Change is in the Air
Statistically, September always seems to provide a much needed boost to new home listings in the greater Boston area. For example, in Newton and Brookline there have been 270 new listings posted for sale since the start of this month, compared to only 88 in all of August.
This comes as no surprise with a large portion of the area population taking vacations in August. But how does this year's September bump compare to prior years, and what does this mean for the market?
In north Brookline, the number of new listings has been consistent over the past several years as seen by the chart below. However, in Newton and Boston the number of new listings are up.
Sept. 1ST-27TH Brookline Newton Boston 2019 77 175 1056 2018 76 157 967 2017 79 156 876 2016 78 169 752 2015 79 151 772 2014 71 143 761
It's worth noting, the increase in Newton is specifically driven by a considerable uptick in condominium listings. In September 2018 there were only 36 new listings through the first 27 days, while in 2019 there have been 60 new condominium listings so far this month!
Is the demand strong enough to absorb all these listings, or is this an early indicator that the red-hot seller's market is becoming more balanced? Some listings are moving as fast as we can post them while others that we thought would sell quickly are taking a little longer to generate interest.
I predict the market will become more balanced as more homes come online. We will witness this as we follow the average days to receive an offer, and the average sale to list price of units being sold in the near future. In other words, now is a great time to start your search or prepare your property to be listed!
Ryan Cook Sales Agent @ Accent Realty Ryan@RyanCookRealty.com 617-744-9033 www.RyanCookRealty.com