Things looking HOT for Home Sellers in Most of MetroWestI know because I keep getting asked about it. There are some of you who still aren't sure if the real estate market is "better". IT IS!
Below is an update of the my ranking from June (not too long ago) for the hottest towns. June reflected some early spring sales, and looked OK, but this report has all the June and July Closing for almost all the towns. Let's look!
I know, I know, shocker Natick is still at the top. This is a ranking of my Hot Seller Index, the (HSI) a single number for each town that tries to capture both the IMBALANCE of buyers and sellers, as well as HOW FAST properties are selling. The nice part about an index is you can average it, and when you average this group of towns, you get an average HSI of 94. 94 is a record for sure, but more impressive is that we came up from an average HSI of just 79. That means that we jumped 15 points in just three months. That kind of demand means we will be seeing price increases - unless rates start heading up, and head up high enough to put a damper on prices. But with rents soaring, it will take a lot of headwinds at this point to reverse the tide.
Home Selling Trends and Buyer Behavior in Massachusetts
So what's the trend we're seeing? At first blush, it might look like a simple East Vs. West phenomena, and for the most part I think that's right. People are moving to improve their commutes, and are willing to pay premiums, or accept less desireable housing, to get to rails and close to the Pike. That's an underlying trend that drives prices across all of Metrowest, but what we're seeing here is that buyers are seeing value in the towns that have the best commutes to Boston, and are moving aggressively to take advantage of that (that maybe why Sudbury has cooled off). We'll see if price appreciation dampens that somewhat going forward, but for now I think the market has room to run. Up Next: Prices people are paying in Metrowest by town.