Many potential 2024 sellers want to know: When is the latest date by which I should put my property on the market? The answer: It depends on what type of home you’re selling.
Single-family homes tend to go into contract quickly if there aren’t any obvious objections and the location is good. Of the 414 houses currently on the market, 40% have been sitting for 30 or more days—with a good portion of these homes listed for $3M and up. I would aim for no later than early December; you may want to aim for the end of the first quarter of 2025 if your property is on the multi-million dollar end of the spectrum.
As is the case with any end-of-year sales, make sure your list price is attractive to capture serious buyers’ attention. Your goal is to get into contract before Christmas and having multiple parties interested will be the way to achieve that goal.
Vacant two-unit buildings are another crowd pleaser. Many sell quickly because there’s a varied buyer pool, from owner occupiers and TIC partners to investors. Given the complex nature of vacant multi-unit building sales, I’d again aim for early December as the latest on-market timeframe.
Condos are another story these days. There are 779 active condos on the market, and a whopping 62% have been available for 30 or more days. Another 64 are Coming Soon, meaning they’re either being marketed privately or will be going on the market shortly. If you’re planning to list your condo, you’ll probably benefit from listing no later than early November. If you’re still on the market by mid-December and you still haven’t gained any traction, put your listing on hold until 2025.
And almost 100 TICs are available. That doesn’t seem like a lot, but it’s important to note that when the condo market is slow, the TIC one is even slower. Aim for no later than early November for a TIC.