Each month I prepare a summary of the sales data in the
town, this data provides some general view of what the market is doing.
For a better understanding of how this relates to your specific
interests please give me a call at 781-771-7216. The graph below shows the monthly numbers for the last year. The line is for the median price and the bars for the numbers of homes sold.
In the Single Family market, there were 63 properties listed August 1. This is up slightly from last year. Sales volume
in July was still strong with 22 homes sold but below last year. The chart clearly shows how the first tax incentive deadline in November pulled many home sales into that month. May showed the same effect with the April P&S deadline driving many May/June closings. July continued on seasonal strength. Median sales prices remained essentially flat from June at $409,500. In July the
average time on market was 97 days. If this sales rate continues we would have only a 3 month supply of homes for sale, however with the tax incentives gone I suspect that the market will cool somewhat and remain neutral favoring neither buyers nor sellers. The July sales are promising and may indicate some continued summer sales after the incentives have expired.
With mortgage rates at historic lows, and the economy starting to show improved strength we should continue to see price strength through the second half of 2010, and I expect sales volumes to show some strength in late summer as the market stabilizes post-tax incentive.
So the moral of the story for now is it is a good time to sell and a better time to buy if you are able.
For a longer term view of the market click here for the Burlington Quarterly Report, or call Mike at 781-771-7216 for a detailed review of how the market can affect your goals.
