Blog :: 2021

January 2021 North of Boston Real Estate Market Update

Here's a look at how December of 2020 compared to December of 2019 in the suburbs north of Boston, specifically Middlesex and Essex counties.  Overall, total number of homes sold is up by about 21%. Total inventory the amount of homes available on the market down by close to 24%.  The time it's taking homes, to sell days on market, is down close to 35% and overall median sales prices are up close to 10.5%.  Overall December of 2020 was a much stronger market for sellers compared to December of 2019.

If you are considering a move to the suburbs north of Boston give us a call at   617-275-337.  

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

AndoverNorth AndoverNorth ReadingReadingWakefield and Stoneham

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Is This the Year to Sell My House?

Is This the Year to Sell My House? | MyKCM
 

If one of the questions you’re asking yourself is, “Should I sell my house this year?” consumer sentiment about selling today should boost your confidence in the right direction. Even with the current health crisis that continues to challenge our nation, Americans still feel good about selling a house. Here’s why.

According to the latest Home Purchase Sentiment Index from Fannie Mae, 57% of consumer respondents to their survey indicate now is a good time to buy a home, while 59% feel it’s a good time to sell one:

“The percentage of respondents who say it is a good time to sell a home remained the same at 59%, while the percentage who say it’s a bad time to sell decreased from 35% to 33%. As a result, the net share of those who say it is a good time to sell increased 2 percentage points month over month.”

As you can see, many still believe that, despite everything going on in the world, it is still a good time to sell a house.

Why is now a good time to sell?

There simply are not enough homes available to meet today’s buyer demand, and they’re selling just as quickly as they’re coming to the market. According to the National Association of Realtors (NAR), unsold inventory available today sits at a 2.3-month supply at the current sales pace, which is down from a 2.5-month supply from the previous month. This record-low inventory is not even half of what we need for a normal or neutral housing market, which should have a 6.0-month supply of unsold inventory to balance out.

With so few homes available for buyers to choose from, we’re in a true sellers’ market. Homeowners ready to make a move right now have the opportunity to negotiate the best possible contracts with buyers who are feeling the pull of intense competition when it comes to finding their dream home. Lawrence Yun, Chief Economist for NAR, notes how quickly homes are selling right now, further confirming the benefits to sellers this season:

"The market is incredibly swift this winter with the listed homes going under contract on average at less than a month due to a backlog of buyers wanting to take advantage of record-low mortgage rates." 

However, this sweet spot for sellers won’t last forever. As more homes are listed this year, this tip toward sellers may start to wane. According to Danielle Hale, Chief Economist at realtor.com, more choices for buyers are on the not-too-distant horizon:

“The bright spot for buyers is that more homes are likely to become available in the last six months of 2021. That should give folks more options to choose from and take away some of their urgency. With a larger selection, buyers may not be forced to make a decision in mere hours and will have more time to make up their minds.”

Bottom Line

If you’re ready to make a move, you can feel good about the current sentiment in the market and the advantageous conditions for today’s sellers. Let’s connect today to determine the best next step when it comes to selling your house this year.

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North of Boston Real Estate Market Update December 27-January 2, 2021


Welcome to 2021 and our first weekly market update of the year. We're taking a look at the north of Boston real estate market. Specifically Middlesex and Essex counties for single-family homes and condominiums during the week of December 27th through 
January 2nd.  So there's not much to report as the last couple weeks were slower due to the holidays.  We had 1,501 homes available on the market last week, a decrease of 13% from the week before.  Those numbers were closer to 3,000 in the fall.  We had 156 homes come on the market last week an increase of 193% from the week before. Now, although we had 156 homes come on the market we had 221 homes go pending last week which is a decrease from the week before of 22%.  Overall 15% of the market did get absorbed through pending listings it still remains a seller's market.  A few weeks ago that number was closer to 23%.  We do anticipate that that number will rise over the next few weeks.  Buyers are out looking for homes, they did not take a break for the holidays. So if you are considering selling you may not want to wait until the spring. For buyers out there, keep searching!  We anticipate new listings trickle on the market every week, possibly starting as soon as this week.  If you are considering a move in or out of the suburbs north of Boston give us a call at 617-275-3379.

 

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    Four Expert Views on the 2021 Housing Market

    Four Expert Views on the 2021 Housing Market | MyKCM
     

    The housing market was a shining star in 2020, fueling the economic turnaround throughout the country. As we look forward to 2021, can we expect real estate to continue showing such promise? Here’s what four experts have to say about the year ahead.

    Lawrence Yun, Chief Economist, National Association of Realtors (NAR)

    “In 2021, I think rates will be similar or modestly higher, maybe 3%...So, mortgage rates will continue to be historically favorable.”

    Danielle Hale, Chief Economist, realtor.com

    “We expect sales to grow 7 percent and prices to rise another 5.7 percent on top of 2020’s already high levels.”

    Robert Dietz, Senior Vice President and Chief Economist, National Association of Home Builders (NAHB)

    “With home builder confidence near record highs, we expect continued gains for single-family construction, albeit at a lower growth rate than in 2019. Some slowing of new home sales growth will occur due to the fact that a growing share of sales has come from homes that have not started construction. Nonetheless, buyer traffic will remain strong given favorable demographics, a shifting geography of housing demand to lower-density markets and historically low interest rates.”

    Mark Fleming, Chief Economist, First American

     

     

    “Mortgage rates are expected to remain low for the foreseeable future and millennials will continue forming households, keeping demand robust, even if income growth moderates. Despite the best intentions of home builders to provide more housing supply, the big short in housing supply will continue into 2021 and likely keep house price appreciation flying high.”

     

    Bottom Line

    Whether you’re ready to buy or sell a home in 2021, if you’re planning to take advantage of the market this winter, let’s connect to talk about the opportunities available in our local market.

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