Data for Days

Let's dig into some data!  I took a look at the 57 cities and towns in Eastern Massachusetts that had 5+ 3 bed 2 bath SFH sales between $500k and $1.5M in the last three months.  Of those 57, only Andover, Gloucester, Marblehead, Newburyport, Pepperell, and Quincy had median sale prices that were meaningfully lower than their median list price.  So, very roughly speaking, in 90% of the communities around us, it is a seller's market for this type of inventory (most extremely in Arlington and Newton which each have sale prices a whopping $125k over list prices...and with very legitimate sample sizes).

So while I continue to fail at convincing my parents in Newton to sell (despite this appetizing data), I'm getting increasingly successful at suggesting to buyers to not just look for their #dreamhouse, but look for their #valuecommunity.  Because here's the thing: it's not just about the numbers.  It's meaningful and beneficial to be able to properly conduct your due diligence, negotiate repair requests, cater the offer to your own timeline (and not just accommodate whatever the seller wants), and so on and so on.

Of course, with any buyer we'd want to dig into the reasons behind the demand reduction, but hey, it's nice to be able to do just that!  I totally get why places like Arlington and Newton are so desirable...but an open house attendee reinforced one of my deepest held real estate beliefs that a gap between today's value and appreciation ceiling is desirable, too!

Who's to say that I see happening in Malden now (i.e. values, demand, desirability starting to substantively rise) couldn't be happening in Quincy in a few years?  Perhaps it's time to get in while the gettin's - relatively speaking - good.