The variety of single-family properties and condominiums on the market in Lowell, Massachusetts, plummeted in October 2022, whereas residence gross sales additionally dropped.
In response to information compiled by the Massachusetts Affiliation of Realtors (MAR), 35 p.c fewer single-family properties have been obtainable in October in comparison with October 2021. Homebuyers had 44 homes to select from on the finish of October, 24 properties lower than in October 2021.
The variety of months of provide declined by 25 p.c to about 5 weeks, which means there can be no obtainable homes on the market in simply over a month with out new listings. About six months of stock is taken into account a balanced market between homebuyers and residential sellers.
Condominium stock fell from 66 in October 2021 to solely 20 models final month, a 70 p.c decline. The months of provide additionally dropped 70 p.c to about three weeks.
Lowell Single-family House Market
• There have been 33 homes offered in October from 48 in October 2021, a 33 p.c lower.
• Via October, 360 homes offered, a 13 p.c decline from 415 gross sales throughout the identical 10-month interval final 12 months.
• Regardless of meager stock, the median home worth fell 8 p.c to $415,000 in October on a year-over-year foundation. Statewide, provide additionally declined, however median costs rose 5 p.c.
• Via October, the median single-family worth elevated 7 p.c to $450,000 from $420,000 throughout the identical timeframe in 2021.
• Homebuyers paid, on common, about 100% of the unique itemizing worth in October, down from 103 p.c in October 2021.
• Via October, homebuyers paid 104 p.c of the unique listing worth.
Lowell Condominium Market
• Homebuyers purchased 20 condos in October in comparison with 23 in October 2021.
• There have been 280 condominium gross sales by means of October from 307 throughout the identical interval final 12 months, a 9 p.c drop.
• The median condominium worth in October rose 9 p.c to $288,000.
• Via the primary 10 months of 2022, condominium costs rose 7 p.c to $300,000.
• Homebuyers paid, on common, 103 p.c of the unique itemizing worth in October and thru October.