What time of year is best to sell a property?

Short answer: In Iceland the property market is on average steady throughout the year, and the seasons have almost no effect on sales. Demand is driven by the state of the economy, lending terms, supply and news coverage – not by the month on the calendar. The exception is two short periods when the market drops away completely: the one to two weeks before verslunarmannahelgi (the first weekend of August, Iceland’s main holiday weekend) and the days between Christmas and New Year.

Why do the seasons matter so little?

The idea that spring and summer are “the selling season” is more firmly lodged in people’s minds than the data warrants. In the Icelandic market, sales are on average even across the year.

The reason is simple: people move when their circumstances change, not when the weather improves. The family grows, a marriage ends, a job moves to another part of the country, the children leave home, the repayments become too heavy. None of that follows a season.

What does move the market is of a different kind:

• The state of the economy and purchasing power.
• Lending terms – interest rates and lending conditions change what people can afford.
• Supply of properties at any given time.
• News coverage of the market, which has a direct effect on whether people dare to make a move.

These are the factors that genuinely matter when you are deciding when to put a property on the market.

The two periods when the market drops away

There are two periods each year when sales are at an absolute low:

1. The one to two weeks before verslunarmannahelgi. People are on holiday or about to go, and their minds are elsewhere.
2. Between Christmas and New Year. Almost no movement at all.

If your property goes on the market into either of these periods, the most valuable week – the first – is burned at a time when few people are looking. That is easy to avoid: either list the property somewhat earlier or wait until the period is over.

For buyers it is the other way round

Those same periods can be a very good time to buy. There are few buyers in the market while the number of sellers stays much the same. Competition for each property is therefore lower and the buyer’s position is better than usual.

If you are buying and have flexibility on timing, it can pay to be active precisely when everyone else is not.

What actually decides the timing?

Once the season is taken out of the picture, three factors remain that matter to you:

1. When the property is ready. A property that goes on the market half-finished never gets its first day back. Better to wait two weeks and go in with a finished property and good photographs.
2. When your own circumstances allow. When you can move, and how the purchase of your next property fits with the sale.
3. How the property will be promoted. A well-marketed property in November gets more views than a poorly promoted one in May. When a property is promoted with paid advertising on social media, the field Baldur fasteignasali (licensed estate agent) specialises in, you reach people who were not searching – and that works regardless of the season.

In short

• The Icelandic property market is on average steady throughout the year.
• The economy, interest rates, supply and news coverage matter more than the season.
• Sales drop away for one to two weeks before verslunarmannahelgi and between Christmas and New Year.
• Those same periods can be a good time to buy.
• Preparation and marketing matter more than the month.

Frequently asked questions

Is it worse to sell in winter because of the darkness and the weather? The seasons have almost no effect on sales, but daylight does matter for the photographs. Take the photographs in daylight and give the photographer room to choose the time of day, even if the property goes on the market in winter.

Should I wait to sell until the market improves? If you intend to sell and buy another property in the same market, the swing largely cancels itself out – you sell and buy under the same conditions. Waiting mainly pays off when the property itself is not ready or your own circumstances do not allow an immediate move.

Get in touch

It costs nothing to go through when it makes most sense for you to put your property on the market, given your circumstances and the market as it stands. Contact Baldur Jezorski, licensed real estate agent (löggiltur fasteignasali), on 450-0000 or send a message via 450.is for more information on the best time to sell in your case and on how the property would be marketed. Free and without obligation.

Related articles

• How long does it take to sell an apartment?
• How do I get a higher price for my property?
• How do I prepare my apartment for sale?

Thinking of selling? Get a free valuation from Baldur Jezorski, licensed real estate agent in Hafnarfjörður, reply within 24 hours.

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