SunCrest Market Update-December

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SunCrest Market Update-December

 
Is January The New April?
For a long time, April seemed to be the most happenin’ time to list a home. We recently shared with you many of the reasons that winter has huge advantages over other seasons when it comes time to buy or sell a home, and now we’re seeing the data to prove it. Realtor.com tracks how many views each of their listings receives, and they report than January 2019 had the highest number of views per listing in one out of five markets including Salt Lake City, Additionally, they said this trend of high views in January—not April—has been increasing consistently over the past 5 years. 
 
What’s Going On?
Okay, so January is getting hotter and online views of listings are up, but what does that mean here in SunCrest? We took a deep dive into our own data to see what (if any) effects that has on the overall buying and selling experience. 
  • Price – The average and median sales price of SunCrest homes has gone up consistently over the last 5 years, but we actually don’t see any appreciable spike in price in January.  
  • Days on market – One thing is for certain, putting your home up for sale in April has historically led to a quicker sale, but that advantage has been steadily decreasing for five years. Since 2015, homes listed in January have been selling nearly as fast. In 2019, homes listed in April sold only 5.5 days quicker than January. A stark difference from 2015 when the difference was 91 days. 
  • Negotiation – The data didn’t reveal any significant difference in price negotiation. Whether a home was listed in January or April, when we compared the original asking price to the final sold price, it varies from year to year without consistent pattern.

Our Take:

The Realtor.com study and our own data prove it: winter is definitely not a bad time to buy and sell a home. In most cases, you just need a season-specific game plan. Depending on your circumstances,  winter might actually be the best time to buy or sell in SunCrest. Working with an experienced agent or team who can help guide you through the home buying or selling process can help you make the smartest selling or buying decisions in any season.

Our SunCrest Market Update is a hyper-local analysis of the most up-to-date information regarding the SunCrest real estate market. The previous month’s SunCrest housing information and future editions are released monthly.

Posted on December 27, 2019 at 1:07 pm
Scott Steadman | Category: SunCrest Market Updates | Tagged , , ,

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