Your South Coast Real Estate Market Report for February 2024
Prepared for you by Bernadette Kelly Group, Keller Williams Cape Cod & Colonial Partners. Leaders in real estate sales and rentals on the South Coast for over 20 years. ‘We make the South Coast home.’
Though new listings increased again month-over-month, market activity remained low as evidenced by a third consecutive month of decreased closed sales.
MAR data provided the following key indicators for February:
• The median sale price for single-family homes increased by 9.4% to $569,000 and by 6.4% to $500,000 for condominiums from February 2023.
• New listings increased by 23% for single-family homes and 15.9% for condominiums year-over-year.
• Closed sales increased by 0.3% in February 2024 for single-family homes and by 1.4% for condominiums.
In February, new listings rose compared to this time in 2023, an optimistic observation for home buyers navigating this challenging market of high competition and home prices.
“We are encouraged by two consecutive months of increases in new listings as we head into the spring market,” said Amy Wallick, 2024 president of MAR and Realtor at Lamacchia Realty. “Buyers should still be prepared to navigate a competitive landscape with sustained inventory challenges, but we expect to see activity increase as a reflection of these new listings improvements and the changing of the seasons.”
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