Rob Brown Realtor

07/02/2024

JULY 2024 MARKET UPDATE

WOW! The real estate market continues with some perplexing data.

The snapshot of the single-family housing market for June 2024 for the MetroWest 495 Corridor still trending as a strong and steady Seller's Market.

A year-over-year (YoY) comparison for June Home Sales decreased by 8.8%. While there was a decrease in June, for YTD the number of Home Sales is up 6.0% in YoY comparisons.

The average Days to Offer was 11 days, which is a decrease of one day in a YoY comparison. This is a strong indicator that homes that are priced competitively to the market, are selling very quickly.

The Sale Price to Original Price Ratio is at 105 indicating on average homes are selling 105% higher than their original list price. Similar to Days to Offer, this represents a competitive environment with Buyers for homes that are priced to the market.

The Median Price of a single-family home increased 10.1% in the YoY comparison. The Median Price of a single-family home closed in June was $847,500.

The Average Sale Price, like the Median Price, was up in the YoY comparison with a 11.1% increase. The Average Sales price in June was $933,656. Both median price and average price have consistently had increases in YoY comparisons for 2024.

In Barnstable County, the data is providing a similar snapshot the trend is a strong Seller's Market.

A year-over-year (YoY) comparison for June Home Sales decreased by 3.5%. The trend of decreasing Home Sales has been diminishing and Barnstable County is basically flat in the YTD Home Sales YoY comparison.

The average Days to Offer was low at 11 days, however that is an increase four days compared to June 2023. While this increase is substantial, the low Days to Offer is a reflection of strong Buyer demand and a highly competitive market due to the lack of inventory. While inventory is increasing slightly, the Days to offer will most likely start to creep up too.

The Sale Price to Original Price Ratio is at 100 indicating on average homes are selling at their original list price. This data, along with the Days to Offer, supports when a home is priced to the market, it will sell very quickly and at or above the list price.

The Median Price of a single-family home increased 8.9% in the YoY comparison. The Median Price of a single-family home closed in June was $750,000.

The Average Sale Price was up substantially in the YoY comparison with a (are you ready for this?) 28.0% increase. The Average Sales price in June was $1,090,331. The YoY change in June's Median Sale Price and Average Sales Price indicates the overall trend for prices is still on the upward slope.

As we all know, real estate is not only local…it is hyper-local, and this data is for single-family homes in our local market and may not be consistent with what will be reported at the national level as other parts of the country are currently experiencing different market conditions.

If you have any questions or want a deeper dive into this information, please let me know.

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12/08/2023

SOLD
Auburn, MA.
Buying, Selling, or Investing I'm your Agent.

Thank you Kristin, and Debbie Damiano.
Merry Christmas.

12/04/2023

Weekly Market Update. - It is a Seller's market Home values are the highest we have ever seen. If you would like to know the current market value of your home, I'm just a phone call away
508-243-5015

**The snapshot of the housing market for November 2023 is dramatically different than the previous 20 months. All metrics are reflecting a Seller's Market.

As we all know, real estate is not only local…it is hyper-local, and this data is for single-family homes in our local market and may not be consistent with what will be reported at the national level as other parts of the country are currently experiencing different market conditions.

A year-over-year (YoY) comparison for November Home Sales INCREASED by 1.0%. November’s YoY increase is a dramatic change over 20 consecutive months of YoY decreases.

The average Days to Offer was remarkably low at only 18 days, which is a decrease of three days in a YoY comparison. The 18 Days to Offer reflects the current Buyer demand and the low supply of inventory. The average of 18 Days to Offer indicates homes that are priced to the market are selling quickly.

The Sale Price to Original Price Ratio is at 101 indicating on average homes are selling 1% higher than their original list price. In November 2022 the ratio was 100, so a very slight increase in the ratio for November 2023. The highly competitive, multiple Offer situations are still prevalent especially when a home is priced to the market.

The Median Price of a single-family home increased 15.4% in the YoY comparison. The Median Price of a single-family home closed in November was $710,500.

The Average Sale Price, like the Median Price, was up in the YoY comparison with a 7.9% increase. The Average Sales price in November was $779,766. As a reminder, just because median price and/or average price increases, does not necessarily mean the values are appreciating. The Case-Shiller Index is a better tool for that conclusion.

Home Sales may have an increase again in December in YoY comparisons, but based upon the pending transaction pipeline the market will revert back to Home Sale decreases in the first part of 2024.. The Median Price and Average Price increases in November were greater than anticipated, however the prices are still fairly stable and the expectation is for modest changes in YoY comparison in Q1 2024. As there is no indication inventory will increase significantly, the Days to Offer will remain very low and the Sale Price to Original List Price Ratio will remain over 100 for homes that are priced competitively to the market.

If you have any questions or want a deeper dive into this information, please let us know. We hope this helps in your quest to be a real estate market expert.

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