Otis, MA

The Otis, MA market (ZIP 01253) is currently Cooling. While the median listing price has shown a notable year-over-year increase, reduced new listing volume and a lower pending ratio suggest a moderation in market velocity. Inventory levels remain constrained.

The median listing price currently stands at $679,000, reflecting a 0.6% increase month-over-month and a significant 13.2% rise year-over-year. Despite this price appreciation, active listings have decreased by 23.1% year-over-year to 20 properties. New listings have seen a substantial reduction of 50.0% year-over-year, now at 4 units. The median days on market has tightened slightly, down 4.2% year-over-year to 69 days. The share of price-reduced listings has decreased by 19.3% year-over-year to 16.0%. The pending ratio is 0.25, a 5.8% increase over the past year, indicating a slower absorption rate relative to available inventory.

The observed decrease in new listings and the current pending ratio of 0.25 indicate that the market is experiencing a deceleration in activity. While properties are moving at a somewhat quicker pace as evidenced by the median days on market, the overall supply dynamics suggest less urgent acquisition pressure compared to periods of higher velocity. Negotiating leverage is shifting towards a more balanced position, requiring more precise price discipline from sellers.

The average listing price of $761,690 exceeds the median listing price of $679,000, indicating a notable contribution from higher-priced properties in the current active inventory. The median price per square foot is $340, having increased by 3.9% over the past year.