We are fully into spring market and our agents are busy! May was another good month for home sellers in the towns north of Boston. Sale prices were up by more than 30% in Bedford, Carlisle and Lincoln, with our other office towns showing consistent price increases. Average days to offer was just 7 in Acton, Lexington, Westford and Winchester – a drop from last month in most cases. Overall the number of single-family homes sold was up on the previous month – and home sales jumped by 83% in Concord compared to May 2021. The competition for available homes has not let up, and as a consequence we are seeing homes sell for well over the list price – on average 16% over in Lexington and 13% in Acton.
The good news for buyers is that there has been an increase in the number of homes for sale compared to the previous year. The number of single-family homes on the market as of June 1st has more than doubled in Acton and Westford – which means more opportunity for buyers to finally secure their dream home.
So what happened to the slow-down that was predicted at the beginning of the year? Whether you are buying or selling, it’s important to remember that “slow-down” means exactly that - what we are expecting is a return to a more normal real estate market, not a collapse. If you cast your mind back to pre-pandemic times, it was typical for homes to be on the market for 2 or 3 weeks, and for buyers to make offers at, or even below the list price. That’s still something we are anticipating, so if you are thinking of listing your home you should talk to your agent about what the market is doing in your area.
Right now, demand is still high in the popular commuter towns north of Boston, and sellers looking to take advantage of that should consider whether to risk waiting for fall or take the plunge and list now. Our Pre-Listing Prep service can help you get your home market-ready with no up-front costs, and our Buy Before You Sell program can free you up to search for your new home. Ask one of our agents for full details.