Home listings in late spring can sell nine days faster and with a 1 percent increase in price, per a new analysis by Zillow. "With 3 percent fewer homes on the market than last year, 2017 is shaping up to be another competitive buying season," said Zillow Chief Economist Dr. Svenja Gudell. Markets such as Seattle, Portland, Oregon, and Denver saw a 1.5 to 2.5 percent boost to the final asking price for homes listed last May and Zillow says those markets should experience similar results this year due to low inventories.
Besides inventory, Zillow credited Spring as being the best time to list a home due to favorable weather conditions. Accordingly, sellers in states such as Texas, California, and Florida do not see much of a difference on when they decide to list their homes since these regions experience climate changes.
In 20 of the 25 largest metro areas, April or May, have shown to be the best months for listing. Dr. Gudell added, "Many home buyers who started looking for homes in the early spring will still be searching for their dream home months later. By May, some buyers may be anxious to get settled into a new home—and will be more willing to pay a premium to close the deal."
Not to mention listings made through Zillow on Saturday averaged 20 percent higher views on the market than listings made earlier in the week, likewise, listings on Friday received 14 percent higher views than Monday’s listings. In its February Market Hotness Index, Realtor.com also predicted that low inventories will lead to quick sales during the spring—so quick that Realtor.com reports the market has already gotten a jump on the trends that will continue throughout the spring. Jonathan Smoke, Chief Economist for Realtor.com said, “The spring buying season is off to a booming start. Not only is the season starting a month early, February is also expected to see the fastest-moving inventory in a decade, as well as the highest home prices the month has ever seen. In addition, this year is shaping up to be even more of a seller’s market than last year.”