It might not feel like spring when you step outside, but as far as the real estate market goes we are in full bloom! Our agents are reporting an uptick in activity in the past month, with long lines at open houses and multiple offers with very competitive terms. Taking a look at the standard metrics we measure, we can see a continuation of the trends of recent months - prices continue to increase year over year in towns such as Bedford, Lexington and Westford, and we see homes moving quicker in Acton, Concord and Winchester. The one figure that may be surprising is the number of listings sold, which in towns such as Concord, Westford and Winchester is down on the previous year. The reason for this becomes clear when we take a closer look at the number of properties on the market. Across the board, the number of single family homes on the market as of March 1st is drastically down on the number from 2020 - in some towns it has more than halved. This shortage in inventory is driving up competition for homes, leading to the lines of buyers at open houses and the increase in multi-offer situations. It is not uncommon for sellers to accept an offer within the first week of marketing, further exacerbating the inventory shortage.
So what does this all mean for you? If you were considering selling your home during 2021, there are advantages to bringing your home to market sooner rather than later. Buyers are motivated, interest rates remain historically low, and the ongoing health situation has meant people are considering a move further away from the city with more space. Talk to one of our experienced agents to get a more in-depth analysis of the market in your area.