It’s been a while since we had a “normal” housing market. Since Covid hit over 2 years ago we’ve been on a rollercoaster, riding the dip of the initial lockdown to the highs once Massachusetts opened for business again, and all the changes since. So it’s hard to remember what a typical housing market looks like. Looking back to June 2019 – the last year we had a more typical environment for home sales – the average days to offer was 24, which is over 3 weeks on the market. Last month the average was 8. Three years ago, homes were selling on average for 100% of the list price. In June this year the average home sold for 10% more than the list price.
In our office towns, we see that prices are still up on last year in most towns, including Bedford, Winchester and Acton. Sellers are accepting offers in a week or less in Lincoln and Acton, and homes are under agreement in just 15 days in Lexington and Westford. The number of single-family homes sold is down in all towns except Lincoln, reflecting the inventory shortage earlier in spring, however there were more homes for sale on July 1st this year compared to last – another hopeful sign for buyers. The pricing trend has continued for another month, with homes selling on average for more than 10% over the list price in Acton, Carlisle, Lincoln and Westford.
So, homes are still selling, and on average for more than they are listed for, but it seems the frenzied days of lines around the block at open houses, and 10 or more offers on a home have passed. What we are experiencing now is a more normalized market, with buyers no longer feeling rushed into making snap decisions and vastly inflated offers. If you are selling your home you should know not to panic if your home does not sell in the first weekend. You also need to listen to your realtor when it comes to pricing your property to ensure you are attracting the biggest potential pool of buyers to look at your home. Prices are not falling, but homes that are priced at the top of their range are tending to sit on the market a little longer. Our realtors will be able to recommend a price range based not only on recent sales but also, through collaboration with colleagues, insight on what your local market will support. Better to have more interest at a realistic price that encourages offers than to aim too high and price yourself out of the market.
Ultimately it is still a good time to be selling your home, but the balance is shifting towards the buyers who finally have some breathing space to fully consider their home purchase. Speak to a Barrett Sotheby’s International Realty agent to get an up-to-the-minute assessment of how the housing market is performing in your area – contact us today!
