Last week we focused on the houses sold during June in various towns and cities in North Suburban Boston, and discussed how that was only part of the story. This week we take a look at the other part - how many homes were listed during that month, how many homes accepted offers, and what the inventory is like in your area. During this new normal, these numbers can give us a greater indication of what is happening in the market right now, while sold figures tell us what happened 8-10 weeks ago.
On the whole, we have seen an increase in the number of listings coming to the market this month compared to May. What is unusual about this is that typically we would see things start to slow down in June, so steady or increasing numbers of new homes coming for sale is a good indication of improved activity. We have been suggesting for a while that there would be a surge in activity once restrictions were lifted, and these numbers seem to bear out that theory.
There has also been an increase across the board in the number of accepted offers during June. Again, this shows that buyers have confidence in the market and are keen to make a move. Whether they were planning to move in 2020, or recent events have changed their plans, buyers are out in force and we are seeing more multiple offer situations as demand outstrips supply in certain areas and price points.
The knock-on effect is that inventory seems low across all our towns and cities. At the end of June, there were fewer than 16 single-family homes on the market in Arlington, Melrose, Medford, and Stoneham. This creates its own pressures on buyers and reinforces the importance of having an experienced realtor as a partner to help you secure your next home. We do know that there are more homes coming up for sale in the next few weeks - this week alone our office will bring 9 new listings to market - so we expect there to be a lot more activity in July and beyond.
If you would like more detailed information about the real estate market in your area, reach out to one of our experienced realtors.