Your South Coast Real Estate Market Report for January 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.’

U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR).

Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023.

New Listings were up 5.1 percent for single-family homes and 13.1 percent for condominium properties. Closed Sales decreased 2.5 percent for single-family homes and 22.7 percent for condominium properties. The Median Sales Price was up 9.6 percent to $570,000 for single-family homes and 4.5 percent to $520,000 for condominium properties.

Months Supply of Inventory decreased 15.4 percent for single-family units and 12.5 percent for condominium units. Despite tepid sales activity, the persistent shortage of housing supply has helped prop up home values nationwide, with the median existing-home price rising 4.4% year-over-year to $382,600, according to NAR. Total unsold inventory was at 1 million units heading into January, an 11.5% decline from the previous month, for a 3.2 months’ supply at the current sales pace.

Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months.

Are you interested in more detailed market information about a particular town, or neighborhood? Please reach out any time. I would be glad to prepare you a free, no obligation market summary. Pick a time for us to chat here.