October 25, 2021

Welcome to our north of Boston monthly market update for October, 2021. We're taking a look at the market specifically in Middlesex and Essex counties and comparing September of 2021 to September of 2020. Now the market overall has definitely slowed down we're not seeing the intensity of bidding wars like we did last spring however it does remain a seller's market and prices are still up. So let's jump into the numbers. The total amount of units sold, that is down 10% compared to last September. Inventory levels, the amount of homes available for sale, that's also down by about 14.6%. Days on market, the time it's taking homes to sell, that's down about 24.2%. But overall median prices are up about 4.5% compared to last September. My advice to frustrated home buyers out there: if you decided to put your search on pause now's the time to start looking again. There are more opportunities out there now than what you may have seen last year. And in my opinion there's probably more opportunity out there now than what you may see next spring. For home sellers out there, pricing is critical if the market thinks a price is too high even if there's comps to support it a home may not sell until there's a price reduction. However, on the flip side if you price it too low you could be leaving money on the table. Sellers shouldn't automatically expect a fierce bidding war like their neighbor got about six months ago. So if you are considering a move in the suburbs north of Boston give us a call at 617-275-3379.