Market Info

Social Distancing and The North of Boston Real Estate Market Week 16

  During week 16 we had 3,079 homes available on the market which is an increase of 2% compared to the week before.  Only 341 homes were newly listed last week, which was a huge decrease of 61%.  This was mostly due to the fourth of July holiday weekend.    Buyers were still out though and we had 873 homes go pending last week.  That is the third highest that we've seen all year and is an increase of 13% compared to what we saw the week before. Overall 28% of the market last week did get absorbed through pending listings which shows that it is a strong seller's market.   

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Social Distancing and The North of Boston Real Estate Market Week 15

So last week we had 3,009 properties available on the market, which is a decrease of
3% compared to the week before.  We had 874 new listings come on the market last week which is an increase of 3% compared to the week before.  771 homes went pending last week that is a decrease of 24% compared to the high that we saw last week of a 1,020.  Overall 26% of the market did get absorbed through pending listings just last week alone which indicates that
it is still a strong seller's market.  

We are getting asked a lot by sellers whether it makes sense to sell this year or wait until next year, maybe they are a little concerned that they've missed their mark.  A lot of people tend to put their search on hold as September approaches,  however this year things are still cranking along.  We anticipate a very busy summer. Obviously with Covid, the spring market started very late this year.  So my advice to home sellers, if you are considering a sale prices are on the rise, it makes sense to list now.  For buyers out there, it is a frustrating market. Feel free to reach us to call us for strategies

Watch the video for more!

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Social Distancing and The North of Boston Real Estate Market Week 14

 During the 14th week of social distancing we had a total of 3,093 listings available on the market, and increase of 3% compared to the previous week.  The amount of new listings went down slightly by about 2% with 845 new listings to hi the market last week. We also had 1,020 listings go pending last week which is the most that we've seen all year.  That is an increase of 12% compared to the week before.  Once again we're seeing a strong seller's market as 33% of the market did get absorbed through pending listings last week.  For sellers out there, keep in mind that although the market is strong there are definitely still pitfalls along the way. We are seeing more appraisal issues as well as buyers getting cold feet and getting caught up in the multiple offer situations.  For buyers out there it certainly is frustrating.  We are happy to chat with you to go over specific strategies on how to get your offer accepted!  Contact us here! 

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Social Distancing and The North of Boston Real Estate Market Week 13

   The north of Boston real estate market is certainly heating up! Last week we had 3,004 listings available on the market, an increase of 2.3% compared to the week before.   There were 860 new listings that came on the market last week.  This  was the highest amount of listings in a week for 2020,  an increase of 2% compared to what we had the week before.   912 homes went pending last week, that is the highest amount of homes to go pending in a week for the year, an increase of 16% compared to the previous week.  Overall 30% of the market last week was absorbed through pending sales, so it is remains a very strong seller's market. For buyers hang in there, more listings are coming on the market, but it is still very competitive.  For sellers, coming on the market sooner is probably better than later as more competition will be coming on the market soon,  as we've been seeing an increase of listings every week.  If you have any questions on the market Contact us Here!

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Is a Recession Here? Yes. Does that Mean a Housing Crash? No.

Is a Recession Here? Yes. Does that Mean a Housing Crash? No. | MyKCM
 

On Monday, the National Bureau of Economic Research (NBER) announced that the U.S. economy is officially in a recession. This did not come as a surprise to many, as the Bureau defines a recession this way:

“A recession is a significant decline in economic activity spread across the economy, normally visible in production, employment, and other indicators. A recession begins when the economy reaches a peak of economic activity and ends when the economy reaches its trough. Between trough and peak, the economy is in an expansion.”

Everyone realizes that the pandemic shut down the country earlier this year, causing a “significant decline in economic activity.”

Though not surprising, headlines announcing the country is in a recession will cause consumers to remember the devastating impact the last recession had on the housing market just over a decade ago.

The real estate market, however, is in a totally different position than it was then. As Mark Fleming, Chief Economist at First American, explained:

“Many still bear scars from the Great Recession and may expect the housing market to follow a similar trajectory in response to the coronavirus outbreak. But, there are distinct differences that indicate the housing market may follow a much different path. While housing led the recession in 2008-2009, this time it may be poised to bring us out of it.”

Four major differences in today’s real estate market are:

  1. Families have large sums of equity in their homes
  2. We have a shortage of housing inventory, not an overabundance
  3. Irresponsible lending no longer exists
  4. Home price appreciation is not out of control

We must also realize that a recession does not mean a housing crash will follow.  In three of the four previous recessions prior to 2008, home values increased. In the other one, home prices depreciated by only 1.9%.

Bottom Line

Yes, we are now officially in a recession. However, unlike 2008, this time the housing industry is in much better shape to weather the storm.

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June 2020 North of Boston Real Estate Market Update

This week we take a look at how the north of Boston real estate market for May performed compared to last May along
with week 12 and the effect of social distancing on the market, specifically for Middlesex and Essex counties. Last week we had 2,928 homes available for sale which is an increase of 4% compared to what we saw the week before.  Last week marked the highest number of homes to come on the market year to date at 844 homes, an increase of 15% compared to the week before.  We also had 789 homes go pending last week which is an increase of 21%.  This is also highest amount of pending sales that we had year to date.  Overall 27% of the market was absorbed through pending listings which shows that it is still a strong seller's market.  In May, the amount of homes sold compared to last May went down 40%.  However, inventory also went down about 42%.  Days on market is down 80%.   Median prices are in fact up 4% despite the pandemic. 

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

Be sure to like us on Facebook and follow us on Instagram for a behind the scenes of our day to day and favorite happenings north of Boston!

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Social Distancing and The North of Boston Real Estate Market Week 11

Inventory remains low for Middlesex and Essex counties north of Boston, but we are slowly seeing an increase in listings. 737 homes came on the market last week, which is the most we've seen in recent weeks.  23% of the market was absorbed, so it remains a seller's market.  For home buyers, it will be tough to find a deal out there, the good news is new listings are coming on the market every week, so hang in there home buyers!

Watch the video for more!

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Social Distancing and The North of Boston Real Estate Market Week 9

We continue to monitor the effects of social distancing on the north of Boston real estate market.  

Last week's numbers were similar to what we saw the first week of social distancing in Massachusetts.

See table below.

*This week Governor Baker restricts gatherings to 25 people or less.

**This week Governor Baker restricts gatherings to 10 people or less.

Watch the video to learn more!

 

 

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Social Distancing and The Real Estate Market Week 7

 

Buyer demand decreased slightly within the first 5 weeks of social distancing measures across the north of Boston suburbs.  However, it still remained a seller's market.  During the last two weeks buyer demand has increased indicating a STRONG seller's market.  

Check out the video for details!

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

Be sure to like us on Facebook and follow us on Instagram for a behind the scenes of our day to day and favorite happenings north of Boston!

 

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