Welcome to Spring!! March has been known to come in like a lion and out like a lamb. This year, one could say that this does ring true. While navigating the market this year, I feel there has been a shift. In the later half of the month, there were four homes that held off offers and wound up with no offers or one offer that wasn’t acceptable to the sellers. When this happens, the sellers have some decisions to make.
Even with a bit of a change in the air, Acton’s real estate market increased a whopping 29% over the same month last year. This is an interesting month to study; this month last year was when the world shut down and by the end of March 2021 we were on a slippery slope headed toward another shut down. It has now been an entire year of writing my Monthly Update on the local market and it’s been quite a ride.
Here are Acton specific statistics to consider for the period of March, 1 – March 30, 2021;
27 homes sold firm at an average of 110% of asking price.
It took an average of 7 days on the market to sell firm.
Average sale price in Acton - $883,407
Lowest sale price - $480,000
Highest sale price - $1,200,000
Contrasting with March 2020;
15 homes sold firm at an average of 99% of asking price
It took an average of 29 days on the market to sell firm
Average sale price in Acton - $680,767
Lowest sale price - $525,000
Highest sale price - $872,500
I feel like we have reached a point where things will calm in the market and they’ve already shown signs of calming. As more inventory becomes available, buyers will have more options and they won’t be as frantic with their offer prices. One fear I have is that some of the homes that did sell for shockingly high prices may have issues closing if the buyers didn’t have their financing in order. This is something that has happened before and could happen again.
While navigating the market as a buyer or a seller, please remember that the highest offer is not always the best offer. Don’t ever hesitate to reach out if you have any questions about the local real estate market.
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