As we transition from Summer to Autumn, the issue of seasonality comes up (with Sellers in particular) and so I'm attaching 5 charts that our analyst has put together and it will help you visualize how the SF real estate market changes in the context of seasons.
September is the month with a high influx of new listings (I have three listings coming soon) - here's one such beauty in NOPA - so get ready. We're not only about to see what has been sitting on the sidelines, but we're also about to see if this slower than normal Summer will continue into the usually bustling Fall selling season (could this be the peak of our boom?)
It's useful to realize that the "seasons" in real estate are of different durations:
1. Spring season can start as early as mid-late February and go through end of May/ mid-June
2. Summer is mid-June/early July through Labor Day
3. Autumn market wakes up sometime after Labor Day and runs through about mid-November
4. And then the big holiday / winter slowdown runs from mid-November to mid-January. Of course, business can be done in any season and other factors affect the market besides the season.
First, the overall inventory available to purchase has high tide during autumn and low tide during winter.
[All images are clickable to enlarge]
The next two chart shows the listings accepting offers and median prices in the context of seasons.
September is usually the single month with the greatest number of new listings - something for buyers to be prepared for. For sellers, the window for selling a listing is much shorter than in the spring because by the time the market wakes up after Labor Day, the holiday season is really only about two months away - and the decline in market activity as Thanksgiving approaches/ going into December is much greater than in summer.
The luxury home market is affected more deeply by seasonality than the general market (which among other things raises and lowers the median sales price).
If you want to hear about concrete examples on this topic of seasonality, feel free to give me a call or shoot me an email, and I'll be happy to share my experience.
Bottom line, if you're thinking about selling this year, your clock is ticking...If you're thinking about buying...get ready to pounce. I can help you with both.
Happy Aloha Friday!