Boston, MA Crash?

A video on YouTube popped up on my feed titled Boston, MA in Trouble? That one put me back… Immediately started thinking, what did I miss? Which led me down the rabbit hole on sales data and analyzing one of the biggest cities in the country. Let’s dig into this. 

But real quick. My name is Jeff Chubb and I am a retired investment banker, turned real estate agent that has sold more than a 1,000 homes. I get calls, text and emails from folks just like you who are looking to make a move. So, whether you are looking to buy in the next 9 or 90 days, then it doesn’t matter. I would be honored to help you. You can find my information in the description below or visit YouTubeRealEstateAgent.com and fill in your info and then we will reach out to you. 

First, I should point out that the channel and the real estate agent on it was from Maryland. And he was interviewing another agent in the Boston market. And while scrolling through Maryland's agent videos… I got the sense he was into click bait and panic porn.

Let’s get going with the data, but spoiler alert… The Boston Market crashed… But probably not how you think. 

So let’s take a look at a Quarter over Quarter analysis on the sales, average prices and the inventory levels in Boston. 

In the first quarter of 2023, Boston sold 721 condos for an average sales price of $1,044,914. And at the end of the first quarter of 2022 there were 787 condos on the market.

This is compared to the first quarter of 2022 when we had 938 condos sell for an average...

YOUR Massachusetts Real Estate Market Update for the week of December 4th

Ahhh… I didn't see that coming. Just a shocking development when it comes to inventory this week. 

In this video we will go over the Single-Family and condo markets in the state of Massachusetts. And we will also do a quick interest rate update… And we will also talk about some relevant current events. 

Hi I am Jeff Chubb – A recovering Investment Banker turned Real Estate Agent that has sold more than a 1,000 homes. If you have any questions about the real estate market, then know I am here to help.

So the decrease in interest rates is working… This was a busy weekend. And it wasn’t just for me. One of the offers that we got accepted this week was going up against six other offers. 

And in case you were wondering. He was able to do a home inspection, but we had to put a higher inspection threshold amount and he also offered appraisal gap coverage. And obviously went over the asking price. Just a heads up for Spring buyers… It looks like it’s about to get crazy. 

By the way, if you are an investor who is looking for off market houses, then reach out as I would love to hear what your buy boxes are. We get off market opportunities each and every day and I would love to play a little game of matchmaking. 

And just as a heads up, these off market opportunities are cash or hard money only investments. No conventional financing is allowed. 

Let’s get into it all and jump into the Single-Family market stats.

You...

YOUR Massachusetts Real Estate Market Update for December 2023

The best way to say it is that November was a solid month in the Market. It was a great month for most… Unless of course if you are one of those people praying for a housing crash to happen. If that’s you, then this month and this data is going to kind of suck. 

If you are looking to hear about the Massachusetts Real Estate Market data for Single Family Homes, Condos and Multi-Family properties… Then you are in the right place.

Real quick, my name is Jeff Chubb and I am a recovering Investment banker, turned real estate agent that has sold more than a 1,000 homes. If you are planning on buying or selling a home now or in the future, then it would be a pleasure to speak with you. 

Let’s start with Single Families

In November of 2023, we saw 2,953 Single Family homes sell for an average sales price of $735 thousand dollars. 

I mean that was no record setting month, but it was right in line with what we saw in October. The 2,953 Single Families that sold was 11.9% off of last year’s sales numbers when we saw 3,352 homes close. 

Don’t get me wrong. I am not celebrating these numbers. But I am recognizing that they could be a lot worse! The 11% year over year decrease is a heck of a lot better then September when we saw a 26% year over year decrease in sales! 

Like I said last month. At this point we just need to embrace the suck when it comes to the amount of sales in the marketplace. This isn’t going to get much better in the near future. 

Sales and prices are two factors that don’t work in tandem. This monthly data continues to prove that. 

There we go. The year over year appreciation...

YOUR Massachusetts Real Estate Market Update for the week of October 30th

Is this the inflection point for the Fall inventory that we have been waiting for? What does this mean for the Spring Market? And let’s talk about the American Dream being dead. 

In this video we will go over the Single-Family and condo markets in the state of Massachusetts. And we will also do a quick interest rate update as well as talk about some very relevant current events. 

Hi I am Jeff Chubb – A recovering Investment Banker turned Real Estate Agent that has sold more than a 1,000 homes. If you have any questions about the real estate market, then know I am here to help.

And by the way. If you are an investor who is looking for off market houses, then reach out as I would love to hear what your buy boxes are. We get off market opportunities each and every day and I would love to play a little game of matchmaking. 

Just as a heads up, these off market opportunities are cash or hard money only investments. No conventional financing is allowed. 

Let’s get into it all and jump into the Single-Family market stats.

Another week and another inventory high for the year. But have we hit the peak? There are currently 4,733 single family homes on the market in the state of Massachusetts. This is one more unit than last week. This means inventory is 5.9% higher than it was 28 days ago. 

I feel pretty confident that this week will be the high point for our inventory levels for 2023. If so, then that’s kind of crazy. We never broke the 5,000 unit mark for the entire year. 

And if this is the case. If inventory is done growing, then it we can start to form some educated opinions on what the Spring market in 2024 will look like. Now the next question will be… How severe will the Fall inventory drawdown be? We saw inventory decrease by 33% from this week in 2022 to the last week...

YOUR Massachusetts Real Estate Market Update for the week of October 9th

Who would have thought the condo market would be this strong… Plus, we are almost at an inflection point for inventory levels in the Single Family market. 

In this video we will go over the Single-Family and condo markets in the state of Massachusetts. We will also do an interest rate update and talk about how Student Loan Repayments could help our inflationary woes. 

Hi I am Jeff Chubb – A recovering Investment Banker turned Real Estate Agent that has sold more than a 1,000 homes. If you have any questions about the real estate market, then know I am here to help.

I am working with some sellers at a higher price point. There haven’t been any recent sales in their price range which means that we haven’t lost any buyers to our competition. 

Rather than a price reduction, the sellers and I decided to offer another type of incentive. We did what is called a 2-1 buydown. It was stunning to see how many agents called and asked for an explanation as to what it is. It’s great that they called, but it was a stunning realization as to how many inexperienced agents are out there. Make sure you interview your agent… It’s the difference between you getting a good value on a house or over paying. 

But so you are in the know… There are many folks who are utilizing 2-1 or 3-2-1 buydowns in order to get a lower rate for the time period that it is thought that we would have higher rates in. Their thought is that they would then refinance once rates drop. 

So let’s say today's rate is 8%. A 2-1 buydown means that in year one the interest rate would be 6% and in year 2 it would be 7% with year...

July treated the Single Family, Condo and Multi-Family Market… WELL! With one market that was WAYYY up!

Is this the good time before the storm? 

If you are looking to hear about the Massachusetts Real Estate Market data for the month of July for Single Family Homes, Condos and Multi-Family properties… Then you are in the right place.

It’s important to know this information if you are in the market to buy or sell a home, going to be in the real estate market in the future or just want to know what is going on in regards to what is most likely your largest investment.  

Let’s get down to business, but first… 

Hi I am Jeff Chubb – A recovering Investment Banker turned Real Estate Agent that has sold more then a 1,000 homes and is one of the state’s top agents. If you have any questions about real estate, then I am here to help!  

Let’s start with Single Families. Check out all the Quincy Homes For Sale!

In July of 2023, we saw 3,603 Single Family homes sell for an average sales price of $808 thousand dollars. 

Let’s start with the sales comparison. In regards to sales, it’s pretty much more of the same. The July number of sales decreased by an amount of 21% from last year's 4,561 units sold in July of 2022. For the last 6 months, the average decrease in sales has been a decrease in sales of 22.7%. 

Massachusetts Real Estate Market Update. This is for data consisting the week ending 6.5.2023. Recap of Video:
✅ Single Family 🏠 & Condo data for the week of 6/5/2023!
✅ We are talking Interest rates, why Elon Musk is wrong... Plus the Luxury Home of the week!
➡️ Single Family 🏡 Market Data Week over Week ⬅️
✅ Single Family inventory of 3,799 homes available to buyers with 1,382 🏠 homes coming on the market this week.
✅ 968 Single Family homes went under agreement with 913 Single Families 💰 selling for an average price of $808k and a Median Price of $635k.
➡️ Condo Market Data Week over Week ⬅️
✅ Condo inventory in Massachusetts on 📅 6/5 was 2,322 condos available to buyers with 665 newly listed condos coming on the market last week. 
✅ 422 Condos went under agreement with 483 Condos 💰 selling for an average price of $688k and a Median Price of $567k. ➡️ Mortgage Market News & Other Headlines ⬅️
✅ Interest rates are falling! 
✅ Elon Musk is wrong about the residential market. 
➡️ Luxury Home Spotlight ⬅️
✅ 314 Quissett Avenue, Falmouth, MA : 
✅ 7 Bedrooms, 5 Full and 3 half Baths with stunning views that spans 12,390 square feet. Listed for $14.950m. 

Massachusetts Real Estate Market Update done weekly. This is for data consisting the week ending 5.22.2023.
Recap of Video:
✅ Single Family 🏠 & Condo data for the week of 5/22/2023!
✅ We are talking Interest rates, the economy, the doom loop and why higher rates may be a good thing... Plus the Luxury Home of the week!
➡️ Single Family 🏡...

Week of October 31, 2022

Recap of Video:
- Single Family & Condo data for the month of October as well as the week leading up to October 31, 2022. What? Inventory went down?
- Interest rates... More of the same, but a big two weeks ahead.
- Home prices have gone down in Massachusetts? Yes. But no. 

Single Family Market Data Week over Week
- Single Family inventory in Massachusetts on 10/31 was 5,417 homes available to buyers. Year over year, buyers have 1,184 more homes available.
- 957 Single Family homes came on the market this week! The average weekly new listings in September & October was 1,046.
- 1,095 Single Family homes went under agreement with 1,112 Single Families selling for an average price of $681k and a Median Price of $545k.
- Months of Inventory increased to 1.51 months from 1.49 months last week. This signals a Very Strong Seller's Market (which is a misleading and I talk about in the video update). 

Condo Market Data Week over Week 
- Condo inventory in Massachusetts on 10/31 was 2,779 condos available to buyers. Inventory growth has become very stable with us nearly equaling the inventory levels at the same time last year. 
- 416 Condos came on the market this week. Above the average in September & October when 485 condos on average came on the market per week.  
- 406 Condos went under agreement with 460 Condos selling for an average price of $614k and a Median Price of $499,450.
- Months of Inventory increased to 2.13 months this week compared to 2.23 months last week. This market is a LOT softer then this indicator would lead us to believe. 

Mortgage Market News...

Script of the Interview

- Hi, it's Jeff Chubb with REN network and the Chubb Realty Group brokered by eXp Realty, we're here with Jason Bonarrigo of RMS Mortgage today, and ultimately, Jason, did you wanna say hi? But really we're gonna have a nice conversation in regards to what happened in this crazy year in 2020 and ultimately what we see for 2021. So lots happened I think in a year--

- It's been crazy, it's been crazy. It's been good, but it's been good but--

- It's been crazy good.

- So I think we're really lucky in the aspect that both of our industries from COVID, having, I mean I thought it was gonna go completely in the opposite direction, when COVID hit and the world shut down--

- Scary times.

- Yeah, I don't know about you, but I remember saying to my wife, like, hey, it's time to batten down the--

- Pack up camp and go back to school.

- Here we go to 2008 all over again, you know,

- There was a worry for all of us, I think, I mean, in all seriousness, I mean we were all concerned about what was going to happen and obviously still are in the bigger picture of things with everyone's health, but that being said, in our businesses, you know, very lucky and knock on wood, but we've survived and we've thrived really, you know, and interest rates have been low and people are buying homes and selling homes, and it's obviously been ironically one of the busiest years in our business.

- Who would have thought, it just took a world epidemic where the world shuts down, in order for--

- Total production.

- To make our real estate market completely change and one of the, you know, there's been a lot of changes in my world, not necessarily from, I mean, we're still selling a lot of houses, right? But it's weird in the sense of it's not the city anymore, the city used...

2019 is in the rearview. So what did the real estate market do?

Hi, I am Jeff Chubb and here is the 2019 Real Estate Review for Cohasset, Hingham, Hull and Scituate.

Let’s start with the Cohasset market. Sales in Cohasset for 2019 were down 3.17% from 126 sales in 2018 to 122 sales in 2019. Not a huge movement in the number of houses, but none the less. Sales were down. The average sale price in Cohasset was down 3.17% as well year over year with an average sale price of $1,124,379 vs 1,161,208 in 2018. Inventory at the end of December in Cohasset is down 17.14% with 29 Single Family homes available to buyers to start the New Year.

Cohasset was the only town that we will be looking at that had depreciation in 2019.

In Hingham, sales were down 4.64% to 267 closed units in 2019. The average sales price was up 2.91% to $986,030. Inventory for the year ended down 21.15% with 41 Single family homes available to buyers looking to make a move in the beginning of the New Year.

Hull is the only market where the amount of sales increased year over year. In Hull, sales increased 15.33% to 158 Single Family homes selling 2019. The average sales price was up 5.86% to $521,170. Meanwhile the increase in sales put additional inventory pressure on the market with available Single-Family inventory down 47.37% to 20 Single Family homes available to start 2020.

In Scituate sales were down 1.38% to 286 Single Family homes sold in 2019. The average sale price was up 7.93% to $726,256. This is the highest percentage gain of the four towns in 2019....

2019 is in the rearview. So what did the real estate market do in Massachusetts?

Hi, I am Jeff Chubb and here is the 2019 Real Estate Review for some of the largest cities in the Bay State. We have the data we are sharing for all towns, so if you are specifically wondering how your town held up, then shoot me an email at [email protected]!

The Single-Family market in Massachusetts saw a .50% increase in the amount of homes sold to 52,999 units. The average sale price of $516,843 represented a 3.17% increase year over year. The biggest movement was related to inventory with the amount of Single-Family homes available to buyers decreasing 20.26% year over year to 6,993.

The Massachusetts condo market saw a decrease of .73% to 20,951 units sold. This was coupled with the 10.56% decrease in the number of condos available on the market year over year with 2,542 being available at the end of 2019. Prices for condos increased 4.13% to an average sale price of $521,744.

In Boston, both the Single Family and condo markets saw a decrease in the amount of sales, increase in the average sale price with a decrease in the amount of inventory available to buyers. The Single-Family market saw a 6.10% decrease in sales to 969 units sold in 2019 with an average sales price of $875,086. This accounts for a 5.73% increase in pricing. Inventory in 2019 decreased 28.43% to 73 Single-Family homes currently available.

The Boston condo market had 4,343 sales in 2019 which accounts for a 4.95% decrease in the amount of homes sold. Inventory in the condo market decreased 1.75% to 618 units with the average sales price for sold condos up 5% to $923,010.

In Cambridge, 567 condos sold in 2019 which...

Will the real estate market gains hold out as we go into the last month of 2019?

Hi, I am Jeff Chubb and I wanted to share with you the market stats for the first 11 months of 2019 for a couple markets throughout Massachusetts. Today we are going to look at MA as a whole, Brockton, Canton, Dorchester, Framingham, Quincy and Reading.  

All of MA Real Estate

Decreasing inventory is the story to be told through the Bay State. With Condos continuing the trend and now down 8.43% year over year. Meanwhile Inventory for Single Families continued to shrink and is now down 15.14%.

Sales are down in both the Condo and Single-Family segments with condos down 2.46% year over year and the Single-Family market now down .85% when comparing the first 11 months of sales for 2018 vs. 2019.

Home prices continue to be up year over year with the average sale price of a condo at $521,276 which represents a 3.84% increase and the average sales price for Single Families up 2.89% to $517,921.  

Recap: Inventory is down. Sales are down. Prices are up.

Brockton Real Estate

Inventory in Brockton has been down by a significant amount pretty much all year, however we saw a small surge of new properties hit the market. Inventory is now down 2.70% year over year with 108 Single Family homes currently on the market at the end of November.

The decline in sales also continued in November with now 759 units closed for the first 11 months of the year. This represents a 7.33% decline in the amount of homes sold year over year.

The great news is that the average home price continued to climb to $318,996 which represents a 6.38% increase in the average price appreciation.

Recap: Inventory is down. Sales are down. Prices are up.

Canton Real Estate

Inventory...

Will the real estate market gains hold out as we go into the last month of 2019?

Hi, I am Jeff Chubb and I wanted to share with you the market stats for the first 11 months of 2019 for Cohasset, Hingham, Hull and Scituate.

Cohasset Real Estate

Inventory continued to increase year over year with there now being 22.92% more inventory at the end of November this year then compared to the same time last year.

Sales are down slightly at 2.56%, but this only represents a 3 unit difference with 114 sales in the first 11 months of 2019 vs. the first 11 months of 2018.

The average sales price in Cohasset did take a little bit of a nose dive in November. For the first 10 months of 2019 we had seen point 2 percent decrease in the average sales price. With November in the books, Cohasset is currently seeing a -5.46% decrease year over year. The median home price looks even worse as it is down 7.93% year over year.

Cohasset Massachusetts Homes For Sale

Hingham Real Estate

Inventory in Hingham is now down 1.32%, but this only represents a one unit difference with 75 homes on the market at the end of November in 2019 vs. 76 in 2018.

Sales in November were stronger then compared to the same period last year. In the month of November we saw 29 homes close in Hingham which is compared to last November where we saw only 18 units close. With 250 closed homes in 2019, currently sales in Hingham is 5.30% behind where they were at the end of November in 2018.

Home prices for the first 11 months in Hingham are up 2.18% to $985,242.

Hull Real Estate

The decline in inventory for Hull stayed about constant being down 34.04% year over year with 31 single family homes currently on the market. Meanwhile...

Less and less homes for sale… For the most part that is!

I am Jeff Chubb and I wanted to share with you the most recent market conditions update for a couple towns around Massachusetts.

In Massachusetts as a whole, we now have inventory up 1.64% for condos year over year. This is a large swing of nearly 9% considering last month we were looking at a 10.24% increase in inventory. Meanwhile in the Single-Family market inventory continued to tighten about 3% to 12.09% less inventory on the market then this time last year.

Meanwhile sales in both the Single Family and Condo market continued to build. Sales for Single Families are now up .24% year over year to 44,170 units sold while Condo sales are down 1.64% to 17,550 sales, this however is again an improvement from the -2.47% we saw last month.

Prices in Massachusetts continue to be up with the Condo market up 4.65% year over year and the Single Family up 2.89% year over year.

Quincy will be the only market that we look at that happens to have an increase in the amount of homes currently on the market. However in the condo segment we saw a big tightening month over month. Last month we had 34.69% increase in inventory yoy vs. the 16.13% we have this month. Meanwhile we did see inventory grow to 18.18% increase year over year in the Quincy Single Family segment.

Sales are up 4.64% at 316 units for the Quincy Condo market while showing a 4.67% average price appreciation to $412,562. Meanwhile sales for Single Families are down 11.03% to 371 units with a 5.78%...