Welcome to our monthly market update! We're taking a look at single-family homes sold in Middlesex and Essex counties and comparing February of 2023 to February of 2022. The total number of active properties dropped by almost 3%. The total number of homes sold also dropped by about 21.5%. Days on market or the time that it's taking homes to sell went from 32 days on average up to 41 days; an increase of 28%. Median sales prices went from $635,000 down to $630,000, a slight decrease of about 1%.
One way we like to evaluate the current market is by looking at the amount of active properties versus what's sold over the past 12 months. It gives us a great idea of supply and demand! When we have five or six months worth of inventory, that means we're in a balanced market. When we have over six months of inventory, that means the market favors buyers. When it's under five months of inventory, that means the market favors sellers. Currently in both Middlesex and Essex counties, we have less than one month of inventory. It is a strong seller's market! Our advice to home sellers right now - don't wait! And buyers you may have more options than you think! If your budget is in alignment with your criteria, there is no reason to sit on the sideline and wait! Thinking of buying or selling a home? Give us a call for a no pressure consultation at 617-275-3379.
Curious about the numbers for your area? Click the link for your town!
Andover, North Andover, North Reading, Reading, Stoneham and Wakefield
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