This spring and summer market has been an exceptional one for Cape Ann and Massachusetts as a whole. According to The Warren Group home sales have seen a jump by a whopping 11.4% in the month of July. This large increase was in fact the biggest surge that we have seen in a decade. In recent years there has been pent up demand and with inventory slightly increasing due to more building in the area, this could offer more opportunity for active buyers.
Single family homes reached a toll of 6,457 in Massachusetts for July. This was the height of sales in any month since August of 2005, which was the most recent peak. We’ve also seen an increase in the price of single family homes.. Median prices of single families increased by 1.4% while condominiums were up by 2.3%. Single family median home sale prices showed an increase of 3.2% while the condominium market rose by 4.5% according to the Greater Boston Association of Realtors.
The increase in inventory has been primarily due to the late arriving spring weather, but recent news about mortgage rates potentially increasing in the near future has also likely spurred sales. Buyers are still filtering into the market, however. The late arrival of homes coming on the market has made for a busier than normal summer for most realtors. Typically post July 4th things quiet down, but this year the market continues to have a pulse with activity. Sellers are still listing their homes in the height of summer season which has only given more choices to the buyers who are actively searching despite the weekend getaways.
If you’re thinking about selling your home, now is an excellent time to consider listing.