It’s a slower market. Don’t get me wrong. But things are still selling. But there are some major challenges for seller’s wanting to sell fast and wanting a cash offer to from someone looking to buy houses in Massachusetts.
How to Sell Your House in a Slow Market
Showing activity is slow. Seller’s are beginning to sit on the market. The drop off in traffic has been extreme and has begun to really cause some major issues for Massachusetts home owners needing to sell fast and wanting a cash offer. Price aggressively and deal with some disappointment and all the showings or choose to sell to a We Buy Houses Massachusetts company which will close fast and pay cash for your house in as-is condition.
Get An Offer Today, Sell In A Matter Of Days
Market Update: Single-Family and Condo Markets in Massachusetts
Single-Family Market Stats
Inventory is level and it’s going to stay that way until the end of August. Then it will plummet for Labor Day weekend and start growing again in the Fall.
- Current Inventory: 5,078 Single Family homes in Massachusetts
- Weekly Change: Up from 5,075 units last week and 5,059 units two weeks ago
- Annual Comparison: 1,464 more houses on the market compared to last year, but 391 houses short of 2022 levels
Buyers, did you hear that? You have nearly 1,500 more single-family houses to choose from compared to the same time last year. Value hunters can find some great deals in this market.
Massachusetts Home Sellers, did you hear that? It’s the best buyer’s market in a long time…
Listings and Sales:
- New Listings: 928 Single Family homes this week (3.2% more than the same week in 2023)
- Under Agreement: 932 homes (1.6% more than the same week last year)
- Pendings to New Listing Ratio: 90.9% compared to 102.6% last year
Sales Data:
- Closed Sales: 849 homes with an average sales price of $861k and a median sales price of $685k
- Annual Sales Comparison: Sales levels are off by 395 units (31.8%) from last year
Months of Inventory:
- This week: 1.80 months
- Last week: 1.81 months
- This week last year: 1.32 months
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Condo Market Update
We now have 2,804 condos on the market as of Monday, compared to 2,785 last week and 2,819 two weeks ago. This means that there is 0.07% less inventory on the market today than there was just 28 days ago.
- Annual Comparison: 722 more units on the market than last year
- New Listings: 377 condos (6.5% more than the same week in 2023)
- Under Agreement: 312 condos (16.4% fewer than last year)
Sales Data:
- Closed Sales: 317 condos with an average sales price of $691k and a median sales price of $560k
- Annual Sales Comparison: Sales levels are up by 37.5%
Months of Inventory:
- This week: 2.23 months
- Last week: 2.18 months
- Last year: 1.65 months
Interest Rates and Current Events
This week, we gained a little more ground in the mortgage market. Rates are down and we actually started the week with 6 month lows. Interest should stay relatively level as we head towards the September rate decision by the FED. The more bad news in the economy, the lower interest rates will be.
Real Estate Trends and Insights
- Assumable Loans: These are government-backed loans like VA Loans and FHA Loans. Finding assumable loans can be complex and involves several steps, including getting approved to take over the loan and paying the difference between the loan amount and the sales price in cash. This was an interesting article that talked about Assumable loans.
- Rising Home Prices: US Home prices rose for the 15th straight month, hitting another record high with a 5.9% increase nationally year over year. Here are the stats behind the record high house prices.
- Young Adults Living with Parents: The share of young adults living with their parents is the highest since 1940. Eventually, they will move out, adding more demand to the real estate market. These young adults could make for an interesting future Massachusetts Real Estate Market.