Massachusetts Real Estate Market Update for the week of 9/12/2022

Recap of Video:
✅ We go over the weekly Single Family 🏠, Condo & Multi-Family Real Estate Market numbers.
✅ A LOT of Mortgage Market Volatility. Rates have gone up 📈 and then down and then skyrocketed!
✅ Boston Magazine Top High School 🏫 Rankings have come out.
✅ New Segment taking a look at the most expensive house in Massachusetts!
✅ OO and I made a mistake in my "Will the Market Crash" video. Months of inventory reached 13.05 months versus the 8.87 months in 2008 that I cited. Click Here to Watch: https://youtu.be/gYUh1TyJSM8

➡️ Single Family 🏡 Market Data Week over Week ⬅️
✅ Single Family inventory in Massachusetts on 9/12 was 5,262 homes available to buyers. Inventory sits at an additional 110 units on the market then we had the week before Labor Day.
✅ 1,421 Single Family 🏠 homes came on the market this week! Great number, but still shy 13% compared to last year.
✅ 944 Single Family homes went under agreement with 759 Single Families 💰 selling for an average price of $680k and a Median Price of $575k.
✅ Months of Inventory increased 🦘 to 1.31 months from 1.19 months last week. This 1.31 months is the same that we saw the week before Labor Day. This signals a Very Strong Seller's Market.

➡️ Condo Market Data Week over Week ⬅️
✅ Condo inventory in Massachusetts on 📅 9/12 was 2,613 condos available to buyers. This is only 219 (8%) units less then last years inventory numbers of 2,832.
✅ 801 Condos came on the market this week.
✅ 376 Condos went under agreement with 264 Condos 💰 selling for an average price of $569k and a Median Price of $469,450.
✅ Months of Inventory increased to 1.70 months this week compared to 1.43 months last week.

➡️ Multi-Family Market Data Week over Week & August 2022⬅️
✅ Multi-Family inventory in Massachusetts on 9/12 was 1,107 condos available to buyers. This is a 17% 🔽 decrease in the amount of inventory available to buyers during the same week of 2021 when 1,336 properties were on the market.
✅ 227 Multi-Families came on the market this week.
✅ 177 Multi-Families went under agreement with 676 💰 selling in the month of August for an average price of $754k and a Median Price of $615k.

➡️ Mortgage Market News ⬅️
✅ Send your Mortgage Banker a get well soon 🗒️ card... The market volatility they are seeing is enough to make someone go insane.
✅ Rates were up to year highs 📈 in the beginning of last week, then started to retreat towards the end of the week below 6%. Rates then went down in the morning on Monday to only end the day up over 6% by the end of day on Monday.
✅ The CPI numbers came out and were not pretty. The Mortgage Market jumped .25% ⏩ instantaneously. This inflation data pretty much guarantees an aggressive rate hike strategy for some time.

➡️ New High School Rankings from Boston Magazine ⬅️

✅ A top school 🏫 system creates more demand in a town and thereby price stability in downturns or even upward pricing.
✅ A shake up of the top 3 High Schools on the list with the #3 School moving up from spot #30 in 2021.
✅ The Boston Magazine Honor 🧑‍🏫 Roll offers some additional incite into the school rankings.
✅ Link to School Rankings: https://www.bostonmagazine.com/education/best-public-high-schools-boston-2022-chart/

➡️ Most Expensive House For Sale in Massachusetts ⬅️
✅ House located at 21, 22, 23 Berkeley Avenue in Nantucket.
✅ Stunning home being marketed by Compass for $56,000,000
✅ Click Here to View Massachusetts Most Expensive House: https://www.boston2.com/idx/21-22-20-berkeley-avenue-nantucket-ma-02554/12573373_spid/?src=2

👇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.