The Greater Boston real estate market continues to remain hot, with sellers still being the ones in the driver’s seat. In the twelve markets that I follow, inventory levels are down in every one of them by with the exception of Needham, which is up slightly. Many towns are seeing drops of 40-50% over last year, with Medfield being down 81%, Wellesley down 75% and Sherborn down 73%. Hand-in-hand with low inventory levels, we are seeing increases in median selling prices (exceptions are Norfolk, Dover and Sherborn), sometimes significantly. Norwood leads the pack with a 14.6% increase in median selling price, while Wellesley, Holliston and Westwood are all up over 10%.
As noted at the end of the second quarter, the spring market was delayed due to Covid, but once things opened up, we saw multiple offer situations and over asking offers. In Middlesex County as a whole, the ratio of selling price to original asking price was 114%! This is crazy. I personally sold my home in Walpole, listing it in June. After two days of showings I had four offers, all over asking. I sold for almost 3% over asking, and I had felt I was being somewhat aggressive in my asking price.
Some large cities are seeing people leave due to Covid concerns. In Boston (Suffolk County) inventory levels are up by 37%, in sharp contrast to the suburbs. Sales are down almost 15%, although prices remain strong, with the median selling price up almost 7%. So there is flight from the city to the suburbs, further fueling the crazy suburban market.
Covid is real and is here to stay for awhile. Real estate has adapted by keeping the number of people in a property limited, and sometimes requiring a signed Covid form (indicating the party has not been sick or shown Covid symptoms in the last 14 days). With accompanied showings (my preference), the agent can wear gloves and be the one to open all doors, cabinets, etc. There are ways to safely buy and sell homes in our current environment. If you are thinking of selling, prices couldn’t be better. If you are thinking about selling, please reach out and we can discuss further. And if you are a buyer, don’t be discouraged by the sellers market…interest rates are definitely in your favor…I can still help you find a home. 🙂