There's more good news for sellers in the towns beyond Boston after another month of home sales. The demand from buyers continues to keep house prices buoyant, with Lexington showing a marked increase (45%!) in average sale price compared to 2021. Westford also experienced a greater than 20% leap in the average sale price. In Acton and Bedford, the median sold price also jumped by over 20%. The lack of inventory continues to have an impact on the number of homes selling over the list price – with so few homes on the market buyers are increasingly having to up their offers to secure their dream home. The average sale price exceeded the list price by 10% or more in Bedford, Acton and Concord in the past month.
If you are wondering what happened in Lincoln, surprisingly there were ZERO single-family homes sold in Lincoln in February. And as of March 1st, there were zero single-family homes available. If you have a home in Lincoln and are thinking of making a move, don't miss this opportunity to capitalize on the significant lack of supply.
For buyers, speed is still crucial in securing a successful offer – homes in Winchester, Acton, Bedford and Westford all had accepted offers in less than 20 days on average. If you are seeking financing for your new home, you absolutely need to have your pre-approval in hand before you begin your home-shopping. Your agent can also advise you on some other things you can do to set yourself up for success.
There are some signs of a change on the horizon – the number of homes sold during February 2022 has increased on the previous year in Acton, Lexington and Westford. And the number of available single-family homes as of March 1st is up vs February 1st in Acton, Carlisle, Concord and Winchester. As we continue to emerge from the pandemic era and the first signs of spring appear, we are already seeing the beginnings of an early spring market. However, with an interest rate rise now imminent, buyers’ ability to increase their budget to compete will be limited. And with more people looking to list their homes in the traditional spring months, they will have more choices on where to spend their money.
If you are still wondering whether now is a good time to list your home, you shouldn’t need much more convincing – talk to your agent today about how to take advantage of the current market to realize the full value of your greatest asset.