Actually, yes! You might be surprised how active the real estate market in western Nevada County is during the Fall and Winter months.
When Do the Majority of Sales Occur?
The bulk of new escrows for residential homes in western Nevada County typically occurs between March and July with roughly half of the year’s pending sales occurring in this five-month period. When August is added, we see that upwards of 60% of new escrows occur in that six-month span, which is obviously higher than if all sales were evenly distributed across the year. Whereas the clear majority happen in the spring and summer selling season, there are plenty of sales that still happen in the “off season.”
So the answer to this article’s headline question is, “Yes!” There are actually many people who buy homes this time of year. Forty percent of the buyers find the home they love, submit an offer, and get into escrow. I’m sure that home sellers would not want to ignore four out of every ten buyers!
This Year Might Bring Even More “Off-Season” Buyers.
As the red line on the graph above shows, buyer activity has remained fairly high over the last three months. Normally in western Nevada County, the number of new escrows wanes from September through December, which December being the trough – the lowest number of new escrows. The usual trend is that new pending sales will pick up again in January and increase monthly through the peak month of May. That typical trend is visualized by the V shape of the red line (see above – pended sales) between the months of August and May.
This year, the pended sales line might end up looking more like a W instead of a V.
With 117 new escrows, November 2017 actually produced 16% higher than October 2017 (101 units) and outperformed November 2016 (97 units) even more with a 21% increase. Buyers continue to show up in force as the last three months’ activity (331 pended units) has produced 5% more escrows than September through November of 2016 (314 units).
Prices Continue to Appreciate
As you can see in the graph below, the residential property market continues to appreciate in Nevada County. The undeniable forces of low supply and high demand are readily apparent.
What Should Smart Buyers and Sellers Do With This Information?
Both buyers and sellers should do what’s best for them in their current situation without worrying about trying to time the market or to conform to outdated norms.
Buyers, if you’re waiting for prices to drop, you’ll be waiting for a long time. Act now before appreciating prices and higher interest rates price you out of the market. Trust your Coldwell Banker agent’s professional advice and be ready to move quickly when a desirable property comes on the market.
Sellers, there’s really no reason, other than personal convenience choices, to wait until the Spring to market your property. Understandably, it can be inconvenient to have your home shown during the holidays, but buyers looking today and during the winter months are serious, and they submit offers on homes every day. A Coldwell Banker professional can help your home shine to be desired and pursued by those motivated buyers.
If sellers do choose to wait for a while, they shouldn’t wait any longer than February as the market activity definitely heats up even more as we enter March. Don’t wait too long and miss your best opportunity. As stated above, people buy homes every day, and you’ll want to make sure they know about yours.
This analysis of residential properties in Nevada County is based on reports published December 2017, based on data available at the end of November 2017. All reports presented or referenced are based on data supplied by the Nevada County Association of REALTORS® or its MLS. The MLS does not guarantee or is not in anyway responsible for their accuracy. Data maintained by the MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
Thank you to our Sales Manager Cary Sanders for the article!