With the beginning of March we are seeing the beginnings of a spring market. As of March 1st the number of homes for sale in Concord, Carlisle, Lexington and Lincoln had doubled since the same point last year. A combination of mild weather and a drop in the interest rates has encouraged both sellers and buyers into action. This follows a slow February, which saw the number of homes sold drop compared to the previous year. Pricing, however, has remained buoyant, with average sold prices up year on year in towns such as Acton and Concord. Limited inventory up until now has had an impact, and when looking at the sale price compared to the list price you can see there is still strong demand for homes in the areas north of Boston.
Pricing and timing are crucial whether you are buying or selling. For sellers, price your home too high and you’ll put off potential buyers and find yourself competing with other homes that come to market later. Equally buyers should be wary of waiting for prices to fall and consequently face more competition for homes as the market heats up. As activity starts to increase it’s important to keep in touch with an experienced realtor, to ensure you are getting the most up to date, accurate information on your local market. Get in touch today to talk about how to take advantage of the changing market.