Last week we talked about the listings activity in the cities and towns north of Boston, which showed a very positive picture for both buyers and sellers in terms of the number of homes coming to market and the number of offers accepted. Now we turn our attention to what closed during the past month, which gives us an opportunity to compare real estate activity year over year. This is a useful tool to see trends in the market over a 12 month period, and enables us to compare like with like without any seasonal influence.
Overall it’s a very positive picture, and indicates a healthy interest in real estate from buyers and sellers, despite (or perhaps as an effect of) the global pandemic. Across the board, we see that houses are moving quicker than they were 12 months ago - on average sellers accepted offers in just 16 days compared to 29 in September 2019, and homes were on market for an average of 25 days vs 39 days last year. The number of homes sold is also up year on year, which reflects the busier than usual market in July and August.
Price is the one area where there are differences between some of these towns and cities. Winchester and Melrose have both experienced increases in list price, sale price and median price of single-family homes, whereas Arlington, Medford and Woburn have seen a slight decrease. It’s too early to say if this is a trend or a one-off, but it could be a sign that the market is adjusting after a prolonged period of consistent price increases. We’ll be keeping an eye on these numbers over the next few months.
As always, these figures only really become useful when you can see how they apply to your current situation. To find out what this means for you, talk to one of our experienced agents. They can give you a more in-depth insight into the marketplace in your neighborhood and walk you through a comparative market analysis to determine the true value of your home.