Massachusetts Real Estate Market Update for February 12 2024

YOUR Massachusetts Real Estate Market Update for the week of February 12th

The irresponsibility of our elected officials is uncanny. It’s basic economics that are making us all poorer each and every day. We are going to talk about that, plus what’s going on in the condo market? Inventory levels broke out of their winter range a little early… Could this be the answer to spring buyers' dreams? 

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 are some interesting developments in the data for both the condo and single family market. The question becomes… Will the trends continue? If so, then it may just be a better spring market then most had expected from an inventory standpoint… Interest rates are going to suck… A lot more than expected tho. So I guess that will make up for it.  

And maybe high interest rates aren’t necessarily a bad thing going into the Spring market. Maybe they will help tame some of this demand because the demand is making for some crazy scenarios. This weekend open houses were like college parties… People fighting to get through the door only to be shoulder to shoulder once you got inside. One offer situation was 11 offers and the house went for $130,000 over asking price. Another situation had 6 offers… And that was on an already $1.1 million dollar house. 

Hi I am Jeff Chubb – A recovering Investment Banker turned Real Estate Agent that 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, 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. Friend. Family members. A random house that you drive by everyday and is in shambles… The uglier, then the better! If you know of one, then please shoot me an email. For all Your We Buy Houses Massachusetts you can visit CashOfferMA.com. 

Let’s get into it all and jump into the Single-Family market stats.

Again, nothing abnormal here. We are expecting inventory to just hover along for another two weeks or so. Inventory was up slightly last week and is now down slightly this week to 2,812 Single Family homes on the market in the state of Massachusetts. We now have 4.4% less homes on the market than there were just 28 days ago. 

Inventory went down this week, but not as much as it did in 2023. If this keeps up, then it looks like we could cross the 2023 inventory levels in the next week or two.

We have 101 fewer Single Family homes on the market today then we did today back in 2023 and 883 more Single Family homes on the market then the inventory levels in 2022. 

And here is the story when it comes to us slowly but surely catching up to the 2023 inventory levels. We listed 660 Single Family homes this week. That is 75 more units or 12.8% more than the same week in 2023. Keep in mind that last week we listed 63 more as well. So five weeks ago it was 12% less, then four weeks ago it was 10% less. Then three weeks ago we were even with 2023. Two weeks ago we listed 13% more houses, last week was 10% more and now we are at nearly 13% more again.

This is an interesting trend that is great news for buyers. The continued new listing year over year could create a situation where we see some inventory builds. 

And this is a great thing… These stats are telling us that there might be some good news coming… I just personally don’t see it. There is a LOT of buyer demand out there. I think this is going to be a crazy Spring market that seller’s are going to absolutely love. 

The 4 week rolling average is 586 units. This current listing activity is strong to say the least. 

So we are listing more houses than in 2023, but our under agreement data is pretty much right in line. 

We had 702 homes go under agreement. This was 24 units or 3.3% less than the same week last year when 726 single family homes went under agreement. 

We are back over the 700 unit level for under agreements. Maybe this is some of that demand that I am seeing in the market place actually coming through to the stats.

The four week rolling average is 626 units. 

So when compared to last year's market… New listings were up by nearly 13% while under agreements were down by 3%.

There were 294 Single Family homes that closed last week for an average sales price of $729 thousand dollars and a median sales price of $568 thousand dollars. Sales levels compared to the same week last year were down by 3.6% as there were 305 Single Family homes that sold this week last year for an average price of $671k. 

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.

week Months of inventory nudged up to 1.25 months from last week's 1.26 months. The 1.25 months this week is compared to the 1.16 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…

A couple weeks ago I was talking about how the condo market was so similar to last year… And for the last two weeks, it’s been starting to make a move! We have 1,839 condos on the market as of Monday. This is a 53 unit increase from last week's 1786 units and is 3.8% more than the inventory levels on the market just 28 days ago. 

But here is where you can really see what I am talking about. Last week we barely eclipsed 2023, but this week… Inventory really made a move. 

We now have 96 more units on the market today than today last year and 400 more units then compared to the inventory levels of 2022. The 96 units is a build from the 39 unit difference from last week. 

The condo market was like a repeat from last week in both New Listing and under agreements! 

There were 384 condos that came on the market last week with the four week rolling average of 339 condos. To put this in perspective, the 384 this week is compared to the 386 last week! 

The 384 units listed was 19 units or 5.2% more than the 365 condos that came on the market the same week in 2023.