Massachusetts Real Estate Market Update 2022
Week of September 19, 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.