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Massachusetts: May 2024 Market Update

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May 2024 Market Update 

Home Sales on the Rise

Great news for Massachusetts homebuyers! The housing market continues to heat up, with both single-family home and condo sales increasing for the second month in a row. Here’s a quick rundown of what the latest report from The Warren Group tells us:

Strong Sales and Soaring Prices

  • Single-family home sales jumped 7.5% year-over-year in May, reaching a median price of a whopping $636,000 – a new all-time high!
MA Single-Family Homes May 2023 May 2024 % Change 2023-2024
Single-Family Home Sales 3,616 3,887 7.5%
YTD Single-Family Sales 13,721 14,005 2.1%
Median Single-Family Home Price  

$589,450

  

$636,000

  

7.9%
YTD Median Single-Family Home Price  

$540,000

  

$590,000

  

9.3%
  • Condo sales also saw an increase of 4.3%, with the median condo price reaching $550,000, another record for the month of May.
MA Condominiums May 2023 May 2024 % Change 2023-2024
Condominium Sales 1,843 1,922 4.3%
YTD Condominium Sales 7,051 7,016 -0.5%
Median Condominium Price $526,000 $550,000 4.6%
YTD Median Condominium

Price

 $500,000 $530,000 6.0%

Demand Outpaces Inventory

The report highlights a key factor behind the rising prices: high demand combined with limited inventory. Even though sales are up, there simply aren’t enough homes available to meet buyer needs. This is causing prices to climb despite the usual trend of increased sales leading to price stabilization.

Greater Boston Market Trends

The Greater Boston area continues to be a hot market, mirroring the statewide trends. Both single-family home and condo sales saw increases, with median prices hitting new highs as well.

Looking Ahead

The Massachusetts housing market shows no signs of slowing down. With pent-up demand from buyers and limited inventory, expect prices to remain high for the foreseeable future.

 

Feel free to give us a shout to discuss your real estate plans or questions. We look forward to hearing from you. (508) 258-9589 or Contact Us

Posted with data from The Warren Group

Home Buyer Blues in Massachusetts: Sales Plummet to 12 year low While Prices Hit Record Highs

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2023 brought a double whammy to the Massachusetts housing market: a 22.4% plunge in single-family home sales and a record-breaking surge in median sale prices.

Some Key Data Points:

  • Single-family home sales: Lowest since 2011, down 22.4% from 2022.
  • Median single-family home price: Up 3.6% from 2022 to $570,000.
  • Condo sales: Lowest since 2012, down 18.7% from 2022.
  • Median condo price: Up 4.4% from 2022 to $510,000.
  • “Limited inventory and high interest rates are the driving force behind this trend,” said Cassidy Norton, of The Warren Group.
  • “As demand outpaces supply, home prices continue to climb, making it increasingly difficult for many to enter the housing market.”
  • “The condo market followed similar trends, with buyers willing to pay a premium for convenience and lifestyle.”

Greater Boston:

  • Single-family home sales down 23.8%, year-end median price up 2.9%.
  • Condo sales down 18.2%, year-end median price up 3.3%.

What’s Next?:

  • Market watchers are unsure if the trend will continue in 2024.
  • Affordability remains a major concern for potential buyers.

Call to Action:

  • Contact Robb Enterprises today for more information on the market and our creative ways of finding you a property to move into or invest in.

 

 

 

information and statistics partially provided by The Warren Group

November: Massachusetts Homes Remain Under Pressure: Sales Plummet While Prices Hit Records

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Massachusetts Homes Remain Under Pressure: Sales Plummet While Prices Hit Records

November Review: Massachusetts residential real estate saw dramatic shifts in November, with plummeting sales but record-high prices for both single-family homes and condos. The Warren Group, a leading data provider, reports that the market continues to be squeezed by limited inventory and elevated interest rates.

Single-Family Homes:

  • Sales dive: November saw a 10.6% year-over-year decline in single-family home sales, with only 3,447 transactions compared to 3,854 in 2022. This marks the lowest November sales figure since 2011.
  • Record-breaking prices: Despite the sales drop, the median single-family home price soared 8.4% to $579,900, a new high for the month. Year-to-date, prices have risen 4.0% to $572,000.
  • Limited inventory: Cassidy Norton, Associate Publisher at The Warren Group, attributes the price hike to “pent-up demand due to limited inventory.”

Condominiums:

  • Similar trends: Condos mirrored the single-family market, with sales falling 10.3% from 1,658 in November 2022 to 1,487 in 2023.
  • Price plateauing?: However, condo prices showed a glimmer of hope for buyers, remaining steady at $500,000 for the past three months. Year-to-date, the median price rose 4.7% to $512,900.

Greater Boston:

  • Sales slump: The Greater Boston market echoed the statewide trend, with single-family sales down 10.1% and condo sales down 10.7% year-over-year.
  • Price increases: Single-family prices in the region climbed 6.9% to $700,000, while condo prices remained flat at $550,000.

Future outlook:

  • Norton anticipates continued tightness in the market due to interest rates but predicts some relief in 2024 if the Federal Reserve lowers rates as planned.

 

Thinking of buying, selling, renting, or need landlord representation? Contact Us Today


Massachusetts Housing Market Sees Record-High Prices Despite Decreasing Sales

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Massachusetts Housing Market Sees Record-High Prices Despite Decreasing Sales

The latest report from The Warren Group reveals that both single-family homes and condominiums in Massachusetts reached new all-time highs in median sale price for the month of October. However, the number of sales for both types of properties declined significantly compared to the previous year.

Single-Family Homes:

  • Sales: 3,515 (16.9% decrease from October 2022)
  • Year-to-date sales: 34,182 (23.9% decrease from 2022)
  • Median price: $570,000 (10.6% increase from October 2022)
  • Year-to-date median price: $570,000 (3.6% increase from 2022)

Condominiums:

  • Sales: 1,562 (9.4% decrease from October 2022)
  • Year-to-date sales: 16,362 (19.7% decrease from 2022)
  • Median price: $500,000 (4.4% increase from October 2022)
  • Year-to-date median price: $515,500 (4.9% increase from 2022)

Key Takeaways:

  • While prices continue to climb, the number of homes sold has reached its lowest point for October since 2011.
  • Limited inventory and rising interest rates are making it more difficult for buyers to purchase homes in Massachusetts.
  • Condos offer a different kind of homeownership experience but are approaching a similar price point as single-family homes.

Greater Boston Market:

  • The Greater Boston area saw similar trends with decreasing sales and increasing prices.
  • Single-family home sales declined by 16.7% year-over-year, with a median price increase of 10% from $649,900 to $714,950.
  • Condo sales decreased by 9.3% year-over-year, with a median price increase of 3.6%.

 

This analysis was completed using available data from The Warren Group.

Massachusetts Single Family Market Insights ’23 Q3

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We all have felt the supply crunch over the last couple years, but it just seemed to increase in intensity in Q3 this year. Looking at the single-family market, in Q3 2023, we were running an average of 4,170 homes available. This same period last year, we averaged 5,574. That is a 25.2% decrease in available homes! 

On a national level, you will hear that available inventory is on the rise, which is true. However, there is more to the story. Months supply of inventory is calculated by finding the total number of active listings and then dividing by the average number of monthly sales. According to NAR, total sales on a national level were down to 4.04 million through August, which is a decrease of more than 15% compared to last year. As the number of home sales drops, the number of listings needed to keep inventory levels flat drops as well. 

With the inventory crunch, we are still seeing prices appreciate as a whole. The single-family median sales price rose 5.21% compared to Q3 2022. That was an amazing increase with mortgage rates at a 27-year high during the same period. As always, real estate is a local business, and I have seen some local markets’ average prices decrease in Q3. It could be the mix of properties closing, and it could also be adjustments to the higher rates hitting certain markets more than others. The key is to be sure of your primary markets by using our market reports here in Pinergy. You may be surprised at the local story being different than the national results. 

Sale-to-list price ratio in Q3 climbed up compared to Q3 2022 as well, 102.08 compared to 101.70—not far off from 103.79 in Q3 2021. This tells me that competition is on an upswing while fewer homes are available and that the demand for housing still outweighs the available inventory, pushing prices up. Buyers will need to act quickly to stay competitive in this market. 

Finally, with the number of closed single-family units dropping 24.68%, the Q3 sales volume dropped to below 2019 levels. While this isn’t the news we want to hear, we can be encouraged by the opportunities sellers have to list in a very hot market with a very focused buyer pool ready to act.

We learn each year is different on some level, and this year has proven that again. I still believe this market holds great opportunity that can be very positive for sellers and buyers in the right situations. I wish you all the best for a prosperous and strong finish to 2023!

Feel free to give us a shout to discuss your market or real estate plans. We look forward to hearing from you. (508) 258-9589 or Contact Us

Posted with help from MLS Property Information Network, Inc.

ALS Research: 100 Innings of Baseball over 30+ Hours

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Stephen E. Robb: A Champion on and off the Baseball Field, Raises Record-Breaking Funds for ALS Research

Natick, MA — [10/9/2023] — Stephen E. Robb, President of Robb Enterprises Real Estate in Natick, is celebrating a significant milestone as he participated for the fifth time in the “100 Innings for ALS Research” event, organized by The Angel Fund. This year, Stephen’s remarkable dedication led him to consistently raise the most money as an individual participant for a cause that hits close to home.

The 100 Innings for ALS Research event is a Herculean marathon baseball game that stretches over 30 hours, uniting baseball aficionados, compassionate friends, and passionate supporters in a shared mission to raise funds and awareness for ALS (Amyotrophic Lateral Sclerosis), also known as Lou Gehrig’s disease, research. It is an event where tears are shed, embraces are shared, and the love for the sport and the resilience of the human spirit shine brightly.

For Stephen E. Robb, the fight against ALS has a deeply personal connection. His cousin, Patti Gorgone, exhibited heroic strength in her battle with ALS, which she ultimately succumbed to in 2011. In honor of her memory and as a testament to his unwavering dedication to making a difference in the fight against ALS, Robb has become a steadfast participant in this life-affirming event.

The funds raised during the 100 Innings for ALS Research event support The Angel Fund’s pioneering research initiatives, advancing the quest to discover effective treatments and, ultimately, a cure for ALS. Stephen’s exceptional fundraising achievements have consistently set new records, underlining his commitment to the cause.

But the event is about much more than numbers. It is a celebration of life and an opportunity for participants to come together with friends who have shared their journeys through the harrowing challenges of ALS. It’s a platform for stories, support, and a shared determination to create a brighter future for those affected by the disease.

Stephen E. Robb not only demonstrates exceptional dedication to ALS research but is also a prominent figure in the Boston baseball community. Serving on the Board of Directors of the Yawkey Baseball League and being a loyal member of the Brighton Braves baseball team for over a decade, his passion for the sport is unwavering.

“We are on the baseball field for a purpose that transcends the game. We remember our loved ones who fought ALS, and we strive to create a world where others won’t have to endure the same pain,” said Stephen E. Robb. “Raising funds is important, but so is the camaraderie, the shared stories, and the strength we find in each other.”

Stephen’s commitment extends beyond the baseball field. Patti’s daughter, Gorgone’s daughter, achieved Olympic glory as a snowboarder, representing the United States in the 2006 Winter Olympic Games in Turin. This remarkable family history showcases the resilience and determination that runs in their blood.

The media and the public are invited to witness this extraordinary display of endurance and unity in the fight against ALS. Event details, including date, time, and location, can be found on The Angel Fund’s website at www.TheAngelFund.org.

Want to know even more about the 100 Inning Game, check out the documentary just released on Amazon here. The 100th Inning

About Stephen E. Robb:

Stephen E. Robb is the President of Robb Enterprises Real Estate in Natick, MA. He is a dedicated philanthropist and an active member of the Boston baseball community, serving on the Board of Directors of the Yawkey Baseball League and playing for the Brighton Braves baseball team.

About The Angel Fund:

The Angel Fund is a non-profit organization dedicated to raising funds and awareness for ALS research. The organization has a long history of supporting research efforts to find a cure for ALS. To learn more or make a donation, visit www.TheAngelFund.org.