After looking at the number of homes sold in our area, it is evident that the demand for houses is still incredibly high, and inventory remains scarce. I continue to be amazed by statistics in Wayland, which has literally 4 houses for sale. Having grown up in Wayland, I understand the demand; it is a wonderful town with great schools and a true sense of community. It was about time for the secret to get out!
As we all now know, the economy is in overdrive in many sectors. My prediction is that this will cause somewhat of a cooling down period in real estate, especially as we head into fall. National analysts seem to be in agreement with my analysis. Buyers will be taking a much-needed break vacationing and won’t be solely focused on their living and working spaces. There is a noticeable local rush to get houses on the market before the July 4th weekend. Personally, we have three great listings coming on next week that I know will help fill the appetite of three lucky buyers! More to come on those.
This video presents a nice snapshot of the economy on many different fronts and is worth watching.
Also, we have an intriguing follow up on last week's blog regarding lumber. Since I wrote that piece, prices have come down considerably. They are still higher than average, but there has been a noticeable correction in cost. It's amazing how these conditions can turn so quickly!
That being said, there is still a serious national shortage of homes, and the lack of new construction is partly to blame. It is clear that higher building costs have significantly impacted this shortage, but I believe another key factor is the impact local zoning has on builders. Long before Covid, restrictions imposed by town boards which included limiting size and historic designations have hampered builders from creating multi-family projects, townhomes, affordable housing, and not to mention, single family homes. The lack of new builds has been growing for a decade and the pandemic only added to the problem.
On a positive note, this was an exciting week for me. As seen in the Wall Street Journal, I was ranked 9th in Massachusetts by sales volume in the small team category. It is an honor to be named in my father's favorite newspaper! :)
Have a great week!