Summer is typically a quieter time in real estate, with people making the most of the good weather and enjoying the slower pace of life. We certainly saw a drop in activity during August compared to prior months, with fewer listings hitting the market and fewer buyers out searching - as is expected at this time of year. No surprises so far.
Comparisons to August 2020 are a little skewed, as last summer’s market was atypically busy, so we would expect the number of closings to be lower than the previous year - and that is the case across all our markets. However, even bearing that in mind, we can see familiar trends in the housing market in areas around Boston such as Acton, Concord, Lexington and Winchester. House prices continue to increase, with average sales prices up more than 30% on last year in Bedford and Carlisle. Sale price is now at over 100% of list price in all our towns - an indicator of strong demand for homes in these communities. Days to offer have been falling steadily each month in all our towns, and now offers are being accepted in less than 10 days (avg) in Acton and Westford. The number of listings on the market as of September 1st is still low - almost half what it was in Concord and Lexington in 2020. All these factors create an opportunity for those who are ready to make a move. There are other influences at play that point towards an eventual slow down in the market, but so far we are not seeing evidence of that in either prices or the speed at which homes are selling. Smart sellers wanting to get a jump on the Spring 2022 market should talk to one of our experienced agents today about listing your home during this prime fall period.
Our recent blog post also talks about some of the advantages of selling during the fall - including less competition and more focused buyers. It also includes some tips on how to prepare your home for sale. Consult your agent before taking on any upgrades or renovations to decide whether you will get the return on your investment.