Curious about the current real estate market in Whitman and surrounding towns? Here’s a quick rundown.
There’s currently a 1.15 Months Supply of Inventory in our area. A healthy, balanced Real estate market has 3 months of inventory for sale. This means that now homes are selling quickly, with a List to Sold Price percentage of 102.4%! This means it’s a market, very much favoring sellers over buyers.
The median days on market for listings is just 19, and the median Sold Price is $504,500. With a +16.16% increase in Months Supply of Inventory over the last 12 months, it’s clear that our current seller’s market is hot!
What’s less clear is what those two stats mean for buyers. Both stats have begun shifting towards the numbers needed to favor buyers. They’re not there yet, but are clearly moving in the direction of a buyer’s market. Couple increasing inventory mentioned in the beginning paragraph, great inflation numbers for June and a proposed interest rate reduction in September and the tea leaves are indicating a much more balanced market in this coming Winter and next Spring.
The takeaways? Buyers….bide your time. Your market is coming. Sellers, if you’re planning to list your property, better get on the stick quickly. The strategy of waiting to see if the market will raise your home value even further is running out of time. If listing is part of your plan, do it before the market begins shifting and the property value gains you waited for start melting away.
Have Fun!
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Lew McConkey,
Brook Realty, Serving Whitman Hanson & Surrounding Towns
(781)252-9789
If you have questions about your place in the current Real Estate market, as a buyer, seller or Landlord,
Please feel free to call text or email for your free, no obligation consultation.