There is a very “Groundhog Day” feel to the real estate stats for our communities in January. As in previous months, we are looking at increased prices, decreasing days on market and limited inventory across all our towns. Westford and Winchester saw sale prices increase by 15% or more versus January 2021, and in Concord the average days on market fell to just 18. The median home sale price rose above $1.8m in Lexington, up almost 20% since last year. The number of homes sold in Acton dropped by more than 30% compared to the previous year, and in both Bedford and Lincoln there was just one single-family home for sale on February 1st. The shortage of available listings continues to drive competition for homes, which in turn pushes up the sale price – across all our towns the sale prices are equal to or above the list price. Gone are the days of making low-ball offers to start negotiations – smart buyers know they must do their homework to be competitive in this market. This is where a good agent is worth their weight in gold – their experience, knowledge and connections will help you make a successful offer to secure your dream home.
There is also a familiarity to our message to sellers this month – that is, there really is no better time to put your home on the market. Homes are selling faster and for more money month over month. Even if you are considering a move later in the year, it pays dividends to talk to an experienced agent today. Barrett Sotheby’s International Realty agents are experts in the markets that they serve. They know their communities inside out and are best placed to advise you on your home’s true worth in today’s market. They also know that this seller’s market will not be here forever – interest rates will rise, buyers will drop out of the market or look elsewhere, and prices will return to more typical levels. If you want to take advantage of the supply and demand imbalance, don’t wait until the spring – talk to an agent and get the ball rolling today!
