At the end of each month we take a look at the sold numbers to give us a snapshot of the local housing market activity - how many homes sold, how quickly homes went pending, and what happened to list and sale prices. Over time these numbers help us to understand the trends in the marketplace which can guide us when working with buyers and sellers. By comparing the figures year to year we hope to eliminate any seasonal changes and get a true indication of the way the market is moving.
However, as with everything this year, the pandemic has affected the typical pattern of housing market activity. November is typically a quieter month for house sales, marking the end of the Fall market when homes that were listed in the warmer days of September and October close. This year we are seeing no signs of the market slowing down, and there have been increases across the board in average sale price and median price. Bedford, Concord, Lexington, Melrose and Winchester have all seen a more than 20% increase in sale prices compared to last November - in Arlington and Melrose sale prices were up over 30%. Alongside that, days to offer and days on market are down year over year in nearly all our towns. Homes sold in Arlington and Lincoln averaged just 10 days from listing to accepted offer. Acton has the shortest days on market - just 19 on average. The number of homes sold is also up year over year in most towns - Bedford, Lincoln and Westford saw an over 50% increase. While we may see a slight decline over the next month as the Holidays take over our attention, it's clear to see that market remains buoyant for sellers and competitive for buyers as demand outstrips supply.
For a more detailed analysis, and what it means for your own particular situation, reach out to one of our experienced agents.