December 2019 Real Estate Market Update - All of MA - 7 Additional Towns throughout the State

Will the real estate market gains hold out as we go into the last month of 2019?

Hi, I am Jeff Chubb and I wanted to share with you the market stats for the first 11 months of 2019 for a couple markets throughout Massachusetts. Today we are going to look at MA as a whole, Brockton, Canton, Dorchester, Framingham, Quincy and Reading.  

All of MA Real Estate

Decreasing inventory is the story to be told through the Bay State. With Condos continuing the trend and now down 8.43% year over year. Meanwhile Inventory for Single Families continued to shrink and is now down 15.14%.

Sales are down in both the Condo and Single-Family segments with condos down 2.46% year over year and the Single-Family market now down .85% when comparing the first 11 months of sales for 2018 vs. 2019.

Home prices continue to be up year over year with the average sale price of a condo at $521,276 which represents a 3.84% increase and the average sales price for Single Families up 2.89% to $517,921.  

Recap: Inventory is down. Sales are down. Prices are up.

Brockton Real Estate

Inventory in Brockton has been down by a significant amount pretty much all year, however we saw a small surge of new properties hit the market. Inventory is now down 2.70% year over year with 108 Single Family homes currently on the market at the end of November.

The decline in sales also continued in November with now 759 units closed for the first 11 months of the year. This represents a 7.33% decline in the amount of homes sold year over year.

The great news is that the average home price continued to climb to $318,996 which represents a 6.38% increase in the average price appreciation.

Recap: Inventory is down. Sales are down. Prices are up.

Canton Real Estate

Inventory in Canton is now down 22.73% year over year with 34 homes currently on the market.

Meanwhile sales are down 15.10% year over year to 163 closed units for the first 11 months of 2019. This is compared to the 192 closings we saw from January to end of November in 2018.

The average sales price continued to climb to $623,766 which represents a 5.44% increase year over year.

Inventory is down. Sales are down. Prices are up.  

Dorchester Real Estate

The Dorchester condo market has seen a 23.91% decrease in the amount of condos that are currently on the market with 70 units currently available to buyers.

Meanwhile sales are pretty much flat with one additional unit sold in 2019 vs. 2018. The 407 units sold in 2019 represent a point .25% increase in sales activity.

Condo prices in Dorchester are up to $515,397 for the first 11 months of 2019 which represents a 2.07% increase in the average sales price.

Recap. Inventory is down. Sales are flat. Prices are up.

Framingham Real Estate

Inventory in Framingham is up to 61 units to a 15.09% increase year over year.

Meanwhile sales are up a significant 5.57% with 550 units sold in the first 11 months of the year.

The average sales price is up slightly to $487,693 which is a .67% increase year over year.

Recap. Inventory is up. Sales are up. Prices are up slightly.

Quincy Real Estate

The Quincy Condo and Single-Family market are now registering inventory decreases with a 11.27% decrease to 63 Condos currently on the market and there currently being 57 Single Family Homes on the market representing a 19.72% decrease in the amount of inventory available to buyers.

Condo sale in Quincy are up 2.08% to 392 units with sales for Single Family homes down 12.69% to 399 closed units for 2019.

In both the condo market and Single Family market we have seen appreciation gains. The average sales price for a condo is $415,399 which is a 3.15% increase in prices year over year vs. $548,783 for the Single Family market which is a 5.78% increase in the average sales price for 2019.

Recap. Inventory is down in both Single Family & Condo Market. Sales are up for condos and down for single families. Prices are up for both segments.

Reading Real Estate

Inventory in Reading is down 36.36% year over year with only 21 Single Family homes currently available to buyers.

Sales in Reading have increased to 240 units representing an 18.18% increase year over year with the average sales price also up 1.98% at $668,754.

Recap. Inventory is Way down. Sales are up. Prices are up.

What does December have in store for the market and how will the year end? A very large factor will be the weather. If we don’t see a lot of snow then we will most likely end the year strong.

Again, I am Jeff Chubb with the Chubb Realty Group. Our philosophy is to Make Moving Easier so should you have any questions about your home or any of the current market conditions, then please do not hesitate reaching out at 617-480-2600 or by email at [email protected] . We are here to help in anyway possible.

Post a Comment