Massachusetts Real Estate Market Update for February 26 2024

YOUR Massachusetts Real Estate Market Update for the week of February 26th

Take a week off and some interesting things happen with the market data! I am not saying that buyers should be cheering by any stretch of the imagination… But inventory is moving in the right direction… If you are a buyer that is. 

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. 

We are going to look at the inventory levels in a moment and how it could spell some good news for a buyer. The bad news… The market is crazy again. It’s multiple offer situation after multiple offer situation. It’s time to brush off the tricks of two years ago because that’s the difference between writing 20 offers before you securing a house and writing 5. 

My buyers found a house they liked. It was listed for $799,000. So a pretty good price range. Above average for the town. My clients went up to $850,000. They weren’t even in the conversation. 16 offers with the winning offer having a nine handle on it. 

The agent you choose to work with will ultimately make a huge difference. And make sure that you have a home buyer meeting where you go over the process… And most importantly the strategy you can utilize to drastically decrease the length of searching for a house and putting in offers on that house. 

Oh… And start the search early. If your lease is up in the next 6 months… You need to start the process now. 

Lower interest rates would spell a disaster for home buyers when it comes to pricing. 

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, 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 or visit CashOfferMA.com for We Buy Houses Massachusetts

And sorry, one more bit of news. We are now offering listing services of 1 percent for home sellers. That’s 1 percent compared to the so-called standard of 5 and 6 percent. Would love to chat with you about how you can save 10s of thousands on real estate fees if you are looking to sell. 

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

This is what we would expect for this time of year. Inventory being at a yearly low, but level. But get ready, because this is when we start to see the Spring Inventory build.

Inventory was up this week to 2,724 Single Family homes on the market in the state of Massachusetts. We now have 3.5% less homes on the market than there were just 28 days ago. But THE story to be told is in the year over year inventory comparisons. 

We started the year below the inventory levels of 2021 and 2023. 367 units below the 2023 inventory levels. But slowly and surely, we have closed that gap. 

We have 13 fewer Single Family homes on the market today then we did today back in 2023 and 822 more Single Family homes on the market then the inventory levels in 2022. 

This was the so-called good news if you are a homebuyer. You need and want to see more of this. A lot more of this. But it’s great news for the market. 

We can thank the inventory build to the slightly higher new listing activity. We listed 624 Single Family homes this week. That is 61 more units or 10.8% more than the same week in 2023. So that is now four consistent weeks where we have been listing more homes than in 2023. I would love to see this trend continue. 

The 4 week rolling average is 627 units. So we are right in line with the average for new listings in the past four weeks. 

The listing of more houses while sales levels are pretty much in line with 2023 continues. 

We had 622 homes go under agreement. This was 14 units or 2.1% less than the same week last year when 666 single family homes went under agreement. 

The four week rolling average is 703 units. But the dip in pendings does make a little sense as it was Presidents Day Weekend. 

So when compared to last year's market… New listings were up by nearly 11% while under agreements were down by 2%.

There were 401 Single Family homes that closed last week for an average sales price of $675 thousand dollars and a median sales price of $555 thousand dollars. Sales levels compared to the same week last year were up by 7.8% as there were 435 Single Family homes that sold this week last year for an average price of $667k. 

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 moved to 1.31 months from last week's 1.20 months. The 1.31 months this week is compared to the 1.23 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…

The better market to be a homebuyer in is the condo market. We have 1,841 condos on the market as of Monday. This is 4.8% more than the inventory levels on the market just 28 days ago. 

But here is where you the graph that shows this being the more enjoyable marketplace. 

We now have 137 more units on the market today than today last year and 400 more units then compared to the inventory levels of 2022. The 137 units is an inventory gap high for the year. 

There were 381 condos that came on the market last week with the four week rolling average of 354 units. 

The 381 units listed was 41 units or 12% more than the 340 condos that came on the market the same week in 2023. 

It’s the increased activity in new listing as to why you are seeing the inventory build.