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I wanted to take this opportunity to share with you the recently released, second quarter statistics. As you will see, I have focused on three of the major counties in Greater Boston including Middlesex, Norfolk and Suffolk.
For those that are not as familiar with the area, Middlesex County includes towns/cities such as Newton, Lexington, Cambridge, Arlington and Natick. Norfolk County is focused more west of the city and includes Brookline, Needham, Wellesley, Sharon and more. And lastly, Suffolk County which includes Boston, Chelsea, Revere and Winthrop.
The latest data shows that the inventory of properties was low while the demand remained extremely high, due to the historically low interest rates (approx. 2%-2.5%), stability of the stock market and the fear of inflation. As a result, we saw that properties were selling at approximately 1.6%-2% over the asking price. In all three counties, the majority of homes sold over the first weekend and most received multiple offers.
At the start of the third quarter, we saw instability in the stock market, rising interest rates (approximately 4.5%-5.5%) and increased inflation. As a result, we have seen a decrease in demand with houses taking longer to sell, while buyers are less likely to pay the asking price or above.
If you are still in the market to purchase a home, this might be a less competitive and more accessible market. Buyers have more negotiating power with respect to price and contingencies.
If you are looking to buy or sell, and want to learn more, please don’t hesitate to contact me. I look forward to working with you, and hope you enjoy the rest of your summer!
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