My fellow Concordians, the Spring market has certainly sprung when it comes to residential real estate! This past week in Concord 16 properties came to market and 11 were single family homes. The price range of that housing went from $949,000 to $21,500,000. An amazing range of inventory indeed! Looking at the overall volume of homes on the market, active listings for sale, the data picture shows that as of March 8, 2024 there are 27 single family homes for sale in Concord in the MLS (multiple listing service that professionals use to bring homes to market). Please know that the data in the single family homes for sale category in the MLS is somewhat skewed. Of the 27 homes for sale published in the MLS, five are owned in a condominium form of ownership. This is a perfectly acceptable form of ownership these days, and is becoming more common as a form of ownership, specifically when those homes are freestanding homes. Homes that don’t share a party wall where living space abuts a neighbor can offer a similar experience to single family home living. The form of ownership has less impact on value. There are plenty of buyers out there that are perfectly satisfied with condo ownership as a form of ownership. Buyers are analyzing the experience of living in the home and what it specifically offers rather than what form of deed is offered. In fact, these days we have new construction condominium homes like 24 Rookery Lane, Unit 6. It is over 5,000 s.f. with four bedrooms and an asking price of $2,374,995. That property is competing directly with a home like 49 Minuteman Drive, a four bedroom, single family home that is over 4,000 s.f. with an asking price of $2,395,000. It seems that many buyers are less interested in the form of ownership and are simply focused on the product and how it suits their needs.
Of the 11 homes that came to market in Concord last week, I am proud to share that four were listed with yours truly. I brought more homes to market but they were not in Concord. Having 36% of the homes that come to market in a week is a very good sign of the trust our community continues to place in my office and me specifically as a listing agent. There are hundreds of agents who work out of offices in the Concord market. Crazy but true. For my locally owned firm to have such a significant market share of new inventory in a given week, specifically for me to be the listing agent representing those families, could not make me prouder and more grateful.
Thank you for the trust. I will continue to say it time and time again. Thank you for the trust. This business I run is a family business. It took so many years of hard work to get to this point in my career and it took countless hours. I have so much more to bring to market and imagine that my market share will continue on this wonderful path of growing year to year. I have to remain humble in my pursuit and forever grateful. I am in my 50s and it has been some journey to get here. I aspire to leave a legacy of thoughtful development that will stand the test of time. I aspire to leave a significant positive legacy of impacting my clients lives and exceeding their real estate goals in a manner that others in my profession may not be committed to or have the skillset to achieve. I aspire to leave a legacy to my sons of a dad that was thoughtful in business, passionate about what he did and who cared about the people he came in touch with and represented. Plan hatched indeed.
As for the market, you can expect to see plenty of inventory in the coming months and expect sales to be brisk the entire time. I had multiple offers on properties I brought to market and absolutely fantastic financial outcomes for my clients. It can’t be that way for every house but if you follow my guidance I assure you I will increase the likelihood of your success. Let’s do this.
I will let you know exactly how brisk the market is in the coming chronicles I write.
Thanks for your time this week.