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.’
For the first time in three months, Massachusetts saw a 34.7% increase in new listings for single-family homes and a 68.5% increase for condominiums.
MAR data provided the following key indicators for May:
● The median sale price for single-family homes decreased by 3.2% to $628,888 and by 6.7% to $520,000 for condominiums from August to September.
● Since August, new listings have increased by 34.7% for single-family homes and by 68.5% for condominiums.
● Closed sales decreased by 22% for single-family homes and by 17.2% for condominiums from August to September.
For the third consecutive month, Massachusetts saw a decrease in median sales price for single-family homes. Despite a decrease in list price, Massachusetts is still experiencing a decline in closed sales for the second consecutive month, with a 22% decrease for single-family homes and 17.2% decrease in condominiums. However, the decrease in list price coupled with an increase in new listings leaves buyers more optimistic to pursue home ownership.
“With the increase in new inventory and lower mortgage rates, we’re hopeful that more prospective buyers will enter the market in the fourth quarter,” said Amy Wallick, 2024 president of MAR. “As summer comes to a close and we head into the winter months, now is a great time to enter the market if you’ve been on the fence about selling, with buyers eager to settle into their new homes ahead of the holidays.”
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