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Weekly Real Estate Market Update for October 11-17, suburbs north of Boston

We're taking a look at the real estate market between October 11th and the 17th in the suburbs north of Boston, specifically Middlesex and Essex counties, for single-family homes and condominiums. So last week we had 2,955 homes available on the market, a slight increase of 2% compared to what we saw the week before. We had 755 new homes come on the market last week, no significant change from the week before. We did have 646 homes go pending that is a decrease of 13% compared to what we saw the week before.  Outside of holiday weeks we've seen numbers closer to 750 homes go pending every week.  So this is the first time in awhile that we've seen the numbers drop under 700.  Overall 22% of the market did get absorbed through pending listings. The week before it was 26% of the market. However, it still remains a strong seller's market. If you are considering buying a home, hang in there. However, keep in mind that we are still seeing multiple offers and the right homes are going for over asking. If you are considering a move to the suburbs north of Boston give us a call at 617-275-3379 or contact us here.

 

 

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For Sale! 51 Hopkins St., Reading, MA 01867

Welcome to 51 Hopkins Street in Reading! A sun-filled Cape style home with an updated interior and a great layout. The bright kitchen offers stainless steel appliances, granite counters and a place to gather at the center island. Completely open to the dining room, the layout is ideal for entertaining and family gatherings. The living room has built in bookcases surrounding the wood burning fireplace, perfect to take the chill out of winter nights. Upstairs there are two generous sized bedrooms with plenty of room for kids to share a room. The 3rd bedroom is downstairs and can also be used as an office. The garage is essential during New England winters. There is even additional potential in the walk out basement! Conveniently located with easy access to 93, 95 and Reading's commuter rail.

See more photos here!

Check the virtual tour here!

 

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8 Auburn St Medford, MA 02155 Off Market Listing

Welcome to 8 Auburn Street in West Medford! This Gambrel Style colonial offers a generous eat-in kitchen with plenty of storage and space to gather at the breakfast bar as well as a dining area for family dinners.  The family room boasts handsome details including crown moulding, beamed ceiling and fireplace. The front nook is an ideal space for virtual learning, or office work.   Upstairs, there are 3 spacious bedrooms, as well as a bonus space on the 3rd level, great for storage and a fun place as a kids playroom!  The backyard contains a perfect patio for backyard relaxing and entertaining, a yard for games and play and a shed for storage.   Convenient 1 car garage.  Located across the Street from Brooks Elementary and minutes away from so much including Whole Foods, restaurants, shopping, library, playground, & hiking at the Fells. The commuter rail provides easy access to Boston!

Click here for more details about this home!

Watch the video tour below!

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Weekly Real Estate Market Update Suburbs North of Boston

We're reviewing the market between September 27th through October 3rd for the suburbs north of Boston. Last week we had 2,937 homes available on the market an increase of 3% compared to the week before.  New listings decreased by 4%, compared to the previous week with 769 homes coming on the market. 746 homes went pending last week an increase of 3% compared to the week before. Overall 25% of the market did get absorbed last week through pending listings, which shows it remains a strong seller's market.  

The story hasn't changed much over the past few months the market has remained very stable and very strong for sellers. For buyers out there, the right properties are still getting multiple bids way over asking.  For sellers this could still be a great time to sell.  Watch the video below to learn more. 

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Social Distancing and The North of Boston Real Estate Market Week 28

We're taking a look at the week of September 20th through the 26th in the suburbs north of Boston.  Specifically, Middlesex and Essex counties for single-family homes and condominiums.  Last week we had 2845 homes available on the market, very similar to what the numbers were the week before. New listings decreased by 3% compared to the previous week with 800 homes coming on the market. The number of homes to go pending last week was 724 - a decrease of 11% compared to the week before. Overall 25 of the market out there did get absorbed through pending listings. Which shows that it remains a strong seller's market. Although that number ticked down slightly from what we've seen in the last few weeks, for sellers out there, if you are considering a move, we suggest coming on the market sooner rather than later.  Especially with the approaching holidays. For buyers out there there is a strong seller's market, we are seeing multiple offers all the way from Boston to New Hampshire.  

So if you are considering a move to the suburbs north of Boston give us a call at 617-275-3379.

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Social Distancing and The North of Boston Real Estate Market Week 27

Here’s a look at the week of September 13th-19th in the suburbs north of Boston, specifically Middlesex and Essex Counties, for single-family homes and condominiums.  Available homes had an increase of of 17%, with 2,830 homes available on the market.  Very much in line with what we saw in July.  We had 825 new listings come on the market, a decrease of 15% from the week before. Again more than what we've seen lately, however, in line again with what we saw mid July.  Pending homes increased by 37% compared to the week before with 814 going pending. Overall 29% of the market did get absorbed through pending listings which shows that it is a very strong seller's market.  That number is a little bit higher than what we've seen lately and again closer to what we saw mid July.  For sellers out there considering selling your home, the time is still right to put your home on the market.  The numbers remain strong, buyer demand remains high. For buyers out there, unfortunately there's no release just yet. There still is a lack of inventory in our area and certainly high buyer demand. 

If you are considering moving to the suburbs north of Boston give us a call at 617-275-3379.

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Community Spotlight Barker's Farm North Andover MA

For our September Community Spotlight, we are featuring one of our favorite apple orchards, Barker's Farm in North Andover.  A hidden gem in our opinion!  Barker's Farm has a great selection of apples and plenty of low trees, for the littlest helpers!  Check out the video to see more apple picking fun!

Barker's Farm

1267 Osgood St, North Andover, MA 01845

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Social Distancing and The North of Boston Real Estate Market Week 26

Here’s a look at the north of Boston real estate market, for Middlesex and Essex counties.  So last week we had 2,424 homes available on the market a decrease of 7% compared to the week before. New listings had a huge increase of 74% as 965 homes came on the market last week. Now that's most likely due to many home sellers deciding not to put their home on the market right before Labor Day and wait until after the holiday weekend.  Pending homes decreased by 18% from the week before.  Overall 25% of the market did get absorbed through pending listings which shows that it's still a strong seller's market.  Although those numbers dipped from what we saw the previous week, we are anticipating that that is due to the holiday weekend.  We’ll continue to watch the numbers to see if that is a seasonal trend.  We are still seeing multiple offers out there and the market does remain strong.

So the total number of units sold went down 5% compared to August of 2019, that's due to the lack of inventory. Homes available for sale went down by about 19%. It's taking less times for homes to sell as days on market is down 5.5%.  However, homes are selling for more money as median prices are up 12.1%.

If you're considering a move in the suburbs north of Boston we'd love to hear from you!

Call us at 617-275-3379 or Contact us here.

Curious about the numbers for your area?  Click the link for your town!

AndoverNorth AndoverNorth ReadingReadingWakefield and Stoneham

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Social Distancing and The North of Boston Real Estate Market Week 25

We hope you had a great Labor Day weekend! As anticipated new listings slowed slightly, likely due to the Labor Day weekend in the suburbs north of Boston.  

Last week we had 2619 homes available on the market, very similar to the week before.  For new listings, 554 homes came on the market last week, a decrease of 18% compared to the week before.  716 homes went pending last week a very slight increase of 1% from the previous week. Overall 27% of the market last week did get absorbed through pending listings which shows that it remains a very strong seller's market. It’s very consistent to what we saw over the past couple of months.

If you are considering a move to the suburbs north of boston give us a call at 617-275-3379.

 

 

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How Will the Presidential Election Impact Real Estate?

How Will the Presidential Election Impact Real Estate? | MyKCM
 

The year 2020 will be remembered as one of the most challenging times of our lives. A worldwide pandemic, a recession causing historic unemployment, and a level of social unrest perhaps never seen before have all changed the way we live. Only the real estate market seems to be unaffected, as a new forecast projects there may be more homes purchased this year than last year.

As we come to the end of this tumultuous year, we’re preparing for perhaps the most contentious presidential election of the century. Today, it’s important to look at the impact past presidential election years have had on the real estate market.

Is there a drop-off in home sales during a presidential election year?

BTIG, a research and analysis company, looked at new home sales from 1963 through 2019 in their report titled One House, Two House, Red House, Blue House. They noted that in non-presidential years, there is a -9.8% decrease in November compared to October. This is the normal seasonality of the market, with a slowdown in activity that’s usually seen in fall and winter.

However, it also revealed that in presidential election years, the typical drop increases to -15%. The report explains why:

“This may indicate that potential homebuyers may become more cautious in the face of national election uncertainty.”

Are those sales lost forever?

No. BTIG determined:

“This caution is temporary, and ultimately results in deferred sales, as the economy, jobs, interest rates and consumer confidence all have far more meaningful roles in the home purchase decision than a Presidential election result in the months that follow.”

In a separate study done by Meyers Research & Zonda, Ali Wolf, Chief Economist, agrees that those purchases are just delayed until after the election:

“History suggests that the slowdown is largely concentrated in the month of November. In fact, the year after a presidential election is the best of the four-year cycle. This suggests that demand for new housing is not lost because of election uncertainty, rather it gets pushed out to the following year.”

Will it matter who is elected?

To some degree, but not in the overall number of home sales. As mentioned above, consumer confidence plays a significant role in a family’s desire to buy a home. How may consumer confidence impact the housing market post-election? The BTIG report covered that as well:

“A change in administration might benefit trailing blue county housing dynamics. The re-election of President Trump could continue to propel red county outperformance.”

Again, overall sales should not be impacted in a significant way.

Bottom Line

If mortgage rates remain near all-time lows, the economy continues to recover, and unemployment continues to decrease, the real estate market should remain strong up to and past the election.

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