January has started off the year with a bang. Home sales activity (not to be confused with prices) is WAY up as compared to last January.
Sales were up a whopping 42.4 percent from where they were in January 2019 and 22.1 percent from December 2019. The number of homes for sale in January was 20.1 percent LESS than last January-a good thing for sellers. The number of listings this past January were also 17.4 percent below the 10 year average for January. In many years (January 2019 being a notable exception) I have found that January and February can be pretty amazing for sellers-but many sellers find that hard to believe.
Those who can see the logic in listing ahead of the rest usually do well. Buyers choose from what is available and many don't want to wait for late Spring when inventory tends to increase. For example, recently we had a home that was listed in 2019 but did not sell. The sellers were a bit hesitant to relist so soon after the holidays. However they agreed to do so and the home then flew off the shelf last month with 3 offers after the first open house!
The primary reason I think January is a great month to sell (as is February) is because there seem to be a lot of buyers who come back from the holidays with the goal of buying. They are enthusiastic (kind of like the New Year gym people!) and want to get a home, BUT there is very little to choose from. This seems to result in what is available for sale selling more quickly and for more money than may be the case later in Spring when there are more homes for buyers to buy. Supply and demand is a key concept even in real estate...why not make it work for you?
If you would like more information on how timing can assist in pushing up your price, or if you would like to discuss the value of your home,
please contact me.