Does the Market Take A Holiday?
Over the past few decades it’s been common for the residential real estate market to slow in December and take a while to wake up again after the balmy January holiday period.
Occasionally, there has been a late flurry of activity in December as some buyers have rushed to get property purchases sorted before Christmas and a few vendors, running behind schedule, have launched property to the market late. Last December there were 215 sales. Compare that with October sales this year of 180. Generally, though, December sales are down on November, noting, of course, that the last month of the year is truncated by the holiday period from December 24.
In January this year, there were just 124 sales, down from 155 the previous January, illustrating not only a generally sleepy sales period but the lack of listings that have punctuated the market all year. Remember, too, that January is a short month for sales, starting after January 5.
Some sellers might believe that launching early before other vendors do will help boost their sale price. There could be some truth in that as less competition results in less choice for buyers. There’s an argument, too, that buyers have more time during holidays to contemplate changing properties. That needs to be balanced by the fact that a good many buyers, particularly passive buyers in the medium to higher price ranges, are not in search mode till late January and February when schools re-open and most people are back at work. Sales in February this year were 194, compared with 215 the previous February.
So, does the market take a holiday? Well, not really. There are always buyers looking and sellers hoping to sell, but things do slow down this time of year (just like most of us). Nidd Realty offices will have sales people on duty through the holiday period should you be looking to buy or sell. Remember, though, that December 24-January 5 inclusive are non-working days for all property transactions and that most law offices will not re-open till at least January 8.
Well, I hope you all have a happy and safe holiday break. A very merry Christmas and happy New Year from Kerry, Leanne and myself. We have some wonderful properties launching in 2018 and I look forward to renewing contact in the new year.