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Do the Seasons Really Make a Difference in Chicago Real Estate? Not Really

by Peter Thomas Ricci

One may think that warmer months are better for selling homes, but the data tells another story.

spring-season-real-estate-homebuying-under-contract-30-days-above-list-price

Creative Commons 3.0: Burim Syla, http://commons.wikimedia.org/wiki/File:Beautiful_spring_season.JPG

What if we were to tell you that it really makes no difference when you list your client’s home, in terms of how fast it sells and at what price?

That may not seem like a logical statement, given how radically different the seasons can be in Chicago, but a new analysis from Redfin finds that to be the case.

Consider, for instance, the following stats: in the winter season, just 7 percent of listings in Chicagoland go under contract within 30 days; in the spring, though, that percentage is just 8 percent, and in the summer and fall, it’s 6 and 7 percent, respectively.

And what of the share of listings that sell above list price? Again, the data suggests no seasonal bias. In winter, 31 percent of Chicagoland listings sell above the list price, compared to 34 percent in the spring, 31 percent in the summer and 29 percent in the fall.

The Season of Selling?

So if there’s any kind of seasonal difference, it’s a marginal one. Obviously, more homes are sold in the spring and summer months, but it does not seem that such sales activity translates to radically higher sales prices or quicker market times.

See our graph below for more perspective:

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