In like a lion, out like a lamb – March’s housing market certainly followed the old weather proverb this year! We started out strong with a flurry of activity in the first 2-3 weeks before quieting down at the end of the month – perhaps in preparation for the holidays and April vacation. But during those weeks we saw hints of the spring market of 2022 – busy open houses, multiple offers, some contingencies being waived again, and shorter days on market. Whatever else is happening across the country, here in our corner of Massachusetts there is still strong demand for homes.
Even bearing in mind last year’s higher prices, some towns saw the average sale price increase further – Lexington and Westford saw over 20% increase on 2022, whilst in Acton the average sale price for single family homes and condos jumped by over 50%. Another indicator of demand – the sale price to list price ratio – continues to reflect the limited inventory in the market. Each of our towns shows that homes are selling at or above list price – by up to 9% in Lincoln.
There was, however, a marked shift in the number of active listings compared to this point last year. In every town bar Acton, there were more single family homes and condos for sale on April 1st this year – with marked increases in Concord (76%), Lexington (85%) and Winchester (41%).
Our message to sellers remains the same – If you are thinking of selling, we have the buyers ready and willing to make a move. And for buyers the key is to be prepared – talk to a buyers agent about what you can do now to be ready to secure that dream home once it hits the market.
For a more detailed analysis of the housing market in your neighborhood contact us today!
