Home prices are rising, but at a slower pace
We are officially half way through 2022 and the local real estate markets have been showing some interesting data. Interest rates were raised again last week and buyers should be aware that this is not likely to be the last time this year.
Below are two details showing average sale price and quantity of single family homes sold through Q2 in Newton: You can view the complete report on Newton Single Family homes HERE
As shown above, Newton is still showing low amounts of housing inventory and the closing price of the homes sold continues to increase.
What does the market look like when we get further away from Boston? Towns like Sudbury are experiencing even more dramatic jumps in home values. You can view the complete report on Sudbury Single Family Homes HERE
The average sale price of a single family home sold in Sudbury has increased by almost 20% since last year at this time.
Year-to-date in Brookline, Condominiums are following this trend. Higher prices on fewer condos sold in a quicker amount of time. You can view the complete report on Brookline Condominiums HERE
The average sale price of a condominium in Brookline is up over $80,000 in Q2 and there have been 44 fewer sales than in 2021.
If you're considering selling a home, there may be no better time than now. The lack of available housing coupled with increasing interest rates has created an army of buyers. If your home is priced and marketed correctly, you are likely to be in a multiple offer situation resulting in more money and better terms at the closing table. I leverage the best technology, resources and professionals to provide the best possible outcome for my clients.
All is not lost if you are on the other side of these transactions. Timing and preparation become strong tools to get your offer accepted. It's not always about the money, but you need to be prepared to go over the asking price in this market on a well advertised, "HOT" listing. Seller's don't like uncertainty. Removing contingencies and taking on more risk is sometimes enough to beat out a higher offer price.
Either way, I hope you find this information helpful and informative. If you don't see market reports in the areas you're interested in here or on my website, I'm happy to create one for you. Feel free to email, text, or call me anytime at the contact information below.