There were 97 open houses in Newton this last Sunday, 97 single family houses, not counting condominiums or multi-family homes! Real estate is a cyclical business and spring is the height of the season. Spring starts early here in Massachusetts, however, the highest numbers of sales happen typically in May-June with a second peak in September-October. The chart below shows this cycle very clearly for the Newton single family home market.
Newton Inventory Report – Data compiled from the Multiple Listing Service by Greater Boston Association Association of Realtors® Market Insights
Even though the number of active listings are increasing, the big culprit is lack of inventory. Those looking to down-size are also finding the supply of mid-range priced homes in close proximity to the city are scarce. While younger families may decide to move out to commuter locations, many Baby Boomers prefer the more urban locations because they enjoy the vibrant energy, the many cultural events, excellent dining and shopping options.
With the lack of inventory, open houses become traffic jam and it is still not uncommon for homes to sell way over list price. When you are thinking of selling or buying, be sure to consult with an experienced real estate professional to help you experience a stress-free transaction.