Massachusetts January 2023 Single Family Housing Stats

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Massachusetts January 2023 Single Family Housing Stats

Timothy Lewman
Flipper/Rehabber · Worcester, MA · Member since 2016 · 179 posts · 113 votes


Massachusetts Single Family Housing Stats for January 2023: inventory continues to build as sales and new listings slump and it's taking longer to sell the houses that are listed.

Median Price: $520,000, -0.85% Yoy. Our second Yoy price drop in three months.

Closed Sales: 2,238: -31.62% Yoy

12 Month Closed Sales: 46,695, -16.60 Yoy

Inventory: 3,765, +57.73% Yoy

New Listings: 2,571, -5.65% Yoy

Months Supply: 1: +100% Yoy - was 0.5 last January

Cumulative Days on Market: 46, +24.32% Yoy

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  • Kyle Spearin
    Real Estate Agent · Boston, MA · Member since 2016 · 450 posts · 214 votes
    3y

    Thanks for sharing all of this info @Timothy Lewman! How are you using this to inform your current investment strategy?

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  • Timothy Lewman
    OP
    Flipper/Rehabber · Worcester, MA · Member since 2016 · 179 posts · 113 votes
    3y
    Hey Kyle - Not changing anything yet, full speed ahead on single family flips.  I don't think we will get any major moves in housing prices this year, though they are moderating/leveling out.  To get price movement you need forced sellers, who will sell at a discount to current values to avoid foreclosure.   To get foreclosures you going to need layoffs/unemployment rate going up, which isn't happening right now. I'm thinking 2024 will be the year but anything is possible as mortgage rates inch up to 7%+.
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  • Sean Kelly-Rand
    Member since 2019 · 74 posts · 54 votes
    3y

    @Timothy Lewman - agree on your points. It seems that if homes are well priced they are getting multiple offers. Issue with many sellers is expectations are adjusting too slowly so they are always one month behind the drops. I encourage my clients to "Drop Price, Move Product" - focus on the volume and don't dwell on any one house not hitting the expectations, it will average out.

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  • Melanie Berchtold
    Bellingham, MA · Member since 2016 · 16 posts · 0 votes
    3y

    Ouch! I shudder to think of looking forward to foreclosure and layoffs to find distressed buyers. I have thought that due to the emotional overbidding future, foreclosures are going to be inevitable. That does leave 2024 open to some who have been edged out. I like to consider forcing equity by finding a way to add needed value a better option. 

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