Dear Friends and Clients,
I hope everyone is doing well and is healthy right now. I continue to be home with my family and am proving to be a much better Realtor than a home schooling teacher. No surprise there! As promised, I want to keep you updated on the local real estate market, which at the time I am writing this, is still moving forward with impressive strength.
One look at the numbers I have put together for you (below) tells the story. Houses are still selling despite the health crisis around us. New listings that hit MLS are getting quite the "buzz" if priced well. They are selling quickly and some have seen multiple offers. Weston had an incredibly strong few weeks which was quite notable with 10 properties under agreement in the last two weeks. Included in that number is a home that had been for sale for many months and was listed at $3,695,000- it recently was flagged as under agreement. Buyers are seeing opportunities and acting swiftly. As I have said in the past, the demand is still there- certainly a portion of the buyers have taken time off to stay at home, but I believe they will be back. Today I had a showing at a Wellesley home with a buyer who is currently renting and needs to make a purchase before their lease runs out. There are many reasons people need to move. Now more than ever it is clear the comfort and warmth our homes bring to us.
In the chart above, I encourage you to look at the very low remaining number of homes on the market in both Wellesley and Weston. This is also a narrative and hopefully a prediction of a robust future. Our inventory is running low for this time of year and there are not nearly enough houses for the buyers who will want to move to our great towns. As a result, it would be surprising if we see a dramatic downward turn in pricing with the supply so low. As the country heads toward recovery (and it will happen,) we continue to be optimistic on the real estate front. This level of activity is quite like our late fall market- slow and steady.
I consistently check in with agents in other parts of the country and they are saying the same things. We will take it week to week and see where we land. In the meantime, be safe and healthy and as always please reach out with any questions or concerns.
Teri Adler Group 617.306.3642