What’s Happening in the Local Real Estate Market ~ February, 2017

Local Real Estate Market Stats

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!

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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!

Interested in real estate and the local real estate market?  Click HERE to sign up for my monthly real estate newsletter, a round-up of relevant real estate news and current local market analysis.  Unsubscribe at any time, and rest assured that I will never share your email information.

 

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About Lisa Van Dore

I have lived in Sherborn, Dover and most recently North Walpole, for a total of 15 years (and counting). Having recently been through the process of selling a home and buying (and renovating) a new one, I understand the conflicting emotions of excitement and anxiety inherent in the process, whether you are a seller or buyer, whether this is your first home purchase or your tenth. I have a BA from the University of Michigan and an MBA from Indiana University. My early career found me working as a CPA, and later as the controller of Crate & Barrel. More recently I spent seven years running my own personal training business. I understand the hard work and dedication necessary to build a business and a reputation...most of my personal training clients came to me by referral and my first client was still with me when I decided to leave personal training. This speaks to the level of effort I put forth for my clients, week after week. On a more personal note, I raced triathlon for seven years and more recently completed my first half marathon. In my free time I enjoy cooking, reading, Maine, hiking and, in the fall, following college football...my teams are the University of Michigan (Go Blue!) and Texas Christian University (Go Frogs!).
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