Typically one of the quieter months in real estate, August nevertheless saw an increase in activity in many of the towns we serve. Despite the predictions of a housing market crash we saw an increase in sale prices in towns such as Concord and Winchester compared to last year, showing demand is still high in these popular towns. It is true that the pace of sales has slowed, with days on market now hovering around 20 in Acton, Bedford and Westford, compared to an average of 15 last August. However it is important to remember that those numbers were historically low, so what we are seeing now is more of a return to a typical time scale rather than a “slowdown” in market activity. If you have been thinking about selling, there are still plenty of reasons why now is a good time to list your home - homes are still selling over the asking price in all our towns, the median house price is up in most areas, and motivated buyers are encouraged by improved inventory.
Looking forward to the fall market and we can already see an increase in activity. As of the first week of September, there was an 80-100% increase in available listings in Acton, Bedford, Lexington and Westford. For buyers, the increase in the number of homes available means more choices and less competition, giving some much needed breathing space in the home-buying process. Ultimately, when buyers are having success in the housing market it encourages more people to make a move, and that is good news for everybody.