Q.  What is the best time of the year to list a Lincoln Park (60614) condo?

I have a 2BR / 2.5 Bath duplex in Lincoln Park, 10 year old building, less than 20 total units. I know there are lots of variables and things to consider when putting a place up for sale...but in general, what is the best time to list a condo? I understood the "spring" season is best but had a broker tell me their definition of spring was January or February (so the close / move could happen in spring). Any thoughts or insights?

Mon Aug 6 2007, 13:44 - Chicago - Market Conditions - 11 answers

1. A.Second quarter by far, so when you figure in a 30-45 day escrow and market times in the 30-60 day range for places competitively priced you should be listing in the first two months of the year.
   

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3. When you actually look at the hard numbers it is startling the difference in the median price quarter to quarter.  I would say much of it has to do with agents taking the time off between Thanksgiving and New Years each year.  We might tell our clients something along the lines of "there is not much inventory to look at, or the market is slow" to avoid going out and tromping around in our relax time. 
   

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5. The other reason could be construction cycles.  A builder buys a building or vacant land and starts construction in the early spring,  they have it up and enclosed the following fall and work through winter finishing off the interiors, people shopping in the 4th quarter pick out their finishes and wait while the cabinets come in and the counter tops and those special bath and kitchen fixtures that have 2-3 month delivery times and that pushes closing into the second quarter. 
   

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7. The reason the average spikes compared to the median in this quarter more than others is there are more expensive places selling, could be linked to the trusted "spring is the best time to sell"  I think this is self fulfilling prophecy, spring has been determined the best time to sell so more agents and sellers place their homes for sale in the early spring months and this generates the higher prices as more buyers decide to shop the increased inventory, more buyers = more competition = higher prices.  Please see chart below of quarterly condo sales.