No doubt that the low inventory and declining number of new listings is one factor, but it may not be the only one." We’ve seen both the number of new listings and months supply dwindle, and the galloping real estate market has slowed to fast trot. "The decline in home sales volume for the second straight month is significant,” said Tim Warren, CEO of The Warren Group, in a statement. “The data doesn’t lie. July saw a similar year-over-year decline. Last month, there were 6,318 single-family home sales in Massachusetts, down 6.2% from the August 2020 total of 6,734 transactions, according to The Warren Group. While home price increases remain strong, at least one expert says a second straight year-over-year monthly decline in overall sales is telling. Then there's the town's shopping options, which include a Whole Foods grocery store and popular local restaurants like The Farmer’s Daughter - a favorite of Lee. Sudbury's school system and community are top-notch, Lee said, noting that Haynes Elementary School was among five schools in the state named a National Blue Ribbon School by the U.S. She said that for every house she puts on the market there are at least four offers. For the last three homes she has sold in Sudbury, offers were made the same day.
In one case, Lee witnessed a buyer spend $200,000 over asking price within the last year. More: Sudbury's Haynes honored as a Blue Ribbon school Weston, Wellesley schools also citedīut the scarcity of homes available hasled to prospective buyers making offers far above asking price. "Sudbury lacks transportation into the city and has always had competition with Concord (which has a commuter rail stop) because of that,” she said. "But commutability to the city isn’t as big of an issue anymore.” In addition to simple supply and demand, Lee said another reason Sudbury may have seen such a big price jump this year is that many people are still being allowed to work from home - or commute less - and don’t have to drive into the city. Lee sees a mixture of people buying homes, from empty nesters to young families and families moving from communities like Waltham or Watertown who are looking for more land and nature, and maybe a spot to grow a garden, build a pool or raise chickens, she said. “It was slammed,” she said of that weekend's open house, which was followed by 30 private showings with multiple cash offers. 3 - the Friday before Labor Day weekend, Lee said. The Maynard Road home, built just two years ago, was put on the market on Sept. Fourteen years earlier, it changed hands for $354,900. The Colonial-style home was built in 1969 and previously sold for $620,000 in October 2008, according to.
#One in a million zip code
Related: With 26.1% jump in median home sales price, Hopedale is a hot ZIP code Lee recently sold two homes in Sudbury, at 18 Arrowhead Road ($1.06 million) and 12 Maynard Road ($1.29 million). The first home was bought for about 15% over asking price, according to Lee - in cash, and in one day. Lee, who has lived in town since age 7, said there are currently about 30 homes for sale in Sudbury, down about 50% from last year. "I’m so glad to see Sudbury catching up to towns like Concord and Wayland, because it’s well deserved and it’s an amazing town,” said Kathryn Lee, a longtime resident who is also a Realtor with William Raveis Real Estate.Īs is the case for residential real estate in general, lack of inventory is a key factor in Sudbury's price jump.
55) have been sold in Sudbury this year as compared to Sherborn, which arguably makes 01776 the region's hottest ZIP code. Sherborn is also a newly-minted million-dollar community, with a year-to-date median home price of $1.035 million.īut nearly four times as many homes (196 vs. The town's 31.6% year-over-year increase is more than twice as much (14.8%) as Middlesex County as a whole, and represents the second-sharpest percentage gain in all of MetroWest - only much-smaller Sherborn, at 31.8%, is slightly higher. Through the first eight months of this year, the median sale price for a single-family home sold in Sudbury is $1.02 million, up 31.6% from the median price ($775,000) of a home sold in town through the first eight months of 2020. In terms of median price for a single-family home, that is. SUDBURY - This year, Sudbury has become a million-dollar community. Watch Video: Home buying in a hot housing market: How one family did it
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