The first month of the year usually sees fewer home sales, and this January followed that pattern. With so few homes closing, it’s difficult to see trends – only 3 single-family homes and condos sold in Bedford during the month, which puts the 90% increase in prices into perspective. Similarly, with only 6 sold listings in Concord, it’s hard to put much weight on the almost 50% drop in average sale price.
The market in Lexington has remained much the same as the prior year, with sold prices within 1% of last year and one fewer homes sold. By contrast, more than double the number of homes sold in Winchester in January 2024 compared to 2023, which, accompanied by a 69% increase in sold prices, indicates a more robust housing market in that town this winter.
The only real trend we can see is an increase in the number of homes for sale on Feb 1st. On market listings are up by more than 50% on the previous year in Acton, Bedford and Westford. The mild (so far!) winter has encouraged some sellers to list their home earlier than the traditional spring months, and that could be a strong strategy to get ahead of the competition. Smart buyers will also see the benefits of securing a new home before the more frenetic months. With interest rates stable and prices still following a general upward trend, there is no real benefit to waiting – if the right home comes along now is the time to act.