Your South Coast Real Estate Market Report for June 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.’
Massachusetts saw a 12% increase in closed sales and a 6.0% increase in median sales price for single-family homes from May to June, however new listings witnessed a 14.1% decline, the first since December 2023.
MAR data provided the following key indicators for May:
● The median sale price for single-family homes increased by 7.7% to $699,900 and by 5.5% to $580,000 for condominiums from this time last year.
● New listings increased by 10.1% for single-family homes and 7.5% for condominiums year-over-year.
● Closed sales decreased by 9.8% for single-family homes and by 14.4% for condominiums year-over-year.
From March to June this year, closed sales and median sales price for single-family homes increased month-over-month. However new listings decreased as sellers remain cautious about leaving existing mortgages due to rate increases and limited housing stock. Subsequently, this has impacted the housing affordability index, following its month-over-month since December 2023, marking a new low in 2024.
“We’re continuing to see high levels of buyer interest, and market competition remains strong for the inventory available,” said Amy Wallick, 2024 president of MAR. “In order to help Massachusetts residents achieve the American dream of home ownership, we need to see an increase in housing production and sellers entering the market to help alleviate the burden on prospective buyers looking for a home.”
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.
