Most know that the housing market is seasonal with sales increasing in the Spring and “falling” in the Fall. How can you take advantage of this information?
Closed sales, and their corresponding final sales prices, are a lagging indicator since closings happen 30-45 days after you negotiate the price. The number of pending sales is a better indicator of the current market’s health. But even pending sales doesn’t indicate where the market is going. That’s why I also look at the number of showings. By looking at showings you can get an immediate feel for where the market is going. It can help answer the question “when does the market start to slow down?” to help you better “time” the market.
Below is a chart of the average showings per day by month for the last couple of years. You can see that showings take a slight dip in May (corresponding with schools and graduations), rebound in June and then continue to drop 10-15% each month afterwards until the season starts back in January.
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