While snowbirds are still awaiting the next big snowfall, the real estate market is in spring mode.
A realtor.com analysis shows that the spring market is starting earlier than ever before. Below, we answer some questions about this shift.
Doesn’t the spring market start in April?
If you think the spring market is months away, you are not alone: the month of April is synonymous with the busy season in real estate.
In fact, in 2015, the peak month for average views per listing was April, according to realtor.com. January, on the other hand, was 16% behind for average views per listing.
When did the shift in the market begin?
Every year since 2015, the peak month for average views per listing has shifted. In 2019, February had the most views per listing on realtor.com, with January only 1% behind.
In top metro areas, including New York, LA, Chicago, Dallas, and Seattle, January was the month with the most amount of views per listing. Typically, trends that start in large cities trickle out to the rest of the country in a matter of years.
Why are buyers searching earlier?
George Ratiu, Senior Economist at realtor.com, said,
“As shoppers modify their strategies for navigating a housing market that has become more competitive due to rising prices and low inventory, the search for a home is beginning earlier and earlier. With housing inventory across the U.S. expected to reach record lows in 2020, we expect to see this trend continue into the new year.”
What does this mean for sellers?
With buyers currently searching for homes, it means there is no need to wait for April to list your home.
In addition to active buyers, the national inventory of homes decreased by 9.5% in November 2019, compared to 2018. This means there is less competition for sellers.
So, will we see a slowdown in spring?
You may be worried that if the spring market is surging now, then it will slow down come April. Realtor.com data shows that searches rise in January and stay consistent through April. Keep in mind, however, that there will be more inventory on the market in April. Right now, competition is low and buyers are looking!
Are you ready to get your home listed?