Here is another chart showing the market’s seasonality.
A comparison of August sales (Blue bars), a peak time for sales at the end of summer, shows consistent growth, year after year.
A comparison of February sales (Gray bars), a slow time for sales at the end of winter, also shows consistent growth year over year.
The overall trend among both colors is upward as well, growing steadily from 2013 through 2018.
But you can clearly see that the growth always comes from gray to the next blue bar, and then it usually dips from the blue bar to the next gray bar. This shows that prices are relatively flat (or even downward) during the fall & winter from August through February, but then they jump upwards in the spring and summer from February through August.
Knowing where you are in the cycle makes it easier to advise your clients of what they can expect.
- Chris Butterworth
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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.