As we look to the Fall Real Estate Market, our local market continues to thrive. The Robin Allen Group remains committed to delivering their well-recognized concierge level of service to each of their clients.
In Newton, inventory of single-family homes is still down almost 34% compared to last year. Brookline inventory is down as well, 7% for single family homes while the median sale price is up an impressive 23% compared to last year. The luxury real estate market has seen 24 homes go under agreement in the past 2 months in Brookline and Newton for over $2million. The average list price being $3,637,438. The momentum is not slowing down either as there are more buyers still looking and there are still low interest rates.
“Since their peak at 3.18% in April, mortgage rates have declined by thirty basis points,” said Sam Khater, Freddie Mac’s chief economist. “While this decline is not large, it provides modest relief to borrowers who are purchasing in a market with strong home appreciation and scant inventory.”
The number of homes on the market have ticked up over the past few weeks, with listings up 5% last week as more sellers took advantage of record-high prices, according to Realtor.com. If you or someone you know are hoping to buy or sell a home this year, now is the time to start planning!
If you are looking to sell your home this year, now is the time to start to prepare for a promising Fall Market. Inventory is extremely low. There are more buyers than there are listings.
If you are looking to buy, working with an experienced local agent is key in this extremely competitive market. Our knowledge of the local market paired with the portfolio of products available to us through William Raveis, will give you the competitive edge when searching for your ideal home.