Massachusetts Real Estate Market Update for the week of 10/10/2022

Massachusetts Real Estate Market Update by Jeffrey Chubb - A Top Ranked Massachusetts Real Estate Agent
Recap of Video:
✅ Single Family 🏠 & Condo PLUS Multi-Family data for the week of October 10, 2022.
✅ Interest rates... Calling a spade a spade. No one has any idea at this point!
✅ A very interesting trend that is bad news for the folks 🤔 thinking the market is going to go down 20, 30 or 40%...
✅ And a look at Boston's most luxurious and newly listed penthouse. Listed today for $38 million!

➡️ Single Family 🏡 Market Data Week over Week ⬅️
✅ Single Family inventory in Massachusetts on 10/10 was 5,435 homes available to buyers. Inventory is back on the rise.
✅ 960 Single Family 🏠 homes came on the market this week! The average weekly new listings in August & September was 1,087. This week was 12% below the average.
✅ 930 Single Family homes went under agreement with 546 Single Families 💰 selling for an average price of $662k and a Median Price of $535k. This 546 was 25% below the 728 units sold during the same week last year.
✅ Months of Inventory 🔼 decreased to 1.38 months from 1.40 months last week. This signals a Very Strong Seller's Market (which is a little misleading).

➡️ Condo Market Data Week over Week ⬅️
✅ Condo inventory in Massachusetts on 📅 10/10 was 2,789 condos available to buyers. That is a 1 unit gain week over week... For the second week in a row!
✅ 386 Condos came on the 🏛️ market this week. Above the average in August & September when 457 condos on average came on the market per week.
✅ 370 Condos went under agreement with 176 Condos 💰 selling for an average price of $621k and a Median Price of $450k.
✅ 176! This was an astoundingly low number for units sold in a week.
✅ Months of Inventory 📈 decreased to 2.03 months this week compared to 2.06 months last week. This market is a LOT softer then this indicator would lead us to believe.

➡️ Multi-Family Market Data for September ⬅️
✅ Multi-Family inventory in Massachusetts on 📅 10/10 was 1,128 units available to buyers. The inventory in this segment has remained steady for quite some time!
✅ 632 Multi-Family properties sold in September of 2022 for an average sales price of $728k and a median sales price of $625k.
✅ This is compared to the 835 Multi-Family properties that sold in September of 2021 for an average sales price of $703k and a median sales price of $545k.
✅ Year over year, sales were down 24% while prices were up 3.6%.
✅ Very surprised and impressed by the resilience of this market.

➡️ Mortgage Market News & Other Developments ⬅️
✅ The relief from last week was quickly 💸 wiped away...
✅ Interest rates are now back at 20-year highs!
✅ Predicting 🔮 interest rates in this current environment is just impossible. As long as there is uncertainty in the economy... There will be volatility in the markets.
✅ Builders are turning to large investors to sell their excess supply of inventory.
✅ They are selling this supply (many times entire subdivisions) at deep discounts to rent out the properties and hold them.

➡️ A Look at Luxury Homes in Massachusetts ⬅️
✅ Newly listed premier penthouse located at 1 Dalton in the Back Bay.
✅ Four Seasons Hotel & Residences with all the modern luxuries a buyer could demand.
✅ 5 Bedroom, 6 full and 2 half bath condo located on the 50th floor that spans 7,848 square feet with an asking price of $38 million.
✅ Want to take a look? Click here to view this luxury penthouse in the Back Bay: https://www.boston2.com/idx/1-dalton-st-boston-ma-02199/12677034_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. Whether it is Boston Real Estate or anywhere else in the state, the market reports matter!