According to data analysis by TheRedPin.com, an online real estate brokerage, homes that are listed for sale on Tuesday, May 3, 2106 are expected to sell for an average of $17,000 more than if they were listed on any other day. Homes are also expected to be sold 18 per cent faster than if they are listed any other time during the month of May. The second-best month to list is October, when homeowners can expect to sell for an average of $10,000 more than the yearly average.
TheRedPin used data collected between 2012 and 2015 to find that even with the spike in premiums during peak selling seasons, the highest priced homes on average are not selling in the City of Toronto. Data shows that homes in Oakville, Richmond Hill and Markham were sold for $150,000 higher on average than homes in the City of Toronto.
In addition, data collected between 2010 and 2015 compared selling prices in January and May and found that homeowners that placed a house on the market in May were able to sell for over $60,000 more.
“By listing your home early in the week, you get the shoppers who are keen to see homes before open houses, which usually take place on weekends,” said Rokham Fard, co-founder and CMO at TheRedPin, in a press release. “Data from the past six years suggests that homes take 20 to 30 days on average from when they’re listed until they’re sold. With that in mind, listing in early May will likely position you to sell your home in May and reap the extra profits.”
May is also expected to see the highest volume of new listings on the market. On average, 20,105 new properties are listed in May. The month also sees the highest level of buying activity than any other month of the year, with about an eighth of all GTA home sales occurring in May.
“Although spring is ripe for bidding wars, those who value choice over price can rest assured May is a good time for the house hunt,” said Fard.
Prospective home buyers looking to purchase a home outside of the GTA can look to locations such as Aurora, East Gwillimbury and Essa, where homes sold for about $17,000 less in May, according to data collected between 2012 and 2015 from the Toronto Real Estate Board (TREB).
“For condo seekers, May is the month when many pre-construction developments release their coveted floor plans and pricing structure,” said Fard. “May can be excellent for condo resales as well. In 2015, on average, condos sold for two per cent below asking in May, so it will be interesting to see if that trend continues this year.”
