Massachusetts Real Estate Market Update for 1.22.2024
YOUR Massachusetts Real Estate Market Update for the week of January 22nd
Well that’s interesting… Inventory isn’t decreasing like it traditionally does… It’s not really increasing either, but it might be enough to eclipse the 2023 inventory levels.. Meanwhile the condo market is playing it pretty much even.
In this video we will go over the Single-Family and condo markets in the state of Massachusetts. And we will also do a quick interest rate update… And we will also talk about some relevant current events.
There is definitely some stronger buyer demand out there than normal, but it hasn’t exactly popped off yet. Buyer activity on the website is up, inquiries are up, buyer Home Buying Preparation meetings are up… But it’s not yet equating to a boost in sales… Yet. But I think that is coming… Weather dependent of course.
Hi I am Jeff Chubb – A recovering Investment Banker turned Real Estate Agent that has sold more than a 1,000 homes. If you have any questions about the real estate market, then know I am here to help.
Also, as a quick heads up, I am looking to buy houses. Let me know if there are any houses that you are aware of that need a lot of Tender Love and Care. The uglier, then the better! If you got one, then reach out or visit CashOfferMA.com.
Let’s get into it all and jump into the Single-Family market stats.
Inventory is up slightly week over week as there are now 3,000 single family homes on the market in the state of Massachusetts. It’s up 60 units from last week and is only 2.8% less than the amount of homes for buyers to look at in just a matter of 28 days.
A couple weeks ago I mentioned that I felt it would stick around this 3,000 handle until the end of February. So I feel like I am playing with a little fire right now.
This is where you can really see what I was talking about with the… not really inventory growth, but inventory steadiness. In other years we see the inventory levels pull back, but this year we really haven’t seen that… So far.
We have 232 fewer Single Family homes on the market today then we did today back in 2023 and 913 more Single Family homes on the market then the inventory levels in 2022.
We also seem to be pulling away a little bit from the 2021 numbers as well.
The takeaway… Even with inventory levels not necessarily pulling back like we have seen in past years… Inventory levels are still very low and are going to remain historically low this year.
It’s the New Listings and Under Agreements where it gets a little interesting and where you can see the reasons for the inventory steadiness.
There were 585 Single Family homes that came on the market this week. This was only 2 units or.3% less than the same week last year when 587 Single Family homes came on the market. Two weeks ago we listed 12% less homes and last week was 10% less. And now a pretty much dead even week for new listings.
The 4 week rolling average is 345 units. But that data includes the slow last two Christmas and Christmas to New Year weeks when 220 and 133 new listings came on the market. This will start to normalize come next week with Quincy Homes For Sale.
This graph really illustrates why the inventory gap tightened so much against 2023 even though new listings were on par with 2023.
We had 551 homes go under agreement last week. This however was 23.4% or 168 fewer units than the same week last year when 719 single family homes went under agreement. It’s in the pending data where the big difference was.
The four week rolling average is 432 units. This is going to really start ramping up in the coming weeks.
So when compared to last year's market… New listings were even while under agreements were down by 23%.
There were 482 Single Family homes that closed last week for an average sales price of $753 thousand dollars and a median sales price of $578 thousand dollars. Sales levels compared to the same week last year were down by 1.7% as there were 474 Single Family homes that sold this week last year for an average price of $675k.
Months of inventory. This is how we determine what type of market we are in. 0 to 5 months is considered a sellers’ market with the closer to 0 you get… The more aggressive a seller’s market.
This week Months of inventory ticked up to 1.24 months from last week's 1.20 months. The 1.24 months this week is compared to the 1.13 months this week last year.
Real quick, my shameless plug… I just wanted to mention that if you are thinking about buying or selling a home, then it would be a true pleasure to help!
Now onto the Condo market…
We have 1,780 condos on the market as of Monday. After a 1 unit increase last week, the condo market has had a big moving week with inventory growth of an additional 8 units! Currently, there are only a half percent fewer condos on the market today than 28 days ago.
The toe to toe with 2023 continues!
We now have only 10 fewer units on the market today than in 2023 and 312 more units then compared to the inventory levels of 2022.
The condo market is just threading that needle.