Blog :: 09-2020

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!

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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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Community Spotlight and Giveaway with B&G Cabinet!

This month's Community Spotlight is a bit more personal to us as we highlight our recent kitchen remodel with B&G Cabinet of Newburyport. As with any renovation it can be a bit daunting to start- wait until you see the before photos! With the help of B&G Cabinet kitchen designer Cathy Stathopoulos, our dream kitchen came to life! Check out the video for Michelle's tips and advice for surviving your own kitchen remodel.

We've partnered with B&G Cabinet for an awesome GIVEAWAY!

Be sure to check out our giveaway posts on social media to enter! 

Enter on Facebook!

Enter on Instagram!

Click here to watch the full kitchen tour and interview!


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