Real Estate Agents Expect a Big Spring

One of the critical numbers in real estate is the number of listings on the market. This number is low right now in the Westford area, meaning that there are not that many properties on the market. In fact, this January saw the lowest number of houses on the market over the last ten years. However, Realtors and real estate agents around the area are giddy with the prospect of a huge year on the real estate market. So why are real estate experts so excited when the number of homes on the market is at a record low? The answer lies in other important numbers.

Looking at the 2012 end-of-year real estate sales tells part of the story. According to the Multiple Listing Services and the Northeast Association of Realtors, the association that includes Westford, single family home sales increased 23.3% in 2012 over the 2011 numbers. Not only were the total number of sales up, but so were the prices. Condominium sales were up as well, rising 21.6%, though the median price did dip a little. Examining the end of the year more closely gives Realtors an even bigger reason to be excited. December’s home sales numbers were up across the board over December 2011. Pending sales were on the rise as well. This data shows a trend in the right direction. In fact, taking the longer view over multiple years shows a strong trend in the increase of home sales and median home prices.

Most importantly, the average days that a new listing spent on the market were going down. Properties are spending less time on the market and are being sold at a faster rate than usual. This means that buyers are out there, and that each listing that hits the market is getting plenty of attention. The low interest rates being offered by banks are encouraging individuals and families who had been waiting to buy a property to explore the options that are on the market. Real estate agents across the area vow that this year will be a big year because there are so many buyers out there, and because those with knowledge of the local real estate market feel that many more listings will arrive on the market soon.

If you have any real estate related questions, feel free to contact Realtor Ryan Guilmartin at 617-852-0040 or ryan.guilmartin@gmail.com. Happy house hunting!