Massachusetts Real Estate Market Update for February 5 2024
YOUR Massachusetts Real Estate Market Update for the week of February 5th
I know we are only a month into the year… But it’s a lot of what I am going to be talking about in the monthly recap that I post this weekend. If you are wanting to know what the market is going to be like this year… Then just look at last year. Because we are really going tit for tat.
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.
Demand wasn’t as strong as last week, but it was right in line with this week last year in both the condo and Single Family markets. It’s a strong market and it’s going to stay that way and most likely get stronger.
I know I have been a broken record on this one… But if you are a buyer looking to buy this spring, then save yourself possibly tens of thousands of dollars and start your search a little earlier.
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.
Let’s get into it all and jump into the Single-Family market stats.
Nothing abnormal here. It’s more of the same in the sense of this is just the bottoming out that we see every year. Inventory is level and is going to stay this way for this month. Inventory is up slightly to 2,872 Single Family homes on the market in the state of Massachusetts. We now have 3.27% less homes on the market than there were just 28 days ago.
It looks like inventory going up slightly this week kind of bucks a little bit of the trend that we saw in 2023. The important thing to take away is that inventory is still tight.
We have 158 fewer Single Family homes on the market today then we did today back in 2023 and 800 more Single Family homes on the market then the inventory levels in 2022.
Here is the difference maker. We listed 695 Single Family homes this week. That is 63 more units or 10% more than the same week in 2023. So four weeks ago it was 12% less, then 3 weeks ago it was 10% less. Then two weeks ago we were even with 2023. Last week we listed 13% more houses and now we are 10% more.
It’s an interesting trend. And if it continues then we will start to see slight inventory builds week over week.
Buyers, this is what you want to hear as we go into the Spring market.
The 4 week rolling average is 546 units. We finally don’t have the slow holiday data mixed in which is why this number has jumped so much.
You can barely see the blue line for this week. And that’s because we barely missed the sales levels we saw this week, last year.
We had 679 homes go under agreement. This was 4 units or.6% less than the same week last year when 683 single family homes went under agreement.
I find it a little interesting that the surge of under agreements that we saw last week didn’t continue. The 679 units under agreement was 7.6% off of last week’s 735 units.
The four week rolling average is 575 units.
So when compared to last year's market… New listings were up by 10% while under agreements were down by .6%.
There were 476 Single Family homes that closed last week for an average sales price of $751 thousand dollars and a median sales price of $595 thousand dollars. Sales levels compared to the same week last year were up by 15.5% as there were 412 Single Family homes that sold this week last year for an average price of $706k.
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 nudged up to 1.26 months from last week's 1.23 months. The 1.26 months this week is compared to the 1.16 months this week last year.
This is more data showing that the market this year is very similar to the market conditions of 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…
More of the same in the condo market. Just plugging along. We have 1,786 condos on the market as of Monday. This is a 29 unit increase from last week's 1757 units and is.9% more than the inventory levels on the market just 28 days ago.
The blue line broke out this week… barely.
We now have 39 more units on the market today than today last year and 355 more units then compared to the inventory levels of 2022. The 39 units is a 19 unit build from last week's 20 unit difference.