April’s housing market stats show good signs for both buyers and sellers. For sellers wondering if this is a good time to list their home, a look at the most recent month’s sales numbers should answer that question. Sale prices are up on last year’s already increased numbers – by more than 10% in Lexington and Winchester. Limited inventory continues to be an issue, with market volume down by more than 30% in Acton and Westford. This means any homes that do come to market are in demand, which is keeping prices up.
Another indicator of demand is the sale price to list price ratio – anything over 100% shows that homes are, on average, selling above the list price. Across all our office towns, homes are selling for an average of 2-5% over the list price – which has got to be positive news for sellers.
Buyers will be pleased to see that, for the second month in a row, the number of single-family homes and condos for sale has increased year over year. The number of active listings has more than doubled in Concord, and Bedford has seen similar increases. Also days to offer and days on market are up on last year, which means that buyers are getting a bit of breathing space in making offers and having inspections. However, limited inventory is still putting pressure on buyers to make quick decisions, so be prepared and talk to an experienced buyer agent before you start house-hunting.
For more specific advice on the housing market in your town – and the ideal time to list your home – talk to a Barrett Sotheby’s International Realty agent.
