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North of Boston Real Estate Market Update March 2022

The spring market is here! The problem is there are not that many homes available and buyers are filling up open houses like crazy.  My advice to home sellers out there is know your options.  Sure, it's a strong seller's market out there, however,  the cost of convenience could be costing you tens of thousands of dollars.  For example, not doing the home prep before listing, restricting how many people see your home during showings. or selling to someone down the street in our market could cost you $50, $75, $100,000 or maybe more.  For home buyers out there, it's a tough market right now. The tough advice is that putting in an offer that's strong, good, or really good isn't enough.  Being involved in many multiple offer situations this year I can tell you that the people that are getting their offers accepted not only are taking on a bunch of risk but they're also putting in unbelievable offers.  However, what I'm concerned about is that if you have a search criteria in mind with a particular budget you may soon be priced out of that home.  So if you started your search last year that home this year may be out of reach finacially.  Although it's a tough pill to swallow to put in a crazy offer today, it still may be cheaper than buying a home later in the season.  I know a lot of people are hoping that prices are going to go down but what we're seeing on the front lines here is that there's simply not enough homes to go around and buyer demand is crazy. There are a lot more buyers out there than homes for sale so we are still seeing an appreciation of home prices.

Here's a look at the numbers for Middlesex and Essex counties for single family and condos:

Inventory although it was down last year, if you can believe it, it's down even further about 30% compared to last February and as a result of that we had less homes sell.  About 17% less homes sold in February compared to last February of 2021.  Days on market, that's also down about 19%. Median sales prices are up close to 8.5%.

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

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

AndoverNorth AndoverNorth ReadingReadingStoneham and Wakefield

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