Massachusetts: May 2024 Market Update

June 20, 2024 by admin Leave a Comment

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

January 17, 2024 by admin Leave a Comment

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

Massachusetts Single Family Market Insights ’23 Q3

October 31, 2023 by Stephen E. Robb Leave a Comment

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.

Massachusetts Single Family Market Insights ’23 Q2

August 1, 2023 by admin Leave a Comment

As the second quarter of the 2023 real estate market comes to a close, it is time to take a look at what transpired. Let’s take a look at some statistics and wrap it up without overcomplicating it. We will discuss interest rates in a different post, however, they are a key driver in what’s happening in the market.

Over the past 5 years, the sales volume is down while the sales price is up. The days listed on market is up this year, but still in line with the past two years staying under a month.
Inventory is way down this year which has driven up single family home prices.
Weekly active listings confirm the overall inventory shortage.
Hover over the black dots to see the Sale to List price ratio. This shows us that the limited inventory is still causing multiple offer scenarios pushing the sales price above the list price.
Even though the sale prices are up, the total dollar volume is down due to the lack of inventory and less sales over the past couple of years.
Same as before, less monthly listings results in less sales in comparison to last year.
Similar to the previous slide, just expanded to see the data in a weekly format rather than monthly. You can also see that there is a very similar weekly purchase trend as last year, just that the volume is down.
Days on market for sold listings is up from last year, but only by a week, still leaving homes on the market for under a month before ACCEPTING an offer and the property going under agreement (UAG).
Days to offer is just that, how many days on the market before receiving an offer. The days to offer will be lower than the days on market since days will be added to the offer time before accepting the offer and the property going under agreement.
This is a monthly breakdown of the first slide of sales volume.
Change in sales volume by zip code. If you have a question about your specific town, send us a message or give us a call to discuss your market.
Same interactive map as the previous slide, this one just shows the percent change in transactions year over year.

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

Massachusetts Median Home and Condo Prices Reach New All- Time High for Month of January

February 22, 2023 by admin Leave a Comment

MA Median Single-Family Home, Condo Prices Reach New All- Time High for Month of January:

MA Median Single-Family Home, Condo Prices Reach New All- Time High for Month of January

Single-family home sales down 32.6 percent on a year-over-year basis.

PEABODY, February 22, 2023 – Massachusetts single-family home and condominium prices continued to set records in January as sales activity plummeted by double digits, according to a new report from The Warren Group, a leading provider of real estate and transaction data.

Single-Family Homes

Last month, there were 2,379 single-family home sales in Massachusetts, a 32.6 percent decrease from January 2022 when there were 3,528 transactions. This marked the fewest number of single-family homes sales for the month of January since 2011. Meanwhile, the median single-family sale price increased 0.8 percent on a year-over-year basis to $499,000, a new all-time high for the month of January.

	January 2021	January 2022	January 2023	% Change 2022-2023	% Change 2021-2023
Single-Family Home Sales	3,858	3,528	2,379	-32.6%	-38.3%
Median Single- Family Home Price	$446,000	$495,000	$499,000	0.8%	11.9%

“The lack of inventory in the housing market continued to add upward pressure to the median single-family home price,” said Cassidy Norton, Associate Publisher and Media Relations Director of The Warren Group. “The 2,379 single-family home sales marked the fewest number of transactions for the month of January since 2011 and the lack of inventory is mostly to blame. Add in the fact that interest rates are nearly double what they were a year ago and the rising cost of consumer goods, and we can expect sales numbers to continue their downward trend in the coming months.”

Condominiums

In January, there were 1,178 condominium sales, compared to 1,633 in January 2022 – a 27.9 percent decrease and the fewest transactions recorded for the month of January since 2015. Meanwhile, the median sale price spiked 9.2 percent on a year-over-year basis to $480,500 – a new all-time high for the month of January.

	January 2021	January 2022	January 2023	% Change 2022-2023	% Change 2021-2023
Condominium Sales	1,696	1,633	1,178	-27.9%	-30.5%
Median Condominium Price	$400,000	$440,000	$480,500	9.2%	20.1%

“Condo sales activity followed similar trends to single-family homes in January, but the biggest different was the 9.2 percent increase in the median condo price,” Norton continued. “The median condo price of $480,500 marked a new all-time high for the month of January.

Historically, condos were a more affordable alternative to single-family homes, but that doesn’t appear to be the case any longer.”

LOCAL STATISTICS: Click for a town stats and county stats breakdown.

ABOUT THE WARREN GROUP

Customers use The Warren Group to identify new business opportunities through access to comprehensive real estate and mortgage data, analytics, and industry news coverage. Established in 1872, The Warren Group recently celebrated its 150th anniversary this year. It is now in its fourth generation of family ownership and management. It is the publisher of Banker & Tradesman, The Commercial Record and The Registry Review. For more information visit www.thewarrengroup.com.