Continuing with the positive news for sellers and the housing market in general this month, as the spring market gathers pace. Prices have increased year over year in most towns – up 36% in Westford and 21% in Lexington. Overall market volume has also increased in these towns, as well as in Bedford and Lincoln. All good signs that the market is picking up. Days to offer continue to increase from last year but are still under 2 weeks in Acton and Winchester – both in demand towns. Sale prices are also still solidly above list price in all our office towns – another good indication that demand outstrips supply. On average, homes in Concord sold for 5% over the list price and homes in Acton were selling for 8% over in May.
Buyers should also be reassured to see the increase in activity. Market volume is a great indicator of the last month’s inventory but even more significant is the number of current available listings. As of June 1st, the number of homes for sale was up on the previous month AND on the previous year in all our office towns. That news will certainly be welcome amongst buyers who have been frustrated by the limited inventory in popular towns and suburbs north of Boston.
Does all this mean we will have a strong summer market this year? Talk to one of our experienced realtors to find out how the latest numbers impact your buying or selling plans.