In September, Single Family and Condominium properties had very different experiences. For Condos, nearly everything decreased, save for Pending Sales, Sales Price, and Days on Market. On the contrary, nearly all indicators for Single Family homes increased.
September data provided the following key indicators:
- More Single Family inventory is coming on the market but is also selling nearly as quickly. Year to Date New Listings are up 11.2% and Pending Sales up 9.1% for Single Family listings.
- For Condominiums, the year over year Days on Market has increased by a staggering 64.4% and Percent of Original List Price Received fell under 100% to 99.5% for the first time since February. These numbers would make it appear that the condo market is softening going into fall.
“The North Shore real estate market performed strongly in September. Pending single-family sales increased by 31.0%, and closed sales rose by 13.6% compared to 2023, reflecting robust demand and renewed confidence in the market. As we approach the end of 2024, the median sales prices have increased by 7.2% year-over-year. These market conditions highlight the importance for sellers to strategically price their properties, as buyers have more housing options in a market with limited but increasing inventory, as shown by a 4.2% increase in months supply of inventory.”
Housing data encompasses Beverly, Danvers, Essex, Georgetown, Gloucester, Groveland, Hamilton, Haverhill, Ipswich, Lynn, Lynnfield, Manchester-by-the-Sea, Marblehead, Merrimac, Middleton, Nahant, Peabody, Rockport, Salem, Saugus, Swampscott, Topsfield, and Wenham.
About the North Shore REALTORS®
North Shore REALTORS® is a nonprofit advocacy, support, and education resource for REALTORS® and the public. As a member-based trade association, NSR brings together diverse perspectives from the real estate community across the North Shore of Massachusetts. NSR was founded in 1923 and currently serves upwards of 1,300 members.
