The popular wisdom amongst many property sellers is that the best time to sell your property is in Spring when the sun starts to shine, the bees buzz and the birds are singing, however data from Trade Me Property suggests this is not the case.
Head of Trade Me Property Nigel Jeffries said they looked closely at the seasonal data to see if sellers were better off listing at a particular time of year. “Spring is a great time because everything is starting to look greener and more inviting, but from what we’ve seen you shouldn’t hang your hat on the ‘only sell in Spring’ mantra.”
Mr Jeffries said Spring is also the most competitive time of year to sell, so properties can get less views and stay on the market longer than other seasons. “The property market gets flooded with stock, with Auckland alone receiving over 4,400 new Spring listings in 2016. However, with this surge of new listings comes increased demand as the number of house sales in the Super City have consistently soared in Spring and Autumn in the last seven years.”
There are a number of factors that suggest Winter is a great time to list your home for sale, particularly if you want a quick sale according to Mr Jeffries. In 2016, properties in Wellington and Christchurch sold faster in Winter than any other season, spending an average of 24 and 38 days on the market respectively. Properties listed for sale in the capital during our coldest season last year also attracted more views than any other season, with each listing fetching over 2,370 views on average.
“As the weather heats up in Summer, and both buyers and sellers move into holiday mode, we see competition cool in the property market. Houses for sale in the Canterbury region last Summer had the least amount of competition than any other time of year, with just 1,310 new listings coming into the market.”
Mr Jeffries said that ultimately it comes down to price. “Money talks and Spring and Summer see the highest average sale prices which is obviously a massively important factor for most sellers."
“Across our three biggest cities, the average sale price climbs in Spring and Summer. In Wellington last year, Summer saw sale prices peak at $487,159 and Auckland house prices crept over the million dollar threshold in Spring and Summer - nearly $10,000 more than winter. Similarly, Christchurch house prices jumped in Summer, averaging $493,927 followed closely by Spring’s average of $480,455,” he said.
He said sellers should think carefully about when to list their property. “There’s no bad time to sell your house. It comes down to your motivations when you’re selling - if you want a little more money then spring or Summer are probably best, but for a faster sale in a quieter market then aim for Winter or Autumn."
“My advice to sellers listing through a real estate agency would be to talk to your agent about the best time to put your property on the market. Waiting for the right moment could be well worth it in the long run,” added Mr Jeffries.
Trade Me Property site statistics, all listing types, January 2017 - November 2017.