August 2020 Market Update & Local Info

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Real Estate

As you can see, in Middlesex county median sales prices are up about 5%. Homes for sale are down 47% (yikes!) and closed sales are down by a huge, 24%!


   

I’m seeing many multiple offer situations on single family homes with many offers going well over list price especially in the under $500k range.

Good Evening Folks ... 

Looking for something fun to do with the family (and even the dog too?)  Let’s go to the movies!

Drive-in theaters are back in a big way - both old and new!  Here’s our list of popular spots to catch a flick under the stars in our area. Click on their links for the latest info on showtimes and tickets.   

 

Where Is the Housing Market Headed for the Rest of 2020? 

 

Some Highlights: 
* The housing market is forecasted to finish the year with growing strength.
* Historically low mortgage rates are creating great potential for homebuyers, and home sales are on the rise

 

Will We See a Surge of Homebuyers Moving to the Suburbs?

 

As remote work continues on for many businesses and Americans weigh the risks of being in densely populated areas, will more people start to move out of bigger cities?

Spending extra time at home and dreaming of more indoor and outdoor space is certainly sparking some interest among homebuyers. Early data shows an initial trend in this direction of moving from urban to suburban communities, but the question is: will the trend continue?

Why are people starting to move out of larger cities?
With the ongoing health crisis, it’s no surprise that many people are starting to consider this shift. A July survey from HomeLight notes the top reasons people are actually moving today:

 * More interior space
 * Desire to own
 * Move from city to suburbs
 * More outdoor space

More space, proximity to fewer people, and a desire to own at a more affordable price point are highly desirable features in this new era, so the list makes sense.

The National Association of Home Builders (NAHB) also shares:

“New home demand is improving in lower density markets, including small metro areas, rural markets and large metro exurbs, as people seek out larger homes and anticipate more flexibility for telework in the years ahead. Flight to the suburbs is real.”

Will the shift pick up speed and continue on?
The question remains, will this interest in suburban and rural living continue? Some, like Lawrence Yun, Chief Economist at the National Association of Realtors (NAR) think the possibility is there, but it is still quite early to tell for sure. Yun notes:

“Homebuyers considering a move to the suburbs is a growing possibility after a decade of urban downtown revival…Greater work-from-home options and flexibility will likely remain beyond the virus and any forthcoming vaccine.”

While much of the energy behind this trend has largely been accelerated by the current health crisis, monitoring the momentum over time is critically important. Businesses are discovering new and innovative ways to function in remote environments, so the shift has the potential to stick. Much like the economic recovery, however, the long-term impact may hinge largely on the health situation throughout this country.

Bottom Line
Early data is showing a shift from urban to suburban markets, but keeping an eye on this trend will help us understand how it will ultimately play out. It may just be a temporary swing in a new direction until Americans once again feel a sense of comfort in the cities they’ve grown to love.