Boston MA area homes selling eleven days faster than in 2019
While home sales continued to evade the seasonal decline, buyers and sellers took a breather last week as COVID-19 cases spiked and the nation focused on the presidential election, according to realtor.com’s Weekly Housing Report.
For the week ending Nov. 7, the report shows a sharper decline in new listings from the previous week, but sales and prices remained the same. In the Boston-Cambridge-Newton Massachusetts area, the year-over-year median listing price was up 11.9%, but the number of listings on the market was down 26.3%. Homes on the market sold 11 days faster than last year. “Between the presidential election and a new wave of coronavirus cases, buyers and sellers had a lot of reasons to pause last week,” realtor.com Chief Economist Danielle Hale said in the press release.
“The big question is whether both buyers and sellers will jump back into the market after last week’s break. With mortgage rates expected to rise on news of a likely vaccine, buyers may have reason to jump back in and find a home sooner rather than later, but sellers may be more inclined to stay on hold. Thus, even as overall activity slows, we may very well see continued price growth and quick sales.”
Nationwide, new listings were down for their second consecutive week, dropping 12%. That’s a steeper decline than the previous week, when new listings dropped 9%. The total number of homes for sale dropped slightly for the week, down 39% year-over-year.
That figure was at 38% for the previous five weeks, according to the report. Listing prices had double-digit growth for the 13th consecutive week, up 12.9% compared to 2019. Homes are spending an average of less than two weeks on the market (13 days) compared to this time last year.
The post Boston area homes selling 11 days faster than in 2019 appeared first on Boston Agent Magazine.
McDevitt Real Estate Closing Attorney Services - Real Estate Law Massachusetts
Have a question about Real Estate Law or need a closing attorney? Fill out the form below or call us at 617-282-7550.
We are conveniently located in Hingham and Milton, Massachusetts.
Tags used in this real estate lawyer news blog post:
#Closing #Attorney #Boston #ClosingAttorney #ma #RealEstate #HomeBuying #Attorney #Lawyer #Law
McDevitt Law Group strives to provide the highest quality real estate law and estate planning services, and we have for almost 40 years. As a small law firm, we pride ourselves on providing personal attention to your case and providing the highest quality representation. Call us today, or use the contact form below.
Barnstable County | Bristol County | Duke County | Essex County | Middlesex County | Nantucket County | Norfolk County | Plymouth County | Suffolk County
Just click on the Phone Number to dial on your phone: