For the Shopaholic - Hudson vs. Concord
For the Shopaholic - Hudson vs. Concord
For installment two of the Boston Magazine comparison, we jump to the towns that they have identified that are perfect for the ‘Shopaholic’. Boston Magazine highlighted Hudson, MA and Concord, MA as two perfect towns for homebuyers that ‘enjoys lovely boutique-lined streets’. Lets dive into the numbers and see what the current market conditions and real estate trends are for Hudson and Concord, MA.
Overall Heath Of Boston's Market
To calculate the overall health of Boston's real estate market place we look to the months of inventory on the market. In Hudson we have had 83 homes sell in the last 6 months making for an average of 13.83 per month. This is compared to the same time period last year when we saw 65 homes close for an average of 10.83 per month.
This means that today we currently have 1.08 month’s worth of inventory this year compared to 1.10 months of inventory this time last year. In other words, the Hudson Market is still a hot seller’s market that has seen statistically no change in the market conditions year over year.
The Concord Real Estate Market
Concord's real estate market has actually managed to buck the trend that we have been seeing state wide. As most of the towns throughout the state have been amassing additional inventory, the amount of homes available to buyers in Concord has actually decreased. Today there are 66 Single Family Homes on the market compared to 79 last year.
This represents a 16.5% decrease in the amount of homes that buyers can choose from. However, diving a little deeper into the numbers, we have seen inventory increasing in the price ranges from $900k up to $1.499m with the amount of homes available to buyer decreasing in the $450k to $799k range and the 1.5m+ segment.
The Real Estate Market in Hudson
Hudson has seen an uptick in the inventory that is available to homeowners. Today we have 15 Single Family Homes on the market vs. 12 last year. This represents a statistical 25% increase in the amount of homes available to homebuyers, but a number that we still consider rather low. The biggest increase in inventory has been in the $300,000 to $349,999 price range where we saw inventory increase from 3 units last year to 6 units this year. We have also seen some additional inventory in the higher price ranges ($600k+) with 3 units coming on the market today vs. none at this time last year.
While the Hudson real estate market has seen an increase in the amount of homes sold in the last 6 months, the Concord Real Estate Market has seen a reverse fortune. Sales have actually decreased in the last 6 months year over year for Concord. In the last 6 months we have seen 68 Single Family Homes sell in Concord for an average of 5.66 per month compared to 82 and an average of 13.66 per month for the same time period last year.
This means that today we have 11.66 months of inventory currently on the market compared to the 5.78 months of inventory at this time last year. This means that the Concord market has moved from and equal market where neither buyer has pricing advantage to a strong buyer’s market.
The Fight: Hudson vs. Concord
What a crazy turn of fortune. It seemed like a forgone conclusion that the Concord Real Estate Market was going to win out in this dog fight when the 16.5% decrease in inventory was discovered. But that decrease in inventory could not overcome the 17.07% decrease in sales. All this while the Hudson market has seen a 27.69% increase in the amount of sales year over year for the last 6 months. Takeaways: The market has drastically shifted in Concord giving the easy victory to the Hudson Real Estate Market.
NOTE: These stats were derived on 4/11/2019 from MLSPIN. Deemed Reliable, but not guaranteed. Months of inventory are used to determine what the current market conditions are for real estate in communities around Boston. 0 to 5 months is considered a seller’s market, 5 to 7 months is an equal market and anything higher than 7 months is considered a buyer’s market where buyers have pricing advantage.
For more information about the market in or around Boston, or information about buying or selling a home in or around Boston, contact Chubb Realty.