Massachusetts Real Estate Market Update for October, 2022

Massachusetts Real Estate Market Update done weekly. This is for data consisting of the month of October 2022 and the week leading up to 10/31/2022.
Recap of Video:
✅ Single Family 🏠 & Condo data for the month of October as well as the week leading up to October 31, 2022. What? Inventory went down?
✅ Interest rates... More of the same, but a big two weeks ahead.
✅ Home prices have gone down in Massachusetts? Yes. But no.

➡️ Single Family 🏡 Market Data Week over Week ⬅️
✅ Single Family inventory in Massachusetts on 10/31 was 5,417 homes available to buyers. Year over year, buyers have 1,184 more homes available.
✅ 957 Single Family 🏠 homes came on the market this week! The average weekly new listings in September & October was 1,046.
✅ 1,095 Single Family homes went under agreement with 1,112 Single Families 💰 selling for an average price of $681k and a Median Price of $545k.
✅ Months of Inventory 🔼 increased to 1.51 months from 1.49 months last week. This signals a Very Strong Seller's Market (which is a misleading and I talk about in the video update).

➡️ Condo Market Data Week over Week ⬅️
✅ Condo inventory in Massachusetts on 📅 10/31 was 2,779 condos available to buyers. Inventory growth has become very stable with us nearly equaling the inventory levels at the same time last year.
✅ 416 Condos came on the 🏛️ market this week. Above the average in September & October when 485 condos on average came on the market per week.
✅ 406 Condos went under agreement with 460 Condos 💰 selling for an average price of $614k and a Median Price of $499,450.
✅ Months of Inventory 📈 increased to 2.13 months this week compared to 2.23 months last week. This market is a LOT softer then this indicator would lead us to believe.

➡️ Mortgage Market News & Other Headlines ⬅️
✅ Interest rates have stabilized 🙌 with rates in the 7% range.
✅ Big two weeks ahead with news. This week, FED speaks with an expected rate hike.
✅ Next week the CPI data comes out. Recently CPI data has been the catalyst for the spikes in interest rates.

➡️ October 2022 Single Family & Condo Market Data ⬅️
✅ 3,449 Single 🏠 Family Homes Sold in October for an average price of $673k.
✅ Month over month sales price decrease of 4.7% and year over year increase of 4.3%.
✅ 1,341 Condo Sold in October for an average price of $611k.
✅ Month over month sales price increase of 3.8% and year over year increase of 3.3%.

➡️ Prices have gone down in Massachusetts ⬅️
✅ The average sale price has gone down 15% from the peak in 2022.
✅ BUT looking back at history this is not abnormal.

👇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. Whether it is Boston Real Estate or anywhere else in the state, the market reports matter!