SEATTLE, March 2, 2016 /PRNewswire/ -- Determining the
right time to put a home on the market often tops the list of
concerns for sellers – as it should, since timing can influence the
final sale price of each home significantly, according to new data
from Zillow®.
Zillow has found that, nationally, homes sold in late spring
(May 1 through May 15), sell around
18.5 days faster and for 1 percent more than the average
listingi. The optimal listing window has shifted since
Zillow's first analysis, featured in Zillow Talk: Rewriting the
Rules of Real Estate, likely because of low inventory in
housing markets across the country. When Zillow conducted this
analysis previously, there were nine percent more
homesii on the market, and homes listed between
mid-March and mid-April sold fastest and for the highest price.
"The housing market today is heavily influenced by low
inventory," said Zillow chief economist Dr. Svenja Gudell. "Faced with increasingly
competitive markets, many buyers are forced to consider several
homes and make multiple offers, elongating the home shopping
experience. By listing homes further into the shopping season,
sellers may attract buyers who are increasingly eager to purchase
and may be more willing to pay a premium for the home."
Local market variations and weather patterns make the buying
season more volatile in some parts of the country. The markets with
the largest sale differences between the best months and worst
months to list are regions with distinct climate
changesiii, such as Seattle, Minneapolis and Washington D.C., making it more important for
sellers in these regions to carefully consider the timeframe of
their home sale. Sellers in Texas
and California will find
themselves with more flexibility in list timeframe, as these
markets show little variation in sale price based on listing
month.
Applying this analysis to individual homes, today, Zillow
launches Best Time to List, a new tool that helps homeowners
identify the optimal time to list their own home for sale. The tool
estimatesiv how much the timing of a listing will
influence the final sale price.
Sellers can use this information to have a more informed
conversation with their local real estate agent to determine the
best time to put their home on the market.
Metro
Area
|
Ideal Timeframe to
List Home
|
Days
Sold
Faster than
Average
|
Average
Sales
Premium
(%)
|
Average Sales
Premium ($)
|
United
States
|
May 1 –
15
|
18.5
|
0.9%
|
$1,700
|
New
York/Northern
New Jersey
|
May 1 –
15
|
16.5
|
0.6%
|
$2,400
|
Los
Angeles-Long
Beach-Anaheim,
CA
|
May 16 – 31
|
12.5
|
0.9%
|
$5,300
|
Chicago,
IL
|
May 1 –
15
|
22.5
|
1.2%
|
$2,400
|
Dallas-Fort
Worth,
TX
|
May 1 –
15
|
11.5
|
1.1%
|
$2,000
|
Philadelphia,
PA
|
May 1 –
15
|
12.75
|
0.7%
|
$2,000
|
Houston,
TX
|
June 1 – 15
|
12.75
|
0.7%
|
$1,200
|
Washington,
DC
|
April 16 –
30
|
18.0
|
1.1%
|
$4,100
|
Miami-Fort
Lauderdale,
FL
|
April 16 –
30
|
16.25
|
0.9%
|
$2,000
|
Atlanta,
GA
|
April 1 – April
15
|
19.5
|
1.4%
|
$2,200
|
Boston, MA
|
May 16 –
31
|
12.0
|
1.3%
|
$5,200
|
San Francisco,
CA
|
May 16 –
31
|
7.5
|
1.5%
|
$12,200
|
Detroit,
MI
|
May 1 –
15
|
19.5
|
1.6%
|
$2,000
|
Riverside,
CA
|
May 1 –
15
|
15
|
1.0%
|
$2,900
|
Phoenix,
AZ
|
May 1 –
15
|
12.5
|
1.2%
|
$2,600
|
Seattle,
WA
|
May 1 –
15
|
20.0
|
1.2%
|
$2,600
|
Minneapolis-St
Paul, MN
|
May 1 –
15
|
19.25
|
2.0%
|
$4,300
|
San Diego,
CA
|
March 16 – 31
|
13
|
1.0%
|
$5,200
|
St. Louis,
MO
|
March 16 –
31
|
17.75
|
1.2%
|
$1,700
|
Tampa, FL
|
May 1 –
15
|
20
|
0.9%
|
$1,500
|
Baltimore,
MD
|
May 1 –
15
|
22.5
|
1.1%
|
$2,800
|
Denver, CO
|
May 16 –
31
|
10
|
1.3%
|
$4,300
|
Pittsburgh,
PA
|
May 1 –
15
|
19.5
|
0.8%
|
$1,000
|
Portland,
OR
|
May 1 –
15
|
17.5
|
1.8%
|
$5,500
|
Zillow
Zillow® is the leading real estate and rental
marketplace dedicated to empowering consumers with data,
inspiration and knowledge around the place they call home, and
connecting them with the best local professionals who can help.
Zillow serves the full lifecycle of owning and living in a home:
buying, selling, renting, financing, remodeling and more. In
addition to Zillow.com®, Zillow operates the most
popular suite of mobile real estate apps, with more than two dozen
apps across all major platforms. Launched in 2006, Zillow is owned
and operated by Zillow Group (NASDAQ:Z and ZG) and headquartered in
Seattle.
Zillow and Zillow.com are registered trademarks of Zillow,
Inc.
i Zillow analyzed the historical listing, sale and
Zestimate data of single-family homes and condos between 2008 and
2015 within each metro to calculate the extent to which different
listing date will influence the time on market and final sale
price.
ii Each week, a count of the number of single-family,
condominium and cooperative housing units listed for sale on Zillow
is taken. The median of these values within a month is calculated
as the monthly value. Because inventory can be seasonal, a
seasonally adjusted value is reported using a standard STL
procedure. This seasonally adjusted series is then smoothed using a
three-month rolling average.
iii To identify the most seasonal markets, Zillow
examined the types of homes on the market at any given time, the
time on market and final sale price of each home.
iv Best Time to List analyzes the historical sales of
nearby comparable homes and seasonal market conditions by zip code
to calculate the extent to which different listing months will
influence the final sale price of each home.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/zillow-reveals-best-window-to-sell-homes-faster-and-for-the-highest-price-launches-best-time-to-list-tool-for-sellers-300229615.html
SOURCE Zillow