Massachusetts Real Estate Market Update for March 11 2024

YOUR Massachusetts Real Estate Market Update for the week of March 11th

I feel like I should have gone back and dug out last year's video… Because we fell on some similar tracks as last year in many different areas. 

But there continue to be some headwinds in our economy and in our market that we need to stay focused on. Let’s get into it all…

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 seeing the increase in buyer demand in the numbers. I will talk about that more in a couple moments, but in the last couple of weeks I have been talking about all the increases in buyer demand… But there wasn’t really much proof that I could show you of what I was saying. 

I don’t think you really want to see my call logs and I am confident clients wouldn’t want me showing you proof of their pre-approvals. But there is little doubt that the Spring market is upon us. 

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.

Two quickies. We Buy Houses all over Massachusetts. Cash. Fast or slow closing timelines. If you know of anyone that is looking to sell and doesn’t want to go through the hassles of the traditional way, then have them visit CashOfferMA.com. Of course that's only if you want cash for houses Massachusetts.

Speaking of the good ole traditional way… We now offer a selling program of 1% instead of the traditional 5 to 6 percent. Do you know of anyone thinking about selling their house and wanting to save 10s of thousands of dollars? Then I would love to chat. 

Let’s jump into the Single-Family market stats.

Inventory grew… But not like last week! 

Inventory was up slightly this week to 2,967 Single Family homes on the market in the state of Massachusetts. We now have 5.5% more homes on the market than there were just 28 days ago. 

And we are closing in on the yearly inventory high of 3,000 units which was on the 22nd of January. 

Year over year, the inventory level spread pulled back a little bit, but we are still above the levels of last year. 

We now have 53 more houses on the market when compared to the same time last year. For comparison purposes, this number was 82 last week. 

But…. We now have 1,010 more houses on the market today than in 2022! This is compared to last week's number of 807 units! 

The takeaway is that the increase in inventory levels should be much appreciated by the buyers that are in and are entering the marketplace. 

Another high 800 unit newly listed week. This week we listed 883 Single Family homes in the state of Massachusetts. This is 70 units or 8.6% more than the same week in 2023. This now makes for a 6 week streak of out listing houses when compared to the same time in 2023. 

The 4 week rolling average is 691 units. This surge in listing inventory is proof that the Spring market has arrived! 

It really is crazy. We continue to barely be able to see this years blue line as it just continues to follow last year's production levels. 

Last week I said that Under Agreements should surge this week… And they sure did! We had 835 homes go under agreement. This was 12 units or 1.5% more than the same week last year when 823 single family homes went under agreement. 

The four week rolling average is 682 units. Which is exactly what it was last week too! This is a little more proof in the numbers that the Spring market has come upon us. 

So when compared to last year's market… New listings were up by over 8.6% while under agreements were up by 1.5%.

I am just pointing out here that this is now two weeks of year over year under agreement increases… Could April be the month that we break the nearly 4 year monthly trend of year over year sales declines?!?

There were 388 Single Family homes that closed last week for an average sales price of $764 thousand dollars and a median sales price of $580 thousand dollars. Sales levels compared to the same week last year were down by 4.9% as there were 408 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 was down slightly to 1.46 months from last week's 1.47 months. The 1.46 months this week is compared to the 1.33 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 2,011 condos on the market as of Monday. This is 9.4% more than the inventory levels on the market just 28 days ago. 

This 2 thousand plus units is an inventory high for 2024!

But even with that high and inventory gain, we actually lost a little ground in the year over year inventory gap. We now have 129 more units on the market today than today last year. This is compared to 148 units last week. Meanwhile we have 496 more units than compared to the inventory levels of 2022. And this 496 units was compared to last weeks 407.

So just like in the Single Family market, the condo market lost ground when compared to inventory levels in 2023, but gained ground when compared to levels in 2022. 

There were 490 condos that came on the market last week with the four week rolling average of 395 units. 

The 490 units listed was 11 units or 2.3% more than the 479 condos that came on the market the same week in 2023.