Winter Home Sales Prices Yield Best Bargains For Buyers
Buyers willing to close in December and January avoid prices well above market value; Analysis also looks at best months to buy at the state level
Nov 23, 2020, 07:01 ET
IRVINE, Calif., Nov. 23, 2020 /PRNewswire/ -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its annual analysis of the best days of the year to buy a home, which shows that days that fall in December and January will offer homebuyers the best deals.
According to the analysis, buyers who close on December 4th or January 26th will get the best deal and pay exactly market value for a property, as opposed to above market value in an extremely competitive market that has been on the rise. This analysis of more than 27 million single family home and condo sales over the past seven years is evidence of the continuation of a hot sellers' market (see full methodology below).
2013 to 2019 Sales of Single-Family Homes and Condos |
|||||
Month |
Day |
# of Sales |
Median Sales Price |
Median AVM |
Premium/Discount |
December |
4 |
89,199 |
$ 202,000 |
$ 202,000 |
0.0% |
January |
26 |
45,918 |
$ 185,000 |
$ 184,936 |
0.0% |
December |
6 |
73,738 |
$ 215,000 |
$ 214,000 |
0.5% |
December |
26 |
49,525 |
$ 205,000 |
$ 204,000 |
0.5% |
'Tis the Season to Buy a Home Infographic
Best Months to Buy
The analysis also looked at the best months to buy at the national level (December) and at the state level.
Nationally, while December is considered the best month to buy overall, there is still about a 1.5% premium. However, you can expect to pay higher premiums if you plan on purchasing in the summer, with the month of June having the highest premium at 6.9%.
According to the study, the states realizing the biggest discounts below full market value were Ohio (-7.4% in January); Michigan (-7.2% in February); Delaware (-6.3% in February); Tennessee (-6.2% in January); and New Jersey (-5.8% in December).
Methodology
For this analysis ATTOM Data Solutions looked at any calendar day in the last seven years (2013 to 2019) with at least 10,000 single family home and condo sales. There were 362 days (including leap year data) that matched this measure, with the four exceptions being Jan. 1, July 4, Nov. 11 and Dec. 25. To calculate the premium or discount paid on a given day, ATTOM compared the median sales price for homes with a purchase closing on that day with the median automated valuation model (AVM) for those same homes at the time of sale.
About ATTOM Data Solutions
ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
Media Contact:
Christine Stricker
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SOURCE ATTOM Data Solutions
