Last week was March break and typical for this week many of the Buyers who would normally be looking, were entertaining their children. A recent survey found that 59% of recent Buyers were married couples and with this, March break normally sees a slight slowdown in Buyer activity. This year was no different. Comparing the week prior to March break to the week of March break, we saw 26% fewer homes sold and the average sales price slipped a little. This makes perfect sense – when you lose a large amount of Buyers at any time during the year, the market slows.

Long weekends, Christmas time and summer holiday months tend to be slower than other times during the year. Here is a great timely illustration of how impactful this week can be for a Buyer and a Seller.

We were working with a cash Buyer who had sold their home and was very active in attempting to find their next property. Before March break, we had 2 previous offers with the client, and they lost out due to competition with other Buyers. In fact, one of the properties they offered ended up having a total of 11 competing offers. Then came last week and March break.

We found a home and toured it on Tuesday understanding that the Seller was reviewing offers on Thursday afternoon. It was not difficult to determine its value as a home with the same 3 bedrooms, double garage and square footage had sold the prior week for $985,000. The property we toured was listed low, to create a bidding contest and we felt we would have competition when submitting an offer. The home was exactly what the Buyers were looking for and the list of quality and expensive upgrades placed the value higher than the comparable that had sold the week before. This home had a new kitchen, baths, windows, hvac, pool and heater, heck it even came with an outdoor sauna. Even allowing half of the Sellers investment in the home the value should be about $30,000 higher than the other property.

We submitted an offer along with 5 other bidders and secured the home for $20,000 less than the comparable home had sold for the week before.

Why did it sell for so much less? One of the reasons might have been that many Buyers were having fun with their kids and placed their home search on hold. The neighbourhood is one that is highly attractive to parents due to the fact that there are 4 schools in walking distance. The expression “timing is everything” applies here.
When we meet with a Seller who is considering selling, we start by looking at the calendar to determine if there are any dates to work around. In years past, easter weekend was one of the weekends that we avoided launching a new property for sale, however, with the large amount of South Asian Buyers settling in Durham, that weekend is no different than any other one. Understanding the demographics of the Buyers buying locally helps to plan winning strategies for Sellers.

Here is what the sales of detached homes looked like in 2023.
January/23 • 74 sales
February/23 • 108 sales
March/23 • 162 sales
April/23 • 166 sales
May/22 • 222 sales.

Once we move into the summer holiday months, the sales drop dramatically.
June/23 • 151 sales
July/23 • 134 sales

Along with this as we move into the year-end the number of sales declines again.
November/23 • 99 sales
December/23 • 98 sales

It is easy to see that the best months to sell are in the late winter/spring. I have felt that the main reason for the spring rush is that parents deciding to move want their children settled before the school year begins. This means that April sales typically have move in dates in June or July.

Looking back to the home our clients purchased last week is a perfect example of how timing worked on their side. It is easy to brush a good deal off as a lucky break, but I have found selling homes over the past 4 decades, that luck increases when you follow the trends of the market. It’s not rocket science.

If you are considering making a move, or you are looking to purchase a property I can be reached at lindsay@buyselllove.ca or 905-743-5555
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