Massachusetts Real Estate Market Update for the week of 9/26/2022

Recap of Video:
✅ Interest Rates have 🚀 skyrocketed! It's become a bloodbath.
✅ We go over your weekly Massachusetts Single Family 🏠, Condo Real Estate Market numbers.
✅ Mortgage applications increased❓ What?
✅ Looking at a new Luxury Home listed in Manchester. It's on its own 🏝️ peninsula and on 4.4 acres!

➡️ Single Family 🏡 Market Data Week over Week ⬅️
✅ Single Family inventory in Massachusetts on 9/26 was 5,406 homes available to buyers. This is 73 more houses then last week.
✅ 1,136 Single Family 🏠 homes came on the market this week! The average weekly new listings in July & August was 1,110.
✅ 1,060 Single Family homes went under agreement with 718 Single Families 💰 selling for an average price of $660k and a Median Price of $550k.
✅ Have we found a new market 😬 "normal" for new listings and pendings?
✅ Months of Inventory 🔼 increased to 1.35 months from 1.33 months last week. This signals a Very Strong Seller's Market.
✅ When we look at Months of Inventory using last 2 months of data vs. traditional 4 months... It provides a little different picture of the market!

➡️ Condo Market Data Week over Week ⬅️
✅ Condo inventory in Massachusetts on 📅 9/26 was 2,787 condos available to buyers. A 36 unit gain in inventory from last week.
✅ 506 Condos came on the 🏛️ market this week. Above the average in July & August when 423 condos sold.
✅ 453 Condos went under agreement with 228 Condos 💰 selling for an average price of $589k and a Median Price of $470k.
✅ Months of Inventory 📈 increased to 1.91 months this week compared to 1.83 months last week.
✅ When looking at Months of Inventory using the last 2 months of sales data... It shows the market nearly shifting from the Sellers Market to Equal Market.

➡️ Mortgage Market News ⬅️
✅ We are now at 20 Year Highs 💸 for Interest Rates. (Compared to last week's 14 year highs!).
✅ Rates continued their up trend 📈 with them now in the high 6% to low 7% range. It's a volatile market where LITERALLY hours of locking in could make a HUGE difference in your rate. INSANE!
✅ A lot of data 💾 coming out this week (hope for weakness to stop this interest rate hiking madness). Consumer Confidence Index, New Home Sales, Pending Home Sales, Initial Jobless Claims, Real Consumer Spending and Disposable Incomes are all on the docket for this week!
✅ Date the rate. Marry 💍 the House!

➡️ Mortgage Demand Increases? ⬅️
✅ Mortgage demand 📈 increased for the first time in 6 weeks.
✅ Refinances were up by 10%
✅ Purchase applications increased by 1%. Still 30% below last year... But we will take anything!
✅ Silver lining... Buyers with lower 💵 down payment's are getting offers ACCEPTED! This is compared to 9 months ago when there was little chance.

➡️ Expensive Luxury Waterfront New Listing For Sale in Massachusetts ⬅️
✅ Home located at 16 Boardman Avenue, Manchester.
✅ On 4.4 acres on its own peninsula with 🏡 6 bedrooms, 6.5 baths in the main house plus an additional 2 bedrooms and 2.5 baths in the guest house.
✅ Oceanfront retreat that has 16,390 square feet of space with amazing views being marketed by Landvest for 💰 $25,000,000
✅ Click Here to View Massachusetts Most Expensive House https://www.boston2.com/idx/16-boardman-avenue-manchester-ma-01944/12657749_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. Whether it is Boston Real Estate or anywhere else in the state, the market reports matter!