Last week we looked at monthly sales volumes over the last 15 years around the Killcare Peninsula and we could see that there really isn’t any significant difference as to when sales occur across the year. So if the number of property’s being sold doesn’t change, does the value?
We need to be careful with our methodology because volumes are low and price ranges wide around these parts. It would be easy to draw some wild conclusions if we use median sales figures. Therefore the approach taken was to calculate the total dollar value of all house sales by quarter over the last 10 years (one typical property cycle) and see what that tells us. You can see the results on this table: 10Y Sales values
Like the previous sales numbers, sales values are again very similar with the exception of April – June which is down around 15% from the other quarters. The average value of these sales is also down compared to the other quarters. So on these numbers we might have to conclude April – June is not the quarter to have your property on the market. But why?
I believe it is a combination of two factors. First, vendors who have been on the market throughout spring and summer see winter approaching and take an offer believing the “selling season” is over. Depending on personal circumstances this is could be a mistake. The secondly factor is investors – who tend to buy lower value – higher yielding property are more active as the end of financial year looms.
The best quarter January – March is when the highest average values are being achieved which is likely due to beachside and waterfront sales being more prevalent in summer. Conversely, the total value shows us that just as much property sells in the winter quarter of July – September.
As a side note last weeks look at median monthly sales had the April – June quarter with the most sales and July – September with the least. Although volumes are still pretty close the positions have reversed in these figures. That said, these numbers confirm the time of year makes little difference to the number of properties sold.
So my conclusion is there is no generic best time to list your property. Instead choose the time of year when your property is at it’s best. For example if your home catches the winter sun and is warm and light filled, why not list when that will be appreciated, in winter. You should also have less competition from other listings !
If you have thoughts or observations we would love to hear from you via email warwick.davis[at]raywhite.com or on Twitter @RWKillcare.