Massachusetts Real Estate Market Update for 11.28.2022

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Massachusetts Real Estate Market Update done weekly. This is for data consisting the week ending 11.28.2022.
Recap of Video:
✅ Single Family 🏠 & Condo data for the week of November 28th. Inventory dropped... A LOT!
✅ Interest rates... STABILITY!
✅ Tracking distressed (foreclosures) properties for sale in Massachusetts.
✅ Massachusetts Luxury that is a SINGLE FAMILY in the Back Bay!

➡️ Single Family 🏡 Market Data Week over Week ⬅️
✅ Single Family inventory in Massachusetts on 11/28 was 4,692 homes available to buyers. Year over year, buyers have 1,484 more homes available.
✅ 336 Single Family 🏠 homes came on the market this week! The average weekly new listings in September & October was 1,046. This large decrease was expected due to the Holiday.
✅ 621 Single Family homes went under agreement with 374 Single Families 💰 selling for an average price of $609k and a Median Price of $544k.
✅ Months of Inventory 🔼 decreased to 1.39 months from 1.43 months last week. This signals a Very Strong Seller's Market (A little misleading of a stat...).

➡️ Condo Market Data Week over Week ⬅️
✅ Condo inventory in Massachusetts on 📅 11/28 was 2,446 condos available to buyers. Currently 231 more condos for a buyer to choose from then compared to last year.
✅ 152 Condos came on the 🏛️ market this week. Holiday week expectation!
✅ 268 Condos went under agreement with 147 Condos 💰 selling for an average price of $559k and a Median Price of $475k.
✅ Months of Inventory 📈 decreased to 1.96 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 Headlines ⬅️
✅ Interest rates have been stable for the last two weeks!
✅ Rates are currently hovering around 2 month lows.
✅ Mortgage demand is now UP for the 3rd week in a row.

➡️ Let's talk foreclosures in Massachusetts ⬅️
✅ Currently 126 Foreclosures for Sale with 35 Short Sales on the market.
✅ Distressed sales consist of 1.98% of the inventory on the market.

➡️ Massachusetts Luxury ⬅️
✅ Single Family home in Brookline.
✅ Spans 6,883sqft with 6 bedrooms, 5 full and 2 half baths.
✅ Nestled on nearly 1 acre in Brookline
✅ Current asking price of $10.9m
✅ Check out this unbelievable home by clicking here! https://www.boston2.com/idx/82-sargent-rd-brookline-ma-02446/12712549_spid/
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Video Chapters
00:00 - Introduction
0:50 - Single Family Data
3:57 - Condo Market Data
5:55 - Mortgage Market Recap
8:05 - Massachusetts Distressed Data (Foreclosures & Short Sales)
9:06 - Massachusetts Luxury
9:55 - Conclusion
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👇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. Whether you are looking for a Boston Market Update or an entire Massachusetts Market Update, then this data will be helpful! 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 appreciating or Massachusetts Real Estate depreciating. Whether it is Boston Real Estate or anywhere else in the state, the market reports matter!