The last month of 2022 did not bring any surprises in the housing market, as the general cooling continued. This is typical for the time of year, but perhaps because we have had an unusual couple of years, it’s easy to forget what a “normal” December would look like. Certainly there have been some changes compared to the previous year – average sale prices are down year over year, and days on market have increased in most of our office towns. There are exceptions – in Bedford the average sale price was up 15% from last December, and Westford also saw a slight increase. Days on market dropped compared to last year in Acton, Carlisle and Lincoln. The median house price remained steady year over year in Concord and Winchester, indicating that home values remain strong. Buyers will be pleased to see that inventory continues to climb – the number of homes for sale has more than doubled in Lexington, Acton and Winchester.
These numbers paint a picture of the general housing market, but we also rely on our own experience to point to market trends. Anecdotally our agents tell us the demand is still there – Open Houses are well attended, and well-priced homes are still receiving multiple offers, albeit with some of the more regular contingencies back in there. Indeed, looking at our regular sale price to list price ratio chart, we are still seeing average sale prices at or above the list price in all but two of our office towns. So even with fewer buyers in the marketplace, sellers are able to successfully make a move.
All of this means it is vital to work with an experienced agent who can help you realize the full value of your home. A Barrett Sotheby’s International Realty agent has a wealth of resources at their disposal to ensure your home is priced competitively and marketed extensively to achieve a successful sale. Get in touch to find out how much your home is worth in today’s market.