Massachusetts Real Estate Market Update for the week of 10/17/2022

Massachusetts Real Estate Market Update by Jeffrey Chubb - A Top Ranked Massachusetts Real Estate Agent
Recap of Video:
✅ Single Family 🏠 & Condo data for the week of October 17, 2022. A lot of great data showing market stability.
✅ Interest rates... They didn't really go down, but they didn't really go up! Let's take the win!
✅ The scariest 👹 thing I have heard or seen so far with the possible market correction.
✅ And a look at a Luxury 💰 Retreat in Bourne nestled on 17.5 acres on its own peninsula!

➡️ Single Family 🏡 Market Data Week over Week ⬅️
✅ Single Family inventory in Massachusetts on 10/17 was 5,519 homes available to buyers. Inventory is back on the rise.
✅ 1,097 Single Family 🏠 homes came on the market this week! The average weekly new listings in August & September was 1,087.
✅ 1,014 Single Family homes went under agreement with 814 Single Families 💰 selling for an average price of $672k and a Median Price of $545k. Sales were back up!
✅ Months of Inventory 🔼 increased to 1.44 months from 1.38 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 📅 10/17 was 2,832 condos available to buyers. The 1 unit week over week gain has come to an end...
✅ 478 Condos came on the 🏛️ market this week. Above the average in August & September when 457 condos on average came on the market per week.
✅ 399 Condos went under agreement with 284 Condos 💰 selling for an average price of $600k and a Median Price of $487,500. Sales have rebounded... Great news!
✅ Months of Inventory 📈 increased to 2.15 months this week compared to 2.03 months last week. This market is a LOT softer then this indicator would lead us to believe.

➡️ Mortgage Market News & Other Developments ⬅️
✅ Interest rates seem to have stabilized (for now!) with rates in the high 6% to low 7% range.
✅ Buyers have been 🦤 flocking to the lower interest rates of adjustable rate mortgages
✅ Interest rates can be 1 to 2% lower with an adjustable rate mortgage vs. a fixed rate mortgage.
✅ Credit availability hit a 9 year low ⬇️. Banks are not lending in many segments of the market.

➡️ A Look at Luxury Homes in Massachusetts ⬅️
✅ Newly listed Luxury Retreat at 178-180 Scraggy neck Road in Bourne.
✅ The main 🏠 house has 5 bedrooms, 6.5 baths spanning 9,553 square feet. The guest house has an additional 3 bedrooms and is nearly 3,400 square feet.
✅ The house is set on a 17.5 acre peninsula and has a deep-water dock and multiple sandy 🏖️ beaches.
✅ The estate also has a tennis court, indoor and outdoor 🏊 pools, a gym, sauna and steam shower.
✅ Want to take a look? Click here to view this luxury retreat! https://www.boston2.com/idx/178-180-scraggy-neck-road-bourne-ma-02534/12664413_spid/?src=4

The Video that talks about the credit market: https://www.cnbc.com/video/2022/07/06/a-lot-of-money-flows-into-commercial-real-estate-because-theyre-an-inflation-hedge-says-marcus-millichap-ceo.html

👇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!