Although December is typically a quieter month for real estate sales there were still some buyers and sellers in the market eager to secure a new home for the new year. Sales prices continue to increase compared to December 2022, with prices up by almost 50% in Acton and 63% in Winchester. Homes were moving quicker than the previous year – going under offer in less than 2 weeks in Acton and Concord. However, the number of single-family homes and condos sold was down from 2022 across all our office towns, reflecting the overall trend of the year. Despite this, and due to the increase in sale prices in these towns, both Acton and Winchester markets increased in volume from December 2022.
Looking forward to 2024, there is good news for both buyers and sellers in the market. Interest rates have stabilized which will make it easier for buyers to plan their finances. More buyers in the market is always good news for sellers. There are also more homes available for sale compared to last year - over 50% more in Bedford. For sellers, it’s encouraging to note that prices are still holding strong – homes sold for an average of 102% of list price in Concord and Westford. And while inventory is still limited there is an opportunity for sellers to get a jump on the competition and list their homes sooner rather than later. Coupled with the election looming later in the year, smart sellers will want to make a move before buyers’ attention moves elsewhere.
For a more detailed analysis on the current market in your neighborhood, contact one of our experienced realtors.
