Sales times: which are the cities where the house is sold quickly

The timing of the sale of a house (and of real estate in general) are among the indicators that help determine the health of the real estate market. In this text we will describe you in which big Italian cities the house sells faster and in which others times tend to get longer.

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We will discuss the specific situation of two large cities such as Milan and Bologna, of the provincial capitals and the relationship between these and the sales times in the hinterland. Some considerations regarding the timing of sale and the consequences of the COVID-19 pandemic cannot be missing.

Sales times: a fundamental indicator

As we have already mentioned in the introduction, the time required for a successful sale of a property is a very significant factor in assessing the state of the real estate market.

As for the average sales times, consider that at national level these have slightly worsened compared to a year ago, as it was not difficult to expect following the pandemic and the results it had on the markets.

A very exhaustive reference from this point of view is the one given by the analysis conducted by the Tecnocasa Research Department. This study is interesting as it allows us to extend the considerations up to 2010 and has also been structured with a focus on different places; in fact, the big cities, their hinterlands and provincial capitals are examined.

We will go into more detail in the following paragraphs, but consider that on average it takes 146 days to sell a property in the provincial capitals, while the average stands at 157 for the hinterland.

The historical trend of sales times

Again with reference to the data of the aforementioned analysis regarding sales times, we can observe some aspects.

The figure that stands out the most, considering the historical series of the sale times of the properties, concerns the year 2012, during which the maximum peak was reached with an average of 184 days.

During the following year there was a negligible average improvement, but the trend would have undergone a reversal starting from 2014 with times in sharp decline, up to the minimum value of 2021, with an average of 109 days.

However, 2021 would not be confirming this downward trend, as it is easy to imagine. Consider that at the moment, albeit with partial data, the estimated sales times have in fact risen to 118 days.

The effects of the lockdown

However, the increase in sales times this year is not the result of a constant slowdown in timing throughout the pandemic. In fact, following the end of the first lockdown in 2021, a partial recovery could be observed, which was however followed by a new period of uncertainty and a consequent slowdown on sales times.

The causes, as you may have been experimenting more or less directly, are linked to variables related to the pandemic itself, such as the uncertainty regarding the stability of the workplace and the consequent possibility of obtaining a credit.

To be precise, as we have also had the opportunity to explain to you on other occasions of the pages of this blog, the situation is not uniform as despite the pandemic and any difficulties, the need to purchase by some categories of people has not ceased., as in the case of the need to purchase a first home or move to a higher category property, especially as regards the higher price ranges.

But let's go back to the specific data of the provincial capitals and find out how the sales times of the property in the big cities are articulated, starting from Milan and Bologna.

Selling in big cities: the case of Bologna and Milan

Continuing to observe the data that emerged from the aforementioned analysis, if we pay attention to the average sales times of large cities, we can observe that the sales times are on average 118 days, compared to 109 a year ago. However, the nine-day increase in times is not representative of the situation in all the capitals.

In fact, the data from Bologna and Milan stand out among the big cities because they are the two metropolises where you can sell a house faster. In fact, the data record 57 days for Bologna and 60 days on average for Milan, values that represent the fastest times ever.

In this regard, consider that the third city in order of speed of sales is Florence with an average of 94 days, i.e. about a month more than the times in Milan and Bologna. But what happens in the other capitals?

The other cities

In the ranking of the big cities, Bologna and Milan are followed by Florence and Naples, with 94 and 110 days. But looking at the data of the other large Italian cities taken into consideration, the case of Bari is first of all striking, ranking last with 162 days. Lower, even if only partially, the data of the others among the last classified: Palermo (150 days) and Verona (151 days).

Apart from the extreme cases, however, consider that in most provincial capitals the sales times exceed 100 days.

Regarding the distribution of times, it is not possible to establish a correlation relating to the position; in other words, being located in the Center, in the South or in the North is not an indicator of the timing of sales, but excluding the cases of the three cities where it sells more quickly.

Up to now we have talked to you about provincial capitals; but what are the average sales times moving just outside these cities? Here is what emerged from the comparisons between capitals and hinterland.

Selling in the hinterland

As we have already anticipated, on average in the hinterland the sales time that is recorded is 157 days. The average figure is clearly higher than that of the average of the capitals and this trend is also real when comparing the data of the single cities; what you can see is in fact a sale time on average higher than that of the reference city.

It is also interesting to note that there is no direct correlation in the ranking of sales times between the two positions, that is, in other words, how the speed of sale in the capital is not necessarily reflected also on the properties located in its surroundings.

Let's analyze some cases that are significant in our opinion. Returning to Bologna, we can observe how the next 57 days to sell a house in the city center become almost triple when moving to the hinterland (153 days).

Less pronounced is the difference that is found in the times of sale of the property in Milan where, as we have described above, the average times are equal to 60 days for the capital but increase by almost 100 days moving towards the hinterland, with an average equal to 156.

From this point of view, the difference observed between the capital and the hinterland for the other cities analyzed is less important, even if the sales times are in most cases longer than about a month.

The analysis of the data indicated, has allowed you to understand in general what is the trend of the sale times of houses and properties in our country; however, consider that these times, as well as the location of the property, can be influenced by many factors that are not always predictable and sometimes with logics that are not easy to identify.

For this reason, our advice is always to contact a professional or a real estate agency, who will certainly prove capable of optimizing sales times.

Source: PropertyNews

Source: Business World