Many are surprised to learn that Spring, not Summer, is typically the peak Selling Season at the beach. Historically, more properties are sold in the second quarter (April-June) than any other, as illustrated below (except for the anomolous 2020):
While Spring may be the best time to sell, Fall is usually the best time to buy. For one, homes and condos rented during the height of vacation season are more accessible in the Fall. Now that our overheated market is slowing down, we're beginning to see regular seasonal trends pick back up in our market.
Here are a few reasons why Fall is the best time to buy:
- More inventory: Although availability is not yet back to pre-pandemic levels, inventory has increased 20% since last year.
- Lower prices: As summer wanes, prices typically fall in late summer to attract more buyers. Of the 781 residential properties currently available (homes, condos, lots), 45% have had price reductions.
- Less Competition: As mentioned, fewer crowds draw serious buyers back to view properties that weren't available for viewing in the summer months. Additionally, higher mortgage rates have softened the competition in our market.
Despite rising interest rates, Fall is the ideal time for buyers to take their time, view properties that are more accessible, and take advantage of recent price reductions.
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Posted by Robin Maynard on