Wow, what a difference a week makes. As I have been thinking it would, phase one of reopening has certainly energized the real estate market.
This week’s numbers reflect a really robust market with near typical spring market ratios of new houses coming on the market and properties going under agreement. Our inventory still remains quite low for this time of year but in essence this is the "beginning" of our spring market. The timing of the housing market was put off by three months while we all staying safe inside. Typically, Memorial Day weekend is the start of our market winding down and signals the unofficial start of our summer. This year, it almost appears to be the start of our active selling season.
Open houses this past weekend were in full swing and well attended. The strength of the real estate market around the country continues to make headlines. I have also checked in with the tradesman I work with (electricians and builders etc.) and they are also quite busy. Rentals, too, are brisk as people flock out of urban areas for more space. The profile of the buyer pool has expanded and this weekend I met more in town buyers who already live in a particular town and are looking to trade up or downsize in the same area. Of course, those relocation buyers moving from out of the country or out of state haven't descended on Massachusetts just yet.
I will say though while the numbers are encouraging, this is far from easy. There is still a layer of complexity in each deal that comes with this market. People are anxious surrounding the uncertainty during this time and that can manifest itself in many ways. Buying or selling a house is one of the most stressful things a person goes through, so imagine doing it during a pandemic. It is day to day to get to the closing. I am happy to be my clients’ sounding board and help them get through it. At least the sunshine and warmth helps!