Top day to list a home in Florida? Depends where you live
ORLANDO, Fla. – March 14, 2019 – Realtor.com analyzed listings on its website with an eye toward the best day of the year to put a home on the market. The ideal day? April 1.
That’s close to ideal for Jacksonville – one of four Florida metro areas included in the analysis – but less so for other areas. According to Realtor.com, the best time to list a home in Jacksonville this year is March 31.
The Orlando-Kissimmee-Sanford metro area’s high-point for listing a home is less than two weeks later, April 14, 2019, but the peak time to put a house up for sale in Tampa-St. Petersburg-Clearwater doesn’t occur until early summer, June 9, 2019. And the Miami-Fort Lauderdale-West Palm Beach doesn’t follow the spring selling season pattern at all. Realtor.com says the top day to list a home in South Florida is Aug. 4, 2019.
“June is often considered the peak of home buying season, but our analysis found the first week of April is best for sellers looking to maximize list price, and also reduce the risk of price cuts and competition from other sellers,” says Danielle Hale, chief economist for realtor.com. “Given the time it takes from listing to close, putting a home on the market in early April positions sellers to attract buyers seeking to close and move before the beginning of school year.”
The analysis is based on trends in median listing prices, views per property on realtor.com, home price drops, median days on market, and the number of listings on the market over the last three years.
Why the first week of April?
The market is bustling with buyers, but the number of homes hasn’t peaked yet, according to the analysis. Homes listed the first week of April see 14 percent more views, on average, and 5 percent less competition compared to the rest of the year’s weekly average. As a result, homes are likely to sell 6 days (about 9 percent) faster on average.
Although the typical June listing is 7 percent more expensive than the best week to list, waiting until June could mean a higher likelihood of a price reduction as buyers bow out toward the end of summer.
In addition to more views, homes listed at the beginning of April are approximately 1 percent less likely to take a price cut, on average, compared to the rest of the year. On the flip side, homes listed in June are 1 percent more likely to have their price reduced and see nearly 2 percent fewer listing views than other times of the year, on average.
Another factor likely to boost April buyer demand this year is the surprising decline in mortgage rates that started in November 2018. Rates are now below 4.5 percent vs. nearly 5.0 percent in November 2018. These lower rates could entice demand earlier than usual.