SOUTH SHORE MARKET REPORT: 2024 END-OF-YEAR

South Shore Condos

Where are we now?

Heading into 2025, there are a total of 43 condo listings in Active or Contingent status on the MLS, whereby 36 are Active and 7 are Contingent.  The average number of days on market for these listings is 109.  Based upon the current rate of sales (4 per month), this reflects approximately 11 months of inventory, which indicates we are in a "Buyer's Market" (whereby 7+ months of inventory reflects a Buyer's Market).

Current trendlines

The trailing 2-year perspective, above, shows the "line of best fit" or "trendline" of the number of monthly condo listing sales, the number of monthly condo listing price reductions, and the average number of days on market to sale for each property sold in a given month.

The current trendlines show a gradual rise in number of price reductions at the same time the average days on market have decreased.  The number of sold listings per month have remained relatively stable but decreased slightly over time.

The chart found below shows a trendline of the average sale price per square foot (PSF) as gradually decreasing over the trailing 2-year period.

How did we get here? - The details

The number of new condo listings brought to market each month has effectively risen over the course of the last 2 years.  In two individual months, new developer product was released into the MLS in bulk, which caused the significant spikes in new inventory shown in April 2023 and January 2024.  The 9 new condo listings brought to market in December of 2024 was 3x greater in amount than the 3 new listings presented one year prior, in December of 2023.

The number of monthly price reductions has also gradually risen over the course of the last 2 years, but overall the number of price reductions has not reached the levels realized up on the north shore.

As noted above, the number of sold listings per month have remained relatively steady over time, primarily all occuring in the 4-8 sales per month range.  The trendline does show a relatively minor decrease over time.

Also noted above, the average sold price per square foot has gradually decreased over the last 2-year period.

South Shore Residences 

Where are we now?

Heading into 2025, there are a total of 71 residences on the south shore that are in Active or Contingent status on the MLS, whereby 50 are Active and 21 are Contingent.  The average number of days on market for these 71 listings is 94.  Based upon the current rate of sales (8 per month), this reflects approximately 9 months of inventory, which indicates we are in a "Buyer's Market" (whereby 7+ months of inventory reflects a Buyer's Market).

Current trendlines

The trailing 2-year perspective, above, shows the "line of best fit" or "trendline" of the number of monthly residence sales, the number of monthly price reductions for residences, and the average number of days on market to sale for each residence that is sold in a given month.

The current trendlines show a gradual rise in number of price reductions, at the same time the number of sold listings per month have increased, and the average number of days on market have decreased.

The chart found below shows a trendline of the average sale price per square foot (PSF) as gradually increasing over the trailing 2-year period.

How did we get here? - The details

The number of residences brought to market each month has risen over the course of the last 2 years.  The 28 new listings in December 2024 marked a dramatic jump in new inventory compared to any month in the over the 2 years prior, and nearly 3x the amount of new listings presented exactly one year before, in December 2023.

The number of monthly price reductions has also risen over the course of the last 2 years, but without any dramatic jumps in any given month.  The rate of price reductions has seemed to remain relatively proportionate to the number of new listing on market at any given point over time.

As noted above, the number of sold listings per month have steadily increased over the last 2 years.  In part, this was likely a byproduct of historically low inventory in 2023 (i.e. what is not listed cannot be sold), so as inventory came back to market in 2024, the rate of sale steadily increased.

Also noted above, the average sold price per square foot has gradually increased over the last 2-year period.