A shift in the market
We’re noticing a big shift in the market. 15 new homes came on the market in Wellesley last week and as of today (Tuesday), only 2 have gone under agreement. In the past 8 weeks, new listings have gone under agreement in the first week at an average rate of 58%. This week it’s 13%.
A combination of factors are at play - sellers getting aggressive and overpricing their homes, rates ticking higher, buyers dropping out, and more inventory hitting the market.
It seems like the buyer frenzy is slowing down and there could be some opportunity for more of a balanced market. Stay tuned for more market updates.