In January, I wrote a blog entitled "Knowing Exactly When the Market will Change" that received many comments, replies and supportive feedback. In that blog, I stated that as soon as we have 3 consecutive months when more inventory is going off (under contract) than is coming on (new listings) we can expect to once again experience an appreciating market.So where do we stand so far this year? In January, in my 22 town Massachusetts North Shore area, 404 single family homes came on the market and 209 single family homes went under contract (off market).
In February, 377 single family homes came on the market on the North Shore and 242 homes went under contract.
February was better, certainly, than January, but not enough so that we can say the current trend has reversed. So based upon the statistics thus far this year, we continue to remain in a depreciating (buyers) market . . . and we can expect it to remain a buyers market for at least 3 more months.I will provide another update again in the beginning of April and we'll take a look and see if the market is changing or if we can expect more of the same for a while.
Regards,
Jay Burnham, VP
Coldwell Banker Residential Brokerage
North Shore, Massachusetts
