While the news cycle whirls around us with political news and the surge of Covid, the steady climb of the real estate market continues quietly in the background. As we've seen, fewer houses are coming on the market each week in all of the towns we cover, and those that do come on are absorbed by the hungry market.
An incredible example is a home in Natick that came on Wednesday for under $1M. I had scheduled a showing for today (Saturday) but instead received an email from the broker that the seller was so overwhelmed with the amount of showings in the last few days he wanted to take offers on Friday to stop the madness. This came on a rainy, dark November day when you would think everyone would rather be at home, but no, they were running--not walking--to see this house.
All reports show that prices are rising too, gaining significantly compared to last year at this time. This article from the National Association of Realtors spells out areas with the most significant price increases. Two of the areas mentioned are right here in Massachusetts, including Barnstable where vacation homes were in high demand. "Sixty-five percent of metros – 117 areas out of 181 – witnessed double-digit price growth from one year ago. In comparison, only 15 metro areas recorded double-digit increases in 2020’s second quarter. The biggest gainers in the third quarter were Bridgeport, Conn. (27.3%); Crestview, Fla. (27.1%); Pittsfield, Mass. (26.9%); Kingston, N.Y. (21.5%); Atlantic City, N.J. (21.5%); Boise, Idaho (20.6%); Wilmington, N.C. (20.6%); Barnstable, Mass. (19.4%); Memphis, Tenn. (19.1%); and Youngstown, Ohio (19.1%)"
We continue to hope for more inventory to satisfy the demand, but buyers shouldn't have expectations of an abundance of new properties before the new year. With the holidays and the Covid numbers rising, people are a bit more hesitant to list their homes and are hunkering down, for better or worse. Please be safe and stay well.