Massachusetts Real Estate Market Update for the week of 8/15/2022

Massachusetts Market update for the week of 8/15/2022
Recap of Video:
✅ Inventory declined 📉in all market segments.. Again. 4 Weeks in a row.
✅ Inflation numbers from last week and what they mean for the market.
✅ The current 📊 mortgage rate environment & what home builder sentiment means for the market
✅ What is happening with home 💸 prices?!?
➡️ Single Family 🏡 Market Data Week over Week ⬅️
✅ Single Family inventory in Massachusetts on 8/15 was 5,297 homes available to buyers. This is 62 units less and about 1% decrease in the amount of inventory.
✅ 1,073 Single Family homes came on the market which is a 22% 📉 decrease when compared to the same week in 2021.
✅ 1,145 Single Family homes went under agreement (17% 📉 Decrease YoY) with 889 Single Families selling for an average price of $792k and a Median Price of $608k.
✅ Months of Inventory decreased to 1.33 months from 1.35 months last week. This signals a Very Strong Seller's Market.
➡️ Condo Market Data Week over Week ⬅️
✅ Condo inventory in Massachusetts on 8/15 was 2,542 condos available to buyers. This is down 101 units (-4%) when compared to last week.
✅ 365 Condos came on the market which is a 34% 📉 decrease when compared to the same week in 2021.
✅ 422 Condos went under agreement (26% 📉 Decrease YoY) with 337 Condos selling for an average price of $652k and a Median Price of $510k.
✅ Months of Inventory decreased to 1.51 months this week compared to 1.54 months last week.
➡️ Other Topics Covered ⬅️
✅ Mortgage market saw rates tick down, 📉 but for the most part have been steady for the last couple weeks.
✅ last weeks Consumer Price Index and Producers Price Index showed signs of cooling 🎉 inflation. Only one data point, but could be a sign that inflation is cooling and the FED can be a little less aggressive.
✅ US Builder sentiment has 💥 crashed. Builders are decreasing their building starts which is a great thing for many markets throughout the country as it is expected foreclosure inventory to start to increase.
✅ Prices are starting to go down throughout the country with inventory skyrocketing. This is not happening in Massachusetts. Supply and demand both decreased similarly to make for continued strong seller conditions.

👇Connect with me
Jeffrey Chubb | Chubb Homes Team | 617-480-2600 | Jeff@Boston2.com | https://www.Boston2.com | Brokered by eXp Realty

Wondering what the Massachusetts Real Estate Market Conditions are in 2022? Then this is the place to visit each week. Jeffrey will give an update on Massachusetts Real Estate for Massachusetts Single Family and Massachusetts Condo homes. He will provide the weekly market stats as well as some weekly market color as to what is going on in the Massachusetts Housing Market and whether Massachusetts Real Estate is appreciating or depreciating.