The North of Boston housing market is still hot!! BUT… this spring we did start to see some price adjustments, and some inventory starting to sit on the market for a little bit longer. This activity seems to be a bit nuanced and we wanted to share our professional insight with you. There are 4 major differences between homes that are selling quickly and above asking vs the homes that are sitting and needing price adjustments.
Homes that are staged
Today’s buyers are drawn to homes where they can see themselves and that are in “move in” condition. At Farrelly Realty Group we design a lifestyle approach to your home, as we know each home has a story and we love to bring that story to life for potential buyers. Our clients are given personalized project plans to get their homes in show condition.
Homes that are priced to current market conditions versus homes that are priced to where an agent thinks the market is going seem to be the ones selling quickly and above asking price. Correct pricing in this hot market allows the buyers to compete on an even playing field and lets the market drive price to its natural selling point. At FRG we believe this is extremely important in getting our sellers the most money for their homes.
Presentation to the market
It is more important than ever in this online world to have professional pictures/videos taken. Buyers are making decisions on a home even before seeing it, so the online presence and pictures and videos of a home coming to market are critical. FRG guides you through this process and we work the best photo and video professionals in the business.
Clear marketing strategy
Marketing is one of the most important aspects of selling real estate. Traditional avenues (print, radio etc) and online must be included in a marketing plan. Online marketing consists of two channels; social media platforms and the world wide web. Both are equally important and a professional agent should be able to communicate a specific plan to a seller. At FRG we have a dedicated marketing team that works on all our transactions to ensure each property is uniquely marketed with a whole approach including traditional and online strategies.
North of Boston by the Numbers-
With inventory levels increasing slightly over the last month, buyers now have a stronger bargaining position than they did three to six months ago. As of May 17th there are 721 listings in Middlesex county with an average list price of $1,558,920 vs only 610 listings in 2021 and a similar average list price of $1,555,200.
The North of Boston area housing market is now seeing a slight fall in homebuyer demand. Middlesex county saw single-family house sales fall by 10% versus the same time last year. As inventory levels and mortgage rates increase, the seasonal slowdown in buyer activity is being exacerbated. We believe the “crazy” sellers market is beginning to slow down and summer will be a more normal selling season.
Median selling prices also increased in the North of Boston area more modestly over the last year, still up 11% but as demand dwindles and inventory rises we believe home prices will begin to stabilize as well.
We still predict a great summer selling season and if you are interested in selling and if you are a buyer we can help you navigate the market please call us so we can show you “The Farrelly Way” (978)664-3700.