3rd Quarter Market Update
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St Jude Walk/Run Reimagined
Our Team in Boston Magazine!
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This week we are giving you the most recent performance data on the seller and buyer sides, comparing the most recent quarters numbers, seeing where we stand compared to last year, and laying the ground work for the months to come. Both sides of the market need to be prepared to hit the buying/selling pool head on to take advantage of the significant number of buyers in the market to relocate as well as the lower than low available mortgage rates. Our team continues to perform, placing homes under agreement in record setting conditions, and closing on homes for buyers and sellers alike. You will also get a sneak peak on what we have coming up!
Our team was featured in Boston Magazine this month! It’s an honor to be named among the top producers in Boston and to be recommended as a resource in both the city and the suburbs. Thank you for all your support and referrals throughout the years. Check us out here!
Then get ready to walk/run your way towards helping the kids of St Jude! We are excited to kick off this summer long event with our team and participate in a new and fun way. Details on how to join us are below!
Then remember to keep us in the loop! We want to see what you are up to this summer, so post and tag our team @themclarendagostinoteam whenever you walk, run, or raise awareness for St. Jude.
We’d love to follow your journey!
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Third Quarter:
Comparative Market Analysis
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Prior to the shutdown, home sales were at their highest in over a decade! And experts believe that home prices will continue to increase, just at a slower pace than we’ve seen in the past few years.
In February 2020, existing-home sales were the strongest they’ve been since 2007 with the growth attributed to the incredibly low mortgage rates and built up housing demand. With the unexpected shutdown and change in operations in industry across the board, this growth took a quick downturn with the number of homes being listed.
In the third quarter we saw only a slight increase in the number of homes on the market with new listings coming to an almost complete halt. During the second quarter of this year, the number of new homes listed was down 25% with the third quarter showing a 75% decrease compared to last year.
The majority of markets across the state, as well as the nation, are looking somewhat slow when it comes to seller traffic, so buyers will have to work a little harder to find their dream home. We are seeing multiple offers being submitted across all price points, especially in the $650k to $1.3k range. This popular spot in the market will see numerous offers, upwards of 20+, with buyers creating aggressive offer packets to secure an early lead or take the home off the market completely.
Average days on market this quarter are down from 36 days to 24 days with sellers accepting an offer for a home two weeks sooner than last quarter and a week sooner when compared to last year at this time.
For buyers and sellers willing to enter or re-enter the market, the third quarter of 2020 has been busy on both sides. While the market has remained steady when compared to last quarters overall activity, the performance is significantly less when compared to last year with less than half of the expected inventory with the same number of buyers looking to relocate.
In addition, a significant number of renters are entering the buyer pool looking to take advantage of the lower mortgage rates. Recent surveys suggest that only 26% of renters likely to renew their current lease followed by a 33% increase in purchase applications.
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What Does This Mean for Buyers in 2020?
You need to bring your “A” game! If you want to buy the home of your dreams, you’ll be up against some heavy competition. The good news? Home prices have remained steady with 10% increase over last year with sale prices remaining well within market value for suburban areas. Plus, a low mortgage rate means a lower monthly payment and less of your money going toward interest over the life of the loan.
What Does This Mean for Sellers in 2020?
Without being able to predict what’s to come of the coronavirus, sellers out there can feel pretty good about 2020. There are still plenty of buyers in the market and not as many sellers to compete with you. Agents and buyers alike have already shown that the shift to virtual showings and appointment-only open houses have not been a deterrent for purchasing. The key for sellers is to set the best home price for the market and attract the right set of buyers to view and bid on your home.
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JOIN OUR SUMMER LONG
WALK/RUN FOR ST. JUDE!
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We would love for you to join our team and walk or run with us until September 26th to support the children of St. Jude Hospital!
Each year we create a team for the St. Jude Walk/Run which consists of months of planning, preparation, and fundraising. This work leads us up to one amazing Saturday in September that is filled with hope, joy, music, movement, and miles to raise awareness and funds for St. Jude’s lifesaving mission to End Pediatric Cancer.
This year we have all been challenged to REIMAGINE our efforts resulting in a full summer of miles for St. Jude!
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What is it? We are asking YOU to commit to walk or run as many miles as possible for the kids of St. Jude up until Saturday September 26th.
How does it work? Make the commitment to join our team, set a goal to walk or run as many miles as you can, then log them in to the app where the miles will be counted towards our team total.
What’s my inspiration? Our goal is to inspire others to join our mission while raising awareness and funds for an organization that endlessly supports the patients and families of children with cancer.
Whether you decide to walk one mile a day, run a 5k each weekend, share your journey on social, or quietly hitting the pavement on our own, REMEMBER every step is one step closer to finding a cure for pediatric cancer.
When you sign up, choose to join The McLaren-D’Agostino Team – if you have junior walkers we have created a team just for them call “Little Heroes with Big Hearts”
(more on this amazing group later!)
Now go ahead and get started! We can’t wait to see your posts and watch you do so many awesome things along the way.
THANK YOU from the bottom of our hearts!
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Our team had five listings go under agreement this month setting record numbers for offers and pricing:
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11 Symonds Street in North Salem received 11 offers with the accepted offer well over the asking price
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193 Woodland Mead in Hamilton received 9 offers with an accepted offer well over the asking price
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7 Baker Court in Dorchester accepted an at ask offer and record pricing for that market
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11 Symonds Street, Unit 2
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426 Main Street, Unit 402
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100 Station Landing, Unit 205
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© Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws.
All material presented herein is intended for informational purposes only. Information is
compiled from sources deemed reliable but is subject to errors, omissions, changes in price,
condition, sale, or withdraw without notice. No statement is made as to accuracy of any
description. All measurements and square footages are approximate. Exact dimensions can be
obtained by retaining the services of an architect or engineer. This is not intended to
solicit property already listed.
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