The Best Month to Sell Your Home? ????

Whether you're looking to buy, rent, or sell a home or simply enjoy staying informed, this report has something for you!

And for those who have asked,?no, this is not automated.

That's right,?I type out every word you see (unless there's a typo, then?it's automated???).

Weekly Market Report, January 29th-February 4th, 2024 ??

• Listings BOOMING. During the week ending February 4th, there were 1,369 new listings in Philly Metro, which was a whopping +23.7% surge from last week, and almost even to the same week last year. This uptick in new listing activity suggests that the February market could be unusually busy.?
• Showing Activity Rises. While showings are still down from last year, activity continues to gain momentum with 28,506 showings last week.? Compared to the week prior, showing activity is up 8.5%, a sign that buyer demand?supports all those new listings!
• New Purchases Up Again.??New Purchases on homes were up +8.7% from the prior week, a sign that buyer activity continues to be strong in 2024.??Many buyers who sat out the end of 2023 are flocking back to the market and driving this demand.? Despite new listings coming to market, expect buyer demand to continue to outpace them, which should cause prices to go up over the rest of the year.? The time for buyers to go hard is now, before the spring season picks up (see below fun fact)!

TLDR:??Listings are up but so is buyer demand, Showing Activity continues to rise, New Purchases also on the rise.??

Buyers should act now, while sellers may want to hold off until Spring to list their home for top dollar.

Fun Fact

Historically, the most profitable month to sell your home is May!

During the height of the pandemic, normal seasonal patterns all but disappeared from the housing market. There was so much demand for homes that any time was a good time to sell.? But now that the market has settled back into a more normal cadence, timing is once again becoming an important consideration for sellers.

Broadly speaking, spring is the most profitable time to sell your home!

• Historically, the most profitable time to seller your home is May, followed by June.
• Single-family homes and condo sales?netted a 12.8% seller premium (the amount above the home’s market value) in May?over the past 10 years.
• Historically, the least profitable time to seller your home is November, followed by December.

There are many driving factors for this seasonality, such as...

• Families need to be in their new home by the start of the school year
• House-hunting is easier when days are warmer
• Day Light Savings (longer days) gives buyers more time to shop
• By winter,?many buyers with school-aged kids have likely found a home
• Many buyers?tend to travel and are busy with holiday celebrations at the end of the year

Buyers and sellers should both take note of this seasonality.?

Buyers will want to act now, before purchase prices and competition continue to?rise.??

Sellers should shoot for a May listing, if possible, as that is the peak market.??

Expect the cycle to restart next year.? However,?note that?the lowest sales prices in 2025?will likely?be the?peak numbers from 2024 at best.

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