Is it true that County homes sell for less during winter? Or is that just an unfounded rumor?
Selling To Listing Price Ratio
The selling to listing price ratio is a real estate metric which compares the selling prices of homes to their listing prices.
Another way to approach it is to think of the selling to listing price ratio as the discount that buyers are getting off listing price.
When the average selling to listing price ratio is calculated by month over the last five years, a clear picture emerges.
County Homes Sell For Less During Winter
And, it turns out, it’s true that County homes sell for less during winter.
Not surprisingly, buyers are paying the most for houses as spring approaches. Between 2013 and 2018, March was the most expensive month in the County with an average selling to listing price ratio of 97.3%. On the other hand, homes purchased in November, December and January had an average selling to listing price ratio around 96.2%
Savings Welcome But Not Gigantic
Savings, however, is not night and day. The extra “discount” on homes sold during the winter months is about 1% compared to the most expensive month of March.
To put things in perspective, this means a buyer of a $500,000 home will save in the neighborhood of $5,000 buying between November and January.