Why It is Better to Buy in Winter in the Ann Arbor Area
Every year, on average, there are less new listings and buyers to compete with, more days on market, lower median prices, and lower percent of list price received buying in winter.
Disclaimer- No part of this was written by a third party or a robot.
Why is it Better to Buy in Winter in the Ann Arbor Area?
Regardless of the year or which community we are talking about in the Ann Arbor area like Chelsea, Dexter, Saline, Ypsilanti, Whitmore lake, or Ann Arbor, it is historically better to buy in the winter for several reasons.
Less New Listings and Fewer Buyers to Compete With- This gives buyers who are willing to brave the winter conditions a buying advantage.
More Days on Market- Because there are fewer buyers in the winter, this increases average days on market and seller motivation.
Lower Median Sales Price- Due to fewer active buyers and longer days on market, average median sales prices are lower in the winter.
Lower Percent of List Price Received- Sellers are not typically able to command the same offer prices in the winter as they can in peak spring and summer markets and the percent of asking price is lower on average.
If you are looking to get a good deal in the Ann Arbor area, winter, historically, is the best time to buy.
Winter and Summer Sample Data for Single-Family Homes in the Ann Arbor Area
We will use the Ann Arbor school district market for our sample single-family homes data.
Winter:
Summer:
Just glancing through the data, you can see the strong difference in market activity for single-family homes in summer compared to winter.
This is the buyer’s advantage.
Winter and Summer Sample Data for Condos in the Ann Arbor Area
We will also use the Ann Arbor school district market for sample condo data.
Winter:
Summer:
Just like with single family-homes, condo buyers can get a better deal in Winter.
How Many Fewer New Listings are There in Winter in the Ann Arbor Area?
In the sample data, there were 81% fewer new listings of single-family homes and 77% fewer condos listed in winter compared to summer.
There were 161 new listings in June of single-family houses and 31 in December of the same year.
There were 95 new listings in June of condos and 22 in December of the same year.
Fewer listings in winter reflects sellers not wanting to have their house listed at that time of year and worry about slip and falls on ice for showings and other reasons. This is also true for buyers generally not wanting to house hunt during the holidays and frigid and sometimes hazardous winter conditions.
This presents a buying opportunity for better deals.
How Many More Days on Market are There in the Ann Arbor Area in Winter?
In the sample data, there were 50% more days on market for single-family homes and 54% more days for condos in winter compared to summer.
There were 21 days on market in June for single-family houses and 42 days in December of the same year on average.
There were 28 days on market in June for condos and 52 days in December of the same year.
With fewer buyers in the market in winter, it takes longer, in general, to sell. More days on market can create seller motivation which is a buying opportunity for better deals.
“In the sample data, the median sales prices were 13% lower for single-family homes and 21% lower for condos in winter compared to summer.”
How Much Lower is the Median Sales Price in the Ann Arbor Area in Winter?
In the sample data, the median sales prices were 13% lower for single-family homes and 21% lower for condos in winter compared to summer.
The median sales price was $595,269 in June for single-family houses and $575,000 in December of the same year on average.
The median sales price was $373,000 in June for condos and $294,250 in December of the same year.
Because there are fewer buyers in the market in winter, sellers can be more motivated and flexible on price leading to lower median sales prices.
This can be a great time to get a deal on a property.
How Much Lower is the Percent of List Price Received in Winter in the Ann Arbor Area?
In the sample data, the percent of list price received was lower in winter for both single-family homes and condos.
The percent of list price received was 100.4% in June for single-family homes and 99.2% in December of the same year on average.
The percent of list price received was 99.5% in June for condos and 97.8% in December of the same year.
The lower percent of list price received reflects the slower market in winter and the buying opportunity.
Bottom Line, You Can Get Better Deals in Winter in the Ann Arbor Area
Statistically, there are fewer new listings and buyers, more days on market and seller motivation, lower median sales prices, and lower percent of list price received when buying in winter.
Many sellers do not want to deal with trying to sell their property in the winter and worry about slip and fall accidents on ice during showings.
Many buyers feel the same way but it presents a buying opportunity to get a good deal when you shop in winter.
To Your Success!
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