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Kristin Brown Gives an Overview of the 2013 Lexington, MA Real Estate Market
Overall, Lexington's real estate market remained strong in 2013. There were a total of 381 single family homes sold throughout the year, an average of just over 31 a month. Of those sold homes, the prices ranged from $325,000 – $2,530,000. There is truly something for everyone in Lexington, no matter what your needs. These homes on average were on the market for 53 days, which is down from the 2012 numbers. In 2012 the average days on market for a single family home in Lexington was 86. This tells us that houses are moving more quickly than in the previous year, and that buyers should not wait on the sidelines.
The average living space of a single family home sold in 2013 in Lexington was 2,964 sq. feet, which is on the high side compared to other markets around the Commonwealth. The average price per square foot of these sold homes was $349. Of course, these are the averages and the highs and lows can be attributed to the condition of the home, location and many other factors, but if you are interested in participating in either buying or selling in 2014, it's important to know the averages.
One metric that allows us to understand the market and whether we are in a buyers or sellers market is the difference between asking and selling price. The average asking price of a single family home on the market in 2013 was $988,835. The average selling price of a single family home on the market in 2013 was $988,908. This means that homes for sale sold for 100.01% of asking price, on average. These numbers indicate that it is a strong buyer's market and homes are going for on average, over what the sellers are asking. Something to keep in mind if you wish to buy or sell this year.
Overall, we live in a very strong community for real estate, however the inventory is low, which will continue to push prices higher. If yo