Your South Coast Real Estate Market Report for July 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.’
From June to July, Massachusetts saw a 1.1% increase in closed sales month-over-month and a 3.1% decrease in median sales price for single-family homes, the first decline since February. Closed sales for condominiums in July marked a decline for the first time since January of this year.
MAR data provided the following key indicators for May:
● The median sale price for single-family homes decreased by 3.1% to $678,500 and by 1.6% to $575,500 for condominiums from June to July.
● New listings decreased by 15.1% for single-family homes and 12.5% for condominiums from June to July.
● Closed sales increased by 1.1% for single-family homes month over month and decreased by 3.4% for condominiums
July’s decrease in median sales price for both single-family homes and condominiums subsequently caused an increase in the housing affordability index for both markets, the first since December 2023 for single-family homes and since February of this year for condominiums. However, new listings declined for the second consecutive month for both markets as sellers remain cautious due to continued available inventory, interest rates and impending back-to-school season.
“This latest data shows the market is moving in a more positive direction, but limitations on available homes for prospective buyers remains an ongoing challenge,” said the president of MAR. “We’re hopeful with this dip in median sales prices and the changing seasons more prospective buyers will soon be in a better position to pursue home ownership.”
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.
