I continue to be encouraged by the activity in the Metro West real estate market! What a busy weekend we had with showings at our new listings. Continuous traffic added up to about 90 GROUPS through both of our properties in Wellesley and Newton. It was a workout! As well, both were gifted multiple offers from excited and qualified buyers. It was a smart move for sellers to come on early since the inventory is still incredibly low and buyers are ready to start their searches.
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Already, we are seeing a much brisker January compared to last year. More listings were presented in January 2023 than a year ago. Here is a snapshot of Wellesley for example.
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But don't be totally surprised by the 128% uptick in listings, there were so few houses for sale last year (8) that it doesn't take much to trigger a dramatic increase. And in my opinion, the reason so few houses have sold so far this year is because the 2022 fall market was slower (as is typcial). The fall retreated back to our secondary selling season, as it was before the pandemic - spring remains our robust time of year, of course. During the height of the pandemic all 12 months were frantic and there was not a break in activity.
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What's also interesting is that our high end inventory is building. Out of 16 houses in Wellesley currently for sale as I write this, 10 are north of $3M (62%). In Weston where there are 38 homes for sale, 26 are north of $3M- that's 68% of those for sale (and 5 were higher than $10M). That said, the luxury market is still selling- it just takes longer since fewer people are looking in that range.
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There were less houses listed this week. The storms, wind, and rain probably caused that washout. The market peaks in March and April so some may be waiting for warmer weather before showcasing their homes. Check out this week's numbers below for many towns:
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We had some fun with marketing this week. If you are skating, playing basketball or swimming, check out my ad below when looking up what rink you're playing in at the Boston Sports Institute, and if you happen to pick up Vanity Fair you will find me, the team and maybe your house advertised!
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I'm always available and more than happy to provide an analysis for you! Email me at teri@teriadler.com or call at 617-306-3642 to schedule a meeting.
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