It’s now over a year since our part of the world shut down in response to the Covid-19 pandemic. Since then we’ve seen many peaks and troughs in the battle against the virus, but after an initial pause, the housing market has remained steadily on the up. During the lockdown in March and April, when businesses were closed and real estate activity was restricted, realtors got creative and found different ways to market their homes. Videos, Facebook Live, Matterport virtual tours and other interactive forms of home viewing helped the housing market quickly recover in our towns. One year on, demand continues to be high as some of the effects of the pandemic are still evident - working patterns have changed for good, with working from home becoming the norm, and social distancing is here to stay for a while yet which is increasing demand for more indoor and outdoor living space.
When we look at the year-on-year figures for March, even taking into account the situation a year ago, we can see that there are far fewer listings on the market in 2021. There are fewer than 10 single family homes for sale today (April 1st) in Acton, Arlington, Bedford, Carlisle, Lincoln, Melrose and Westford. Consequently, homes that do come to market are moving quickly. Days to offer are in single figures in Carlisle and Westford, and homes are closing in an average of less than 40 days in Acton and Lincoln. The increase in demand has had an impact on average house prices - list prices are up by more than 30% year over year in Concord, Lexington and Winchester.
What does this mean for you and your moving plans in 2021? Whether you are buying, selling, or both, it pays to talk to an experienced real estate agent. Our agents are all experts in the towns they serve and understand the opportunities and challenges with moving in this marketplace. They can guide you through the process from start to finish and ensure you are getting the best value for your investment. Get in touch today to find out more!