The September sales figures for the towns and cities northwest of Boston have been finalized, and at first glance, it seems we’re seeing a shift toward a buyer’s market. Days to offer are up compared to Sept 2023 – now an average of 36 days in Concord and Lexington. The number of listings sold has also dropped, by more than 30% in Westford and Acton. A barometer of supply vs demand – the sale-price to list-price ratio - is softening, although homes are still selling for an average of 2% over the list price in Lexington and Winchester. In addition, the mortgage rates are overall lower than earlier in the year, which gives buyers a much-needed boost in buying power.
However, the situation isn’t quite that straightforward. Sale prices have remained stable or even increased compared to last year in Concord, Lexington, Westford and Winchester. The number of listings available as of October 1st has also decreased year over year, meaning supply remains limited and tilting the market in favor of sellers once more.
It’s important to remember that the current data reflects activity from the summer months. Homes closing in September would have most likely come to market in July or August, when the market was slower. The true picture of early fall’s activity will become clearer once we have October’s numbers. Anecdotally, we have noticed an increase in open house activity over the past few weekends, suggesting that the fall market still has plenty of momentum left. To find out if now is the right time to make a move, talk to one of our local real estate advisors. With their finger on the pulse of the market for both sellers and buyers, they can help you make an informed choice.
