Thanks for sending this question along. I appreciate everyone who has reached out to me both past and present.
The market appears to be very active and competitive for the majority of inventory that has hit the market thus far in 2024. This is not true of every home that goes up for sale but certainly true of most. Buyers are out and shopping immaterial of interest rate concerns or the election cycle. Our town has a whopping 43 homes currently under agreement as of the writing of this article. That is a terrific Spring pace as it relates to sales and certainly provides some optimism as it relates to the market’s condition. That said, the closing prices of homes currently under agreement will offer the most truthful picture of the market’s overall condition. Consumer confidence and the real estate market’s actual condition will be a reflection of all of Concord’s Spring sales.
We do have enough data today to make some assumptions about what we will learn from the 43 homes currently under agreement. We have 25 homes that have already closed this year and the data from those sales shows some promise. Only two homes of the 25 sold for less than $1,000,000. That in itself is an amazing statement. Almost every home in our town has a value that is nearing a 7 figure value. No matter if that data upsets you due to feelings about a lack of affordable housing in Concord or it excites you due to the growth of the value of your investment/home, it is the reality on the ground. Literally, the value of the ground itself helps drive the value of the homes around town. It has to be considered when evaluating the smaller housing stock in our community.
The one home that sold below $900k sold at 98% of its asking price and received an offer within 9 days of coming to market. The one home that sold in the $900’s this year sold for 20% above its asking price and received its offer within 8 days. So clearly homes that come to market below $1,000,000 are in demand in 2024. In looking at the 10 homes that closed in 2024 between $1,000,000 and $1,500,000 we also see high demand. On average these homes closed 11% above their asking price and received an offer within 28 days. One home has closed between $1,500,000 and $2,000,000 in 2024 and it sold for 97% of its asking price in a mere 6 days. Those statistics still paint a picture of high demand. Less than a week to sell is telling. Seven homes sold in 2024 between $2,000,000 and $2,500,000. On average they sold for 2% above their asking price and within 25 days of coming to market. Strong market yet again. Four homes sold between $2,500,000 and $3,000,000 year to date. They sold on average at 98% of their asking price and within 60 days of coming to market. Last but not least one home has sold between $4,000,000 and $5,000,000 and it received its offer within 5 days at a whopping 13% above its asking price.
In looking at the closing data that has occured in 2024 it is easy to conclude we are in a very healthy market immaterial of interest rates. The data shared above offers a picture of an average days to offer of less than a month at 29 days, an average list to sale price ratio that is 6% above asking prices and finally a whopping average sale price town wide of $1,899,600 in 2024. The median is still impressive at $1,563,000.
I believe the homes currently under agreement in Concord will prove we are in a very strong market indeed. My team has been involved in many of the sales townwide this year so I do have an insider’s view on the market’s overall health. Trust me, it’s healthy. I hope this offers some insight and encouragement if you are thinking of making a move this year. If you need specific advice, confidential guidance with no pressure of any kind, call me. It is what I do. Literally, I advise many of your neighbors already and I know your neighborhood and this town inside and out.
Imagine living in a town where you have sold houses on almost every street. Imagine knowing what the inside of those homes look like. Imagine that you have seen the improvements of those homes over the years. Imagine that you have met the people living in them now and the people who lived in them prior to the current owners. It is a connecting feeling indeed.
Q&A: I understand that a new legal settlement may be enacted this summer related to brokerage commissions. It applies to sellers not having to pay a buyer side brokerage commission. Do commision expenses for sellers get cut in half because sellers no longer have to pay the buyer’s agent commission?
Should I fill out a seller’s statement of property condition when I sell my house?