I thought it might be helpful to look at how the current market climate has affected median price in different towns across the county. The first chart shows single family home data, and the second shows the combined condo/townhome market.
Everything seemed pretty stable right up until the beginning of March, huh? I’m guessing that the last rush of contracts for folks taking advantage of the first time homebuyer tax credit is what has caused such dramatic change in pricing and inventory. Anyone that wants to use that credit has to be under contract by the end of April, so I expect that we will see prices flatten out again after that. I’m very curious to see if our sales volume will continue at a steady pace, or if it will be very quiet for a bit after that.
If you have any questions about how this may affect you or your home’s value, please don’t hesitate to reach out.