Dear Neighbor,
If you’re searching for a home with ample space and amenities, you’re likely looking to maximize your returns. However, managing a move and preparing to sell can feel overwhelming with so much already on your plate. Fear not! I am here to help and am delighted to announce that I have joined the talented team with decades of experience at The Meade Group at Compass, so I am even more prepared to assist you in your real estate needs.
As a homeowner, your residence is likely one of your most significant assets, making it crucial to understand the market thoroughly. If you’re considering selling, having insight and guidance from a local market expert is vital. Here are some essential insights about the Concord real estate market for March 2023 compared to March 2022:
This information helps you make informed decisions regarding your real estate needs. Please don’t hesitate to contact me if you have any questions or want to discuss your options further.
Inventory Is Down, and There is Still Pent Up Buyer Demand
Late winter tends to be a quiet time in the market, but we saw far more activity in March than in February; this March, 12 homes were sold compared to 16 last year. The sale-to-list percentage (how close the actual sale price was to the original list price) dipped to 102% in March, down from 105% at the same time in 2022. The data here only tells part of the story. If we dive deeper, we will notice that most of the homes sold this March sold right at asking or slightly below. The homes in the $1M – $1.5M range drove up the average sale-to-list percentage. To capitalize on your investment, you want to work with a real estate expert who understands how to price and market your home strategically so you get maximum return.
Median Sale Price is Trending Down
Perhaps unsurprisingly, given the decrease in sale-to-list ratio, the batch of homes sold in March 2023 sold at a lower price than those in 2022. The median sale price fell to $1.6M from $1.7M in March 2022. Average days to offer increased significantly, indicating a shift to a more “normal” paced market – with 60 days this March as opposed to the 18 days in March 2022. Understanding the nuances of these stats is critical when you are selling your largest financial asset—and that’s precisely why you deserve a strategic marketing plan.
Open Houses Are Packed
While hard data is undoubtedly essential in analyzing the real estate market, it is only part of the story. Another crucial factor to consider is pent-up buyer demand, which is often reflected in the attendance at open houses. When many prospective buyers attend an open house, it is a strong indication of high demand for properties in that particular location. Seeing a crowded open house with interested and engaged buyers can be a valuable indicator of the current state of the market. With the right strategic plan, pricing, and positioning for your property and goals, we can attract maximum offers and sell your home for the best possible price in the fewest days on the market.
As a homeowner, what does this mean for you?
If you’re considering selling in the next 12 months, now is the time to start preparing for market.
When I work with my clients, I take a holistic, 360-degree approach. This means understanding your exact needs—and only then, applying the right strategies to get you the maximum price with the fewest days on market.
As a Concord resident that’s highly passionate about our area and with a strong background in marketing (at companies like Facebook and Yahoo!), I implement proven strategies designed to attract qualified buyers. This way, we can get you the highest price for your home with the fewest days on market.
If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation → 978-734-HOME
We will cover your goals and my unique approach to getting you the highest possible price in the fewest days on market.
Call today → 978-734-HOME
Jamie Patterson
License # 9578512
COMPASS
978-734-4663
Concord Market Highlights
| Single-Family Home Stats | March 2022 vs. March 2023 | Analysis |
| Median Sale Price | ↓ Down 7% | Average sale price is now at $1,588,225 down 25% from $1,701,000 in 2022. When you price correctly from day one, you can maximize offers and ultimately sell for the highest possible price as quickly as possible. |
| Average Days To Offer | ^ Up 233%
(a difference of 42 days) |
Average days to offer increased to 60 this March compared to 18 during the same time period in 2022. As demand has decreased, this further demonstrates the need for a precise strategy with pricing and marketing to ensure your home sells for top dollar in only a few days on market. |
| Sale-to-List Price Ratio |
↓ Down 3%
|
While a few Concord homes are still selling over asking, sellers who overpriced their homes now face the reality that it will take even longer to sell and go through even more price reductions. When you start with an expert strategy, you can sell for the highest possible price in the fewest days on market possible. |
Source: ©2023 MLS Property Information Network, Inc.
Looking Ahead
Here’s what we’ll be watching over the coming months:
- Mortgage Rate Stabilization
Economists are expecting interest rates to hover around 6%, but the general consensus is that there shouldn’t be more wild increases anytime soon. This is excellent news for buyers and homeowners that are thinking about selling. You’ll want to be strategic with your marketing to attract high-quality buyers and sell your home fast.
- Concord Middle School Tax Impacts
Tax increases across the country have many homeowners wondering what their real estate markets will look like in the near future. Close to home, we have the Concord Middle School tax increases. This is no light issue for some of the homeowners here who might struggle to pay. No one knows how this may affect inventory as yet, but regardless, it’s important to be strategic as a seller in any market.
- What to Expect When Selling Your Home
The real estate market is constantly in flux, and you deserve top dollar for your home no matter what. Achieving this goal requires a fresh and innovative marketing strategy, precise pricing, and expert negotiation skills. When you’re ready to make one of the most significant transactions of your life, having these winning elements can make all the difference. By staying ahead of the curve with the latest techniques and technologies, I will help you secure the best possible outcome for your home sale. Let’s work together to help you MOVE FORWARD.
If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation → 978-734-HOME
