At the beginning of each month we typically take a look back at the previous month to get a feel of how the housing market is performing. Are sale prices up or down on the previous year, have days on market increased or decreased, how many homes have sold and so on. Right now these sorts of comparisons are difficult - April 2020 looked nothing like April 2019 in so many ways, making it hard to draw any worthwhile conclusions. However we decided to delve a little deeper into Real Estate activity since the pandemic really hit our communities, when non-essential businesses shut down and everyone came under the “stay-at-home” order. Anecdotally we knew that demand was still there and homes were still selling, but would the numbers echo our own experience?
The answer was a resounding yes! Over the 6 weeks* since the Governor's announcement, a large percentage of the homes that have come to market have gone under contract and in some cases even already sold. In Melrose, 68% of homes that came on the market since March 23rd are under agreement, in Stoneham it’s 75%*. While the number of homes listed has decreased compared to the same period last year, the level of interest and activity has been similar to a typical spring market. We’ve seen this first hand at Waterfield Sotheby’s International Realty, where our three most recent listings received multiple offers and had accepted offers within 5 days.
So what does this mean for you if you are thinking of buying or selling? A lot will depend on your personal circumstances - our blog “Buying or Selling a Home During the Pandemic - What You Need to Know” covers some of the things you need to consider. But with talk of restrictions easing in the near future, there is a strong probability that inventory will increase and there will be more buyers out looking. If moving was on your agenda for 2020, now is the time to talk to an experienced realtor to discuss your options. Our agents would be happy to arrange a phone call or video chat to find out about your plans and give you an up to date analysis of the market. In the meantime, take a look at these numbers to see what’s happening in your town.
*single-family homes listed between 03/23/20 and 05/03/20, source MLSPin.