Local Market Update

Fall in New England usually brings a flurry of activity in the real estate market before the arrival of winter and the holidays. It feels slower than usual after a very busy spring. I decided to check the absorption rate which measures the supply versus demand and here is a chart for the local towns:



Under 4 months=seller's market, 5-7 mos. = balanced market
over 7 months = buyer's market

Inventory has crept up a little as sales have slowed. Historically low interest rates and low prices, should be driving buyers into the market. Median prices in some of the towns have risen since the spring so I feel locally we have probably hit bottom. Reports from the media are usually national and there are still areas of the country that are falling. Pricing and condition continue to be critical in terms of getting your property sold. Buyers scrutinize market data and want to make sure they are getting a good deal.

If you would like more detailed information, don't hesitate to get in touch.