Massachusetts Real Estate Market Update for January 29 2024

YOUR Massachusetts Real Estate Market Update for the week of January 29th

Well that sucks… If you are a buyer that is. Single Family inventory just took a nosedive this week with a SURGE of properties going under agreements. And then there is the condo market which just feels like it is chugging along at last year's pace. 

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. 

Last week I was talking about how the market felt like stronger demand was here, but it just had not played out through the stats… Yet… Well it looked like the market got the message. 

At this point I feel like I am begging… But if you are a potential buyer this Spring, PLEASE start your search a little earlier. It could save you tens of thousands of dollars as this market begins to heat up and kicks into crazy town gear. 

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. Friend. Family member. A random house that you drove by that was in shambles… The uglier, then the better! If you know of one, then reach out or visit CashOfferMA.com. 

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

And… We're down. Inventory is down to 2,822 Single Family homes on the market in the state of Massachusetts. It’s down 178 units from last week which is now 2.3% less than the amount of homes for buyers to look at in just a matter of 28 days. 

Last week I was worried that the Single Family inventory levels were going to make me look bad and shoot beyond the 3,000 unit range… The data makes a lot more sense this week. Inventory levels are going to continue to suck for home buyers. They are going to suck this winter. They are going to suck this Spring and they are going to suck this Summer. What about the Fall market you ask… That’s a little too far out…

There is a better view of the nosedive! Last week is what we traditionally see this time of the year. We should see inventory levels pull back a little more then level off until about the end of February. 

This is when we start to see more inventory come on the market… But also start to see a LOT more buyer demand. 

We have 247 fewer Single Family homes on the market today then we did today back in 2023 and 884 more Single Family homes on the market then the inventory levels in 2022. 

We listed 571 Single Family homes this week. That is 66 more units or 13.1% more than the same week in 2023. So three weeks ago it was 12% less, than 2 weeks ago it was 10% less. Then last week we were even with 2024 and now we have gone to listing over 13% more houses. 

The market seems to be waking up a bit! 

The 4 week rolling average is 458 units. But that data includes the slow week from Christmas to New Year when 220 new listings came on the market. This will normalize next week. 

Here is the surprise. Under agreements just came in HOT. It just seems like this year's market was one week behind last year. 

We had 735 homes go under agreement last week. This was 76 units or 11.5% more then the same week last year when 659 single family homes went under agreement. It’s in the pending data where the big difference was. This is what made the inventory levels take a dive like they did. I don’t love week over week change data. But this was a 33.4% increase in pending activity week over week. 

The four week rolling average is 468 units. 

So when compared to last year's market… New listings were up by 13% while under agreements were up by 11.5%.

There were 384 Single Family homes that closed last week for an average sales price of $727 thousand dollars and a median sales price of $575 thousand dollars. Sales levels compared to the same week last year were down by 7.7% as there were 416 Single Family homes that sold this week last year for an average price of $677k.

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 down to 1.23 months from last week's 1.24 months. The 1.23 months this week is compared to the 1.16 months this week last year. 

This really does show that the market conditions this year are pretty much identical to those 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…

The condo market has just been steady Eddy so far in 2024! We have 1,757 condos on the market as of Monday. This is a 23 unit decrease from last week's 1780 units and is 11.5% more than the inventory levels on the market just 28 days ago. 

We continue to stay in line with 2023! 

We did jump slightly above the levels in 2023 as we now have 20 additional units on the market today then today last year and 405 more units then compared to the inventory levels of 2022.