This August was fairly typical in terms of sales activity compared to a normal (non-pandemic) summer. The number of homes sold was down on the previous two months in most towns, the exceptions being Acton and Westford, and down compared to the prior year when we were coming to the end of the boom market. Almost 50% fewer homes were sold this August vs 2022 in Bedford and Lexington. However, almost across the board house prices are up on the previous year - by 38% in Lincoln and 26% in Concord. The sale price to list price ratio also remains above 100, with homes selling for 4-5% over the list price in Concord and Bedford. These numbers show that it’s not a lack of demand that is slowing the market but rather the continued lack of inventory. Days on market have increased since last year in most of our office towns – Acton, Westford and Winchester bucked the trend, with homes on the market for an average of just 17 days in Acton.
So as we head into September the market continues to lean in favor of the seller, but for how long? As of September 1st, there were fewer homes on the market than at the same point last year, but we expect to see that change as summer ends and people return to their regular routines. If you are considering selling your home, we recommend talking to an experienced real estate agent sooner than later. They can advise you on the market conditions in your particular neighborhood and prepare you to take advantage of the limited inventory to get the best market value for your home. Contact us today.