March's home sales statistics paint a diverse picture of our local real estate landscape, with discernible patterns elusive amidst the fluctuations.
Starting with pricing, the trend leans upward. Prices increased in most towns, ranging from a modest 5% in Lexington to a staggering 44% in Bedford. Conversely, Concord experienced a marginal dip of 2%, reflecting the diverse nature of pricing within our local markets.
The market pace remains brisk. In general, days to offer dropped by varying percentages vs March 2023, highlighting the dynamic nature of real estate. However, Acton and Bedford saw a contrary rise in days to offer, hinting at the many different factors at play.
Sales volume shows a mix of growth and contraction. Acton and Winchester witnessed a dramatic surge in the number of homes sold, with increases of 113% and 88%, respectively, albeit from a relatively low baseline the previous year. Conversely, other towns experienced declines ranging from 9% to 50% compared to the same period last year.
Amidst this whirlwind of fluctuating numbers, one consistent thread does emerge – the sale price: list price ratio. Across our office towns, homes consistently fetched prices above list price, with Concord homes commanding 6% over, showcasing local market strength.
With fewer homes for sale, shorter days on market, and escalating prices, proper buyer representation is crucial. Whether you're a seasoned investor or a first-time buyer, the guidance of a dedicated buyer's agent can be your greatest asset in navigating today's dynamic market landscape.
For a deeper dive into the invaluable role of a buyer's agent, our recent blog outlines what you can expect from a Barrett Sotheby's International Realty agent. Please don't hesitate to reach out to one of our trusted real estate advisors with any questions.
