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Social Distancing and The North of Boston Real Estate Market Week 18


We're taking a look at week 18 and the effect of social distancing on the north of Boston real estate market. Specifically Middlesex and Essex counties, for single-family homes and condominiums. Last week we had 2,893 homes available on the market which is an increase of 8% compared to what we saw the week before. New homes to hit the market only had a slight increase of 1%, with 801 homes. Pending homes jumped up to 53% compared to the week before with 834 homes now pending. However, last week's numbers dropped due to the fourth of July weekend and that was in line of what we saw before the holiday weekend. Overall last week, 29% of the homes did get absorbed through a pending listings which does show it is still a very strong seller's market. So the obstacle that we've been running into lately is appraisals. The market has been moving a lot quicker than what the comps are suggesting. A lot of comps show homes that sold within the past six months, some from January and February of this year. The market's moving a lot quicker than that and we're finally starting to see some of these under agreement homes actually close. Which will make it a lot easier for appraisals in the near future. We do expect more closings by the end of the month to reflect today's market. If you are looking to buy or sell in the north of Boston market feel free to give us a call at 617-275-3379!

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