busiest month.
The results showed that March was the busiest month for sales followed by May (note neither are in spring). For listings, the greatest volume of listings was recorded in November followed by October (both in spring).
Each year the market gets extremely excited by the spring selling season when in fact, it would appear that autumn is the time to get most excited. Over the last decade autumn has accounted for 26.6 per cent of total sales compared to 25.4 per cent in spring. However, listings were greatest in spring (26.7 per cent) followed by autumn (25.4 per cent).
Despite the fact that spring isn’t the busiest season for sales, typically as spring arrives listings increase and the number of properties being taken to auction also increases and this year has been no different.
This year Spring has arrived and property sales are flat, auction clearance remain low and property values are falling slightly.
In my opinion Spring has its place as a time to sell (it is still the second biggest season for sales) however having a special “selling season” each year, in spite of the prevailing market conditions, appears to make little sense.
Vendors need to better educate themselves prior to listing their property to truly determine whether or not spring is the time for them to sell their property.
It appears that spring 2011 will be another disappointing selling season.
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