As summer gets into full swing, we take a look back at the last month of the spring home market season. June followed the pattern of previous months for our core office towns. Average sold prices remained steady for the most part, although Westford saw an almost 30% increase in the average sold price for single family homes and condos. Crucially, the sale price to list price ratio was above 100 in all our towns, showing that demand is high enough that sellers are still receiving offers above the list price. Buyers also have a little more time to make a decision, as days to offer have increased since last year’s crazy-fast pace. Sellers are now agreeing offers in 7 days on average in Acton and 12 days in Lexington. The number of homes sold is still down on the peak of 2022, however the number of homes on the market as of today (July 5th) is up on this time last year in most towns – up by 19% in Concord and 17% in Lincoln and Winchester.
There are some anomalies that are skewing the numbers for towns like Bedford, where one house that remained on the market for over a year has drastically impacted the average days to offer. If you disregard that one example, the average DOM comes down to just 15 days. Your agent will be able to explain details such as this and give you a more robust analysis of the stats for your towns of interest, so it’s important to consult with them before you embark on your buying or selling journey. Contact us today to get a more detailed breakdown of the home sale stats in your neighborhood.
