Generally we saw fewer homes sales in February as compared to January (click here for January reports). Much of this can be attributed to two factors, the first simply being that February is a shorter month (3 days can make a difference). The second (probably more significant) factor is due to the time it takes to close a real estate transaction (generally 45-60 days). Over the Christmas/ New Year’s holiday not much happens in real estate. Transactions that go under agreement before the holidays will generally close in January. But that 2-3 week period at the end of December/ beginning of January will impact the number of home closings we see in February. Think of February as a month where the slowness of the holidays comes to an end and we turn the corner and start to see the spring market.
With only a few exceptions, February saw an uptick in the number of homes listed for sale (as of month end). Wellesley and Dover each saw a 19%+ increase in active listings compared to January, and Medfield saw an almost 35% increase. Other towns saw more modest increases (Sherborn at 10.5% and Natick at 7%), while Walpole and Norfolk saw no change in the number of active listings. Holliston was the only town in our sample that saw a decrease (6.7%) in listings over January, although Middlesex County also experienced a 3% decline in listings. Norfolk County, on the other hand, saw a 5% increase in listings. For more information about inventory levels, see my blog post from last week, Buyers Face Fewer Choices.
Certainly there are more indications that mortgage interest rates will rise, which should drive (even more) buyers into the market. Let’s hope we see more sellers realize what a great time it is to sell, and add their homes to the offerings!
If you have any questions about buying or selling a home, if you are interested in learning what your home is worth, or if you have any questions about real estate in general, please give me a call (508-308-4436), send me an email (Lvandore@LandmarkNE.com) or send me a message via Facebook. I would love to help you!
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