October 2019 Real Estate Market Update

Less and less homes for sale… For the most part that is!

I am Jeff Chubb and I wanted to share with you the most recent market conditions update for a couple towns around Massachusetts.

In Massachusetts as a whole, we now have inventory up 1.64% for condos year over year. This is a large swing of nearly 9% considering last month we were looking at a 10.24% increase in inventory. Meanwhile in the Single-Family market inventory continued to tighten about 3% to 12.09% less inventory on the market then this time last year.

Meanwhile sales in both the Single Family and Condo market continued to build. Sales for Single Families are now up .24% year over year to 44,170 units sold while Condo sales are down 1.64% to 17,550 sales, this however is again an improvement from the -2.47% we saw last month.

Prices in Massachusetts continue to be up with the Condo market up 4.65% year over year and the Single Family up 2.89% year over year.

Quincy will be the only market that we look at that happens to have an increase in the amount of homes currently on the market. However in the condo segment we saw a big tightening month over month. Last month we had 34.69% increase in inventory yoy vs. the 16.13% we have this month. Meanwhile we did see inventory grow to 18.18% increase year over year in the Quincy Single Family segment.

Sales are up 4.64% at 316 units for the Quincy Condo market while showing a 4.67% average price appreciation to $412,562. Meanwhile sales for Single Families are down 11.03% to 371 units with a 5.78% average price appreciation to $546,665.

In Norwood we have seen inventory decrease 13.04% to 20 units while sales are up 2.15% to 190 sales in the first 10 months of 2019. Year over year, prices are up .64% to $497,285.

In Norwell the amount of homes currently on the market is down 13.64% year over year to 57 single family homes currently for sale. Sales are up 1.43% to 142 units with an average sale price of $738,810 which is a 5.52% increase.

The Brockton Single Family market currently has 121 homes on the market which represents a -14.18% decrease while sales are down 6.74% to 692 units in 2019. The great news is that they have seen an average sales price increase of 6.19% to $317,797 year over year.

In West Roxbury we have seen a -41.18% decrease in the amount of homes that are available to buyers. Most likely due to this significant decline it has led to a decline of 15.85% in the amount of sales to 154 units. The average sales price meanwhile is up slightly .44% to $672,370.

Again, I am Jeff Chubb with the Chubb Realty Group which is brokered by eXp Realty. Should you have any questions about your market or your home, then we would love to chat. The best way to get us is at 617-480-2600 or by email at [email protected].