The start of 2024 has had a decidedly different feel than the last six months - inventory in Boston was up 18.4% compared to January 2023. Despite the increase in inventory, buyer activity stayed flat. The January median sales price, however, was up 4.1% from 2023, while total properties sold were down 3.4%. In the last few months, buyers felt like it should have been a buyers' market while sellers were still hanging on to the sellers' market from 2022. That disconnect is what led to an increase in inventory, a decrease in buyer activity, and longer days on market.
As soon as we entered February, we felt a definitive shift in the market. Braceforimpact. As we enter the early spring market, we have swung decidedly to a seller's market. There are more multiple-bid scenarios and homes going $50,000 - $200,000 over the asking price in certain segments for well priced properties. This month, condos under agreement have 26.3% fewer days on market than in January. The Spring market is upon us, and we are beginning to see it in open house activity, new inventory coming on the market, and properties accepting offers faster.
The early spring market has brought an influx of buyers who have been waiting on the sidelines. Buyers - our advice is to begin your search now - do not wait until the under agreement properties sell and push the spring pricing higher! With more inventory online today, we are able to help buyers acclimate to the market earlier. This way when the right home comes on, buyers are able to make an informed move on the right house. Sellers - give us a call! We are happy to provide an updated market valuation of your home, discuss the current state of the market, and create a strategy to get you the highest possible return.
We saw more available inventory in the market in January 2024 vs. January 2023 (up 18.4%). The number of units pending (under agreement) was virtually flat from January 2023 to January 2024 indicating more buyers sitting on the sidelines in January of 2024 than January of 2023.
Units sold decreased by 34% from January 2023 to 2024. This past January experienced the lowest number of units sold in the last ten years.
Although metrics are indicating that buyers were acting slowly (or not acting at all) in January, median sales price increased from 2023. January 2024 pricing was even with 2023 Spring Market pricing, prior to the increase in mortgage rates last year.
AVG Days To Offer (DTO) measures how quickly properties are going under agreement. It gives us a window into the urgency of buyers. January of 2024 had the highest AVG DTO since 2012, indicating that buyers are not acting quickly. Early February numbers are showing a rapid decline in average days to offer for new inventory.
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