Realtor.com recently spent time comparing data on housing searches from their website to see if the common theory that listing during the holidays isn’t the best idea. Naturally, on the days of Thanksgiving and Christmas searches came to a grinding halt. However, they did find an interesting trend.
Whilst using search data from Thanksgiving of 2014 and comparing it to searches during the fourth quarter, they found that while searches did slow on the day of Thanksgiving everything was back to normal no less than 2 days later. The turkey and pumpkin pie settled and homebuyers were quick to get back to diligently searching available homes online before Cyber Monday sales were even available.
How do searches compare for the upcoming Christmas holiday? 2014 data showed that Christmas Eve was almost non-existent when it came to online searches. In fact, Christmas Eve was the slowest search day of the year. However, the 28th of December saw one of the busiest search days of the entire year on Realtor.com. There isn’t a concrete scientific reason for this but considering the extra down time many have post holiday it makes sense that searches would spike.
Many people are fearful of listing their home during the holidays, but this data suggests that perhaps there is nothing to worry about. In Brevard County, FL we are seeing another drop in inventory levels. In October 2015, our monthly inventory of single-family homes was down 3.7% creating less than a 3-month supply of available homes. With so many searching for homes and a low inventory supply that is not keeping up with demand, it makes sense to list now if you are considering doing so. Sales increased by 5.7%, and median sales prices were up a whopping 15.4%.
Condominiums and Townhouses showed a similar trend. Closed sales were up. New pending sales increased an incredible 60.1% compared to October 2014. Inventory was down 11.3% meaning eligible buyers are hot on the trails of great listings. Your townhome or condo could be exactly what buyers are looking for so why wait to list? If you are concerned about return on investment you needn’t be. Median sales prices were up 6.2%. Merry Christmas to you!
Choosing to list your home at any point in the year is a major decision. You must calculate the costs and decide when, and if, it is the right time for you. If you are concerned about a holiday slump data shows that, in all honesty, there isn’t one. Here in Brevard, we need listings to meet the demands of buyers.
Real Estate Ink in Melbourne, FL offers expert advice and commitment to our clients because we are vested in this community and have the expertise to assist you in navigating the market. Contact us with any questions you may have and experience the difference that years of experience and a commitment to Brevard County real estate can provide.