Here is a look at the first quarter of 2017 in Massachusetts broken down by single family homes, condos and a few specialized categories such as waterfront and contemporary homes. The spring market has been early and very hot. Below find some numbers from that give you an idea of the hotter towns around and my thoughts on why we are seeing these numbers:
Single Family Homes:
As this clearly points out, with the one exception (Marlborough), prices are rising. In some cases, this rise is significant. For a more in depth look at these numbers (my not so fancy spreadsheet), CLICK HERE. The number of homes sold affects these numbers greatly. In towns like Harvard and Stow, one big or small sale when only 10-12 homes sell does change the median sale price.
Here are two more charts that show both how many homes sold 2017 vs 2016 as well as how many days it took to get the home under agreement.
Here is a look at the aggregate of the above charts in terms of percentage changes:
By looking at these two charts together, you can see that less homes sold but in a much shorter amount of time. This is a result of what we refer to in the real estate business as lack of inventory. So few homes have come on the market with a large buyer demand that the homes that are coming on sell very quickly. Sudbury had more homes sold in 2017 and you can clearly see that as a result, their market time also increased.
What does this mean if you are a Buyer?
As a buyer, being pre-approved by an excellent and well respected lender and having an aggressive and experienced buyer agent is key. If a home is in good condition and priced well, it will receive multiple offers. How you leverage that in your offer is critical.
What does this mean if you are Selling?
This is a Seller’s market. No doubt about it. This does not mean however you can price your house a crazy price though! Buyers are educated and will baulk at an overpriced home. As a Seller, making sure your home is 100% ready to sell – staged, with professional photos and floor plans, excellent web presence, pre-sale networking within the industry and pricing it to receive multiple offers (thus driving the prices up) – is critical. Again, an experienced and well respected listing agent will make all the difference in a smooth sale from negotiating multiple offers to inspection to appraisal and to sale. This is your biggest investment – make sure you have an expert who will respect that. Ask me how I market homes! Want to know the value of your home now? Click Here!
The condo market is always volatile from month to month and even year to year. A new development or affordable units will skew the numbers, sometimes dramatically. See above – Stow for example in the first quarter of 2017 only had one condo sold but it was an affordable unit (deed restricted). In Sudbury, in 2016 a very high end condo development sold 3-4 units in the first quarter.
This is not a perfect reflection of water front sales. It will be interesting to re-visit this number at the end of June as I have seen an exceptional demand for waterfront homes particularly closer to Boston.