All Forum Posts by: Ian Hogan

New Bedford Listing Inventory is performing well and does better than the previous year (minus the big swing in February). Sales are inching slightly but have stayed flat for the most part. This swing in inventory vs sales shows an increase in overall Market Supply. Since the start of the year the Sale Price vs List Price has swung up to 0% and has not surpassed on average. This will be a metric to watch as the year continues as one of the indicators for buyer competition.

Fitchburg Listing Inventory has remained flat for the first quarter of the year, below the previous year with Sales matching near half the previous year over the last 2 months. Market Supply remains relatively flat matching listing inventory indicating a stable buyer’s pool. Sale Price vs List Price shows a stable pricing market indicating no major swings in pricing competition.

Springfield saw a slight increase in listing inventory, consistently performing better than the previous year. Sales remain healthy and at relatively the same levels over the last few months. Market Supply indicates that buyer activity remains constant as the supply tracks the listing inventory near 1 for 1. Sale Price vs List Price has a slight upward trend but nothing out of the ordinary indicating an upward trend in buyer competition.

Worcester Listing Inventory has maintained at the same levels as the previous month of March, which in these low inventory times is sometimes all we can ask for. Sales stay on track similar to the previous year with a spike this past month. Similarly Market Supply has remained at a more healthy value, but is not indicating any issue or distress of the market. Sold Price vs List Price indicates the Worcester market has hit an equilibrium on price. It may look like April data is not there but it is nearly at 0%.

@Mike Anderson

Based on the influx of investors there are definitely areas that are being improved. As long as appreciation and pricing pushes investors out of Boston to other tenant heavy areas that have job growth or easy access to highways/transport it will likely continue to improve.

Very similar to the growth/improvement of Worcester from what Worcester looked like ~10+ years ago. That being said, still some areas in both Worcester and Fitchburg you won't see me walking around at night.

Fitchburg is not the largest of markets but still remains an ideal location to invest in due to the amount of rent vs the price of properties. Sales seem to be keeping up with Listings with no major changes compared to 2023. Market Supply is tracking very similar to the Listing Inventory, indicating buyer’s are still active in the market and aren’t sitting on the sidelines. Compared to the previous year, price competition seems decent for the buyer, although if 2023 is any indicator of the year to come, the competition will be brutal with properties on average going over 3% asking (this seems small but across the state this average is on the higher end).

Springfield remains a very active market. Listing inventory looks to have a trend that is counter to most other markets in Massachusetts; usually inventory increases in the Summer and lessens in the Winter! Market Supply in 2024 remains high compared to the previous years, despite decent sales numbers, which can indicate a fluctuating amount of buyer activity. The Sale Price vs List Price in Springfield is some of the highest in Massachusetts, but looks to have possibly been influenced by the low sales in January and has quickly come down below 1%. If this returns to similar numbers to 2023 the market will likely be highly competitive on price.

Greater Boston has come a long way since the decline of the market from the initial effect of COVID. Sale price vs List Price indicates that, on average, properties are selling slightly over asking price. Greater Boston saw significantly negative numbers since COVID caused a short exodus. Market Inventory does not see much fluctuation even with the annual trends of the real estate market. That being said, this data combines several key areas around Boston proper to provide statistically relevant data; it is less likely for big swings from individual towns. Sales have been warming up since the start of the year with a low start in January (relative to the Listings!). Market supply remains healthy, hovering around 1.5 months of supply if no additional inventory was added.

@Brian J Allen, Yeah I definitely think that the off market listings is where it seems to have turned so far this year more than previous years. I know you deal with that more than I, so I'd be interested in that perspective. 

Worcester Listing Inventory has been incredibly low, even considering annual market cycles, but has finally bounced back in March to compare with this time last year. Sales have remained steady with most inventory not sitting very long. You can see this as Market Supply matches a similar trend to Listing Inventory, indicating that the buyer’s remain constant despite the lack of inventory and fluctuation of pricing. Sold Price vs List Price indicates that as more inventory creeps into the market that on average the difference between what a property is listed at and what it sells at is shrinking. As more inventory hits the market, depending on condition this will likely follow trends of the previous year.