Massachusetts Real Estate Market Update for the week of 9/19/2022

Recap of Video:
✅ We go over your weekly Massachusetts Single Family 🏠, Condo Real Estate Market numbers.
✅ Rates ⬆️ jumped - Multi-Decade highs. What is the impact to you?
✅ Builder Confidence ⬇️ TUMBLES. What does that mean for you?
✅ New Segment taking a look at the most expensive condo in Massachusetts (It is being sold as-is and isn't even finished yet!)!

➡️ Single Family 🏡 Market Data Week over Week ⬅️
✅ Single Family inventory in Massachusetts on 9/19 was 5,333 homes available to buyers. Inventory sits at an additional 181 units on the market then we had the week before Labor Day and 358 when compared to 2021.
✅ 1,166 Single Family 🏠 homes came on the market this week! Slightly above the average for July & August of 1,110.
✅ 1,123 Single Family homes went under agreement with 900 Single Families 💰 selling for an average price of $732k and a Median Price of $575k.
✅ Year over year, Buyer demand down 22% vs. Seller Supply down 17%
✅ Months of Inventory increased 🦘 to 1.33 months from 1.31 months last week. This signals a Very Strong Seller's Market.
✅ Great color on some recent accepted transactions that show the 💪 leverage that buyer's have in a transaction.

➡️ Condo Market Data Week over Week ⬅️
✅ Condo inventory in Massachusetts on 📅 9/19 was 2,751 condos available to buyers. This is only 185 (6%) units less then last years inventory numbers of 2,936.
✅ 613 Condos came on the market this week.
✅ 421 Condos went under agreement with 281 Condos 💰 selling for an average price of $555k and a Median Price of $465k.
✅ Year over year, Buyer demand down 36% vs. Seller Supply down 23%
✅ Months of Inventory increased to 1.83 months this week compared to 1.70 months last week.

➡️ Mortgage Market News ⬅️
✅ We are at 14 Year Highs for Interest Rates.
✅ Rates continued their up trend 📈 with many people being quoted in the mid to high 6% range. Have heard some people getting in the low 6s. It's a volatile market.
✅ big data points this week. Existing Home Sales, the Federal Reserve Statement and initial Jobless Claims.

➡️ Builder Confidence ⬅️
✅ Ouch, 🩹 9th consecutive month that builder confidence has gone down.
✅ Currently measured at 46 vs. 83 in January.
✅ Homebuilders are having to offer incentives and reduce prices. Provide a great example of a building in Boston offering some crazy incentives!

➡️ Most Expensive Condo For Sale in Massachusetts ⬅️
✅ Condo located at 34.5 Beacon Street in Beacon Hill.
✅ AS-IS Condo that isn't even completed (and won't be finished) being marketed by MGS Group Real Estate for 💰 $20,000,000
✅ Click Here to View Massachusetts Most Expensive House https://www.boston2.com/idx/345-beacon-st-boston-ma-02108/12384936_spid/

👇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.