Massachusetts Real Estate Market Update 2022

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 & Other Headlines
- Interest rates have stabilized with rates in the 7% range. 
- Big two weeks ahead with news. This week, FED speaks with an expected rate hike.   
- Next week the CPI data comes out. Recently CPI data has been the catalyst for the spikes in interest rates.

October 2022 Single Family & Condo Market Data
- 3,449 Single Family Homes Sold in October for an average price of $673k.
- Month over month sales price decrease of 4.7% and year over year increase of 4.3%.
- 1,341 Condo Sold in October for an average price of $611k.
- Month over month sales price increase of 3.8% and year over year increase of 3.3%.

Prices have gone down in Massachusetts
- The average sale price has gone down 15% from the peak in 2022.
- BUT looking back at history this is not abnormal. 

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.

=> Mortgage Market News <=
- We are now at 20 Year Highs for Interest Rates. (Compared to last week's 14 year highs!).
- Rates continued their up trend with them now in the high 6% to low 7% range. It's a volatile market where LITERALLY hours of locking in could make a HUGE difference in your rate. INSANE!
- A lot of data coming out this week (hope for weakness to stop this interest rate hiking madness). Consumer Confidence Index, New Home Sales, Pending Home Sales, Initial Jobless Claims, Real Consumer Spending and Disposable Incomes are all on the docket for this week!
- Date the rate. Marry the House!

=> Mortgage Demand Increases? ,<=
- Mortgage demand increased for the first time in 6 weeks.
- Refinances were up by 10%
- Purchase applications increased by 1%. Still 30% below last year... But we will take anything!
- Silver lining... Buyers with lower down payment's are getting offers ACCEPTED! This is compared to 9 months ago when there was little chance.

=> Expensive Luxury Waterfront New Listing For Sale in Massachusetts <=
- Home located at 16 Boardman Avenue, Manchester.
- On 4.4 acres on its own peninsula with 6 bedrooms, 6.5 baths in the main house plus an additional 2 bedrooms and 2.5 baths in the guest house.
- Oceanfront retreat that has 16,390 square feet of space with amazing views being marketed by Landvest for $25,000,000
Click Here to View Massachusetts Most Expensive House

Week of September 19, 2022

Recap of Video:
- We go over your weekly Massachusetts Single Family, Condo Real Estate Market numbers.
- Rates jumped - Multi-Decade highs. What is the impact to you?
- Builder Confidence TUMBLES. What does that mean for you?
- New Segment taking a look at the most expensive condo in Massachusetts (It is being sold as-is and isn't even finished yet!)!

=> Single Family Market Data Week over Week <=
- Single Family inventory in Massachusetts on 9/19 was 5,333 homes available to buyers. Inventory sits at an additional 181 units on the market then we had the week before Labor Day and 358 when compared to 2021.
- 1,166 Single Family homes came on the market this week! Slightly above the average for July & August of 1,110.
- 1,123 Single Family homes went under agreement with 900 Single Families selling for an average price of $732k and a Median Price of $575k.
- Year over year, Buyer demand down 22% vs. Seller Supply down 17%
- Months of Inventory increased to 1.33 months from 1.31 months last week. This signals a Very Strong Seller's Market. 
- Great color on some recent accepted transactions that show the leverage that buyer's have in a transaction.

=> Condo Market Data Week over Week <=
- Condo inventory in Massachusetts on 9/19 was 2,751 condos available to buyers. This is only 185 (6%) units less then last years inventory numbers of 2,936.
- 613 Condos came on the market this week. 
- 421 Condos went under agreement with 281 Condos selling for an average price of $555k and a Median Price of $465k.
- Year over year, Buyer demand down 36% vs. Seller Supply down 23%
- Months of Inventory increased to 1.83 months this week compared to 1.70 months last week. 

=> Mortgage Market News <=
- We are at 14 Year Highs for Interest Rates. 
- Rates continued their up trend with many people being quoted in the mid to high 6% range. Have heard some people getting in the low 6s. It's a volatile market. 
- big data points this week. Existing Home Sales, the Federal Reserve Statement and initial Jobless Claims.

=> Builder Confidence <=
- Ouch, 9th consecutive month that builder confidence has gone down. 
- Currently measured at 46 vs. 83 in January.
- Homebuilders are having to offer incentives and reduce prices. Provide a great example of a building in Boston offering some crazy incentives!

=> Most Expensive Condo For Sale in Massachusetts <=
- Condo located at 34.5 Beacon Street in Beacon Hill.
- AS-IS Condo that isn't even completed (and won't be finished) being marketed by MGS Group Real Estate for $20,000,000
- Click Here to View Massachusetts Most Expensive House  https://www.boston2.com/idx/345-beacon-st-boston-ma-02108/12384936_spid/

Week of September 12, 2022

Recap of Video:
- We go over the weekly Single Family, Condo & Multi-Family Real Estate Market numbers.
- A LOT of Mortgage Market Volatility. Rates have gone up and then down and then skyrocketed! 
- Boston Magazine Top High School Rankings have come out.
- New Segment taking a look at the most expensive house in Massachusetts!
- OOPS and I made a mistake in my "Will the Market Crash" video. Months of inventory reached 13.05 months versus the 8.87 months in 2008 that I cited. Click Here to Watch: https://youtu.be/gYUh1TyJSM8

=> Single Family Market Data Week over Week <=
- Single Family inventory in Massachusetts on 9/12 was 5,262 homes available to buyers. Inventory sits at an additional 110 units on the market then we had the week before Labor Day.
- 1,421 Single Family homes came on the market this week! Great number, but still shy 13% compared to last year.
- 944 Single Family homes went under agreement with 759 Single Families selling for an average price of $680k and a Median Price of $575k.
- Months of Inventory increased to 1.31 months from 1.19 months last week. This 1.31 months is the same that we saw the week before Labor Day. This signals a Very Strong Seller's Market. 

=> Condo Market Data Week over Week <=
- Condo inventory in Massachusetts on  9/12 was 2,613 condos available to buyers. This is only 219 (8%) units less then last years inventory numbers of 2,832.
- 801 Condos came on the market this week. 
- 376 Condos went under agreement with 264 Condos selling for an average price of $569k and a Median Price of $469,450.
- Months of Inventory increased to 1.70 months this week compared to 1.43 months last week. 

=> Multi-Family Market Data Week over Week & August 2022 <=
- Multi-Family inventory in Massachusetts on 9/12 was 1,107 condos available to buyers. This is a 17% decrease in the amount of inventory available to buyers during the same week of 2021 when 1,336 properties were on the market.
- 227 Multi-Families came on the market this week. 
- 177 Multi-Families went under agreement with 676 selling in the month of August for an average price of $754k and a Median Price of $615k.

=> Mortgage Market News <=
- Send your Mortgage Banker a get well soon card... The market volatility they are seeing is enough to make someone go insane. 
- Rates were up to year highs in the beginning of last week, then started to retreat towards the end of the week below 6%.  Rates then went down in the morning on Monday to only end the day up over 6% by the end of day on Monday. 
- The CPI numbers came out and were not pretty. The Mortgage Market jumped .25 instantaneously. This inflation data pretty much guarantees an aggressive rate hike strategy for some time. 

=> New High School Rankings from Boston Magazine <=
- A top school system creates more demand in a town and thereby price stability in downturns or even upward pricing. 
- A shake up of the top 3 High Schools on the list with the #3 School moving up from spot #30 in 2021.
- The Boston Magazine Honor Roll offers some additional incite into the school rankings.
- Link to School Rankings: https://www.bostonmagazine.com/education/best-public-high-schools-boston-2022-chart/

=> Most Expensive House For Sale in Massachusetts <=
- House located at 21, 22, 23 Berkeley Avenue in Nantucket.
- Stunning home being marketed by Compass for $56,000,000
- Click Here to View Massachusetts Most Expensive House: https://www.boston2.com/idx/21-22-20-berkeley-avenue-nantucket-ma-02554/12573373_spid/?src=2

Week of September 5, 2022

Recap of Video:
- We go over the weekly Single Family & Condo Real Estate Market numbers.
- Big moves in the Mortgage Market. Rates have skyrocketed! 
- Month of August Sales Data for both Single Family Homes and Condos with comparisons of August 2022 vs. August 2021.
- Headline News: U.S. Mortgage Lenders are Starting to Go broke

=> Single Family Market Data Week over Week <=
- Single Family inventory in Massachusetts on 9/5 was 4,743 homes available to buyers. This is 409 units less than last week. This decline was to be expected with the Labor Day Holiday
- 602 Single Family homes came on the market. Again, this decrease in new inventory was expected. 
- 960 Single Family homes went under agreement with 1,046 Single Families selling for an average price of $732k and a Median Price of $600k.
- Months of Inventory fell to 1.19 months from 1.31 months last week. This signals a Very Strong Seller's Market. 

=> Condo Market Data Week over Week <=
- Condo inventory in Massachusetts on 9/5 was 2,239 condos available to buyers. This is down 172 units when compared to last week.
- 235 Condos came on the market this week. The decrease was expected with the holiday. 
- 330 Condos went under agreement with 398 Condos selling for an average price of $576k and a Median Price of $480k.
- Months of Inventory fell to 1.43 months this week compared to 1.53 months last week. 

=> Mortgage Market News <=
- Rough week for mortgage rates flirting with year highs (6.25%). Rates fell on Friday by a quarter to only go back up by a quarter yesterday.
- Nonfarm payrolls came in at 315k with the unemployment date increasing to 3.7% from 3.5%. Wages were also up .3%.  
- This positive news 🗞️ means that the FED will most likely have to stay on its current track with an aggressive interest rate hiking policy.  

=> August 2022 Sales Data <=
- 1,860 condos sold in August of 2022 for an Average  Sales Price of $619,782 and a Median Sales Price of $499,900.
- This means condo sales were down  22% while the Average Sale Price was up 4.9% and the Median Sales Price was up 3%. 

- 4,998 Single Family Homes sold in August of 2022 for an Average Sales Price of $751,113 and a Median Sales Price of $691,442.
- This means condo sales were down 10% while the Average Sale Price was up 8.63%.

=> Headline News <=
- US Mortgage Lenders are Starting to go Broke
- Lenders, not banks control 2/3 of the top 20 Originators in the Country
- This could trigger a spike in layoffs in an industry that employs hundreds of thousands of workers.
- Could create a higher interest rate environment due to the decreased competition. 


Week of August 29, 2022

Massachusetts Real Estate Market Update by Jeffrey Chubb - A Top Performing Massachusetts Real Estate Agent
Recap of Video:
- Inventory continues to decline.. But let’s take a look at the inventory charts for 2021 and compare them to ytd in 2022. Some very interesting data points!
- FED Chairman speaks and the mortgage market listened! Rates shot up this week.
-  Another institutional buyer is getting out of the Single Family Home buying business. What this means for the markets.

=> Single Family Market Data Week over Week <=
- Single Family inventory in Massachusetts on 8/29 was 5,152 homes available to buyers. This is 30 units less than last week. The extent of the declines have slowed. 
- 946 Single Family homes came on the market which is a 23% decrease when compared to the same week in 2021. 
- 1,042 Single Family homes went under agreement (14% Decrease YoY) with 949 Single Families selling for an average price of $695k and a Median Price of $579k.
- Months of Inventory jumped to 1.31 months from 1.28 months last week. This signals a Very Strong Seller's Market. The increase in months of inventory can be contributed to fewer sales.

=> Condo Market Data Week over Week <=
- Condo inventory in Massachusetts on 8/29 was 2,411 condos available to buyers. This is down 65 units (2.6%) when compared to last week.
- 327 Condos came on the market which is a 24%  decrease when compared to the same week in 2021 when 429 condos came on the market.
- 353 Condos went under agreement (26% Decrease YoY) with 347 Condos selling for an average price of $602k and a Median Price of $510k.
- Months of Inventory jumped to 1.53 months this week compared to 1.49 months last week. 

=> Other Topics Covered <=
- In the FED Chairman speech, he outlined that the current policy is here to stay until at least the end of 2023. Federal Funds target rate in the 4% range. This means the FED is not letting up anytime soon and that these higher rates are the “new normal”.
- Mortgage market saw rates go up... A lot. Hanging around in the 30 year fixed rate range. 
- Mortgage rates jumped to a 2-month high and are close to 2022 highs.
- Homebuyers TAKE CAUTION! Mortgage lenders are calculating points into their loans in order to lure unsuspecting homebuyers into a lower rate. Happened to one of our buyers this week where a lender was showing an attractive rate, but back dooring the borrower with close to an additional $10,000 in closing costs. Buyers beware!
- Blackstone Single Family Landlord, Home Partners of America halted purchases in 38 markets. They are not the first and won’t be the last institutional buyer to stop buying. This will create a lot of pain in a lot of markets throughout the United States.  
- Year over Year inventory data comparing 2021 to 2022 shows a parallel in the Single Family market for the Spring, but a break from last year in the Summer. The condo market data shows that 2022 inventory has remained below 2021 all year and is getting worse for buyers.

Week of August 22, 2022

Recap of Video:

- Inventory continues to decline.. But let’s take a look at the inventory charts for 2021 and compare them to ytd in 2022. Some very interesting data points!
- FED Chairman speaks  and the mortgage market listened! Rates shot up this week.
- Another institutional buyer is getting out of the Single Family Home buying business. What this means for the markets.

=> Single Family Market Data Week over Week <= 
- Single Family inventory in Massachusetts on 8/29 was 5,152 homes available to buyers. This is 30 units less than last week. The extent of the declines have slowed.
- 946 Single Family homes came on the market which is a 23% decrease when compared to the same week in 2021.
- 1,042 Single Family homes went under agreement (14% Decrease YoY) with 949 Single Families selling for an average price of $695k and a Median Price of $579k.
- Months of Inventory jumped to 1.31 months from 1.28 months last week. This signals a Very Strong Seller's Market. The increase in months of inventory can be contributed to fewer sales.

=> Condo Market Data Week over Week <=
- Condo inventory in Massachusetts on 8/29 was 2,411 condos available to buyers. This is down 65 units (2.6%) when compared to last week.
- 327 Condos came on the market which is a 24% decrease when compared to the same week in 2021 when 429 condos came on the market.
- 353 Condos went under agreement (26% Decrease YoY) with 347 Condos selling for an average price of $602k and a Median Price of $510k.
- Months of Inventory jumped to 1.53 months this week compared to 1.49 months last week. 

=> Other Topics Covered <=
- In the FED Chairman speech, he outlined that the current policy is here to stay until at least the end of  2023. Federal Funds target rate in the 4% range. This means the FED is not letting up anytime soon and that these higher rates are the “new normal”.
- Mortgage market saw rates  go up... A lot. Hanging around in the 30 year  fixed rate range.
- Mortgage rates jumped to a 2-month high and are close to 2022 highs.
- Homebuyers TAKE CAUTION! Mortgage lenders are calculating points into their loans in order to lure unsuspecting homebuyers into a lower rate. Happened to one of our buyers this week where a lender was showing an attractive rate, but back dooring the borrower with close to an additional $10,000 in closing costs. Buyers beware!
- Blackstone Single Family Landlord, Home Partners of America halted purchases in 38 markets. They are not the first and won’t be the last institutional buyer to stop buying. This will create a lot of pain in a lot of markets throughout the United States. 
- Year over Year inventory data comparing 2021 to 2022 shows a parallel in the Single Family market for the Spring, but a break from last year in the Summer. The condo market data shows that 2022 inventory has remained below 2021 all year and is getting worse for buyers.

Week of August 15, 2022

Recap of Video:
- Inventory declined in all market segments.. Again. 4 Weeks in a row.
- Inflation numbers from last week and what they mean for the market.
- The current  mortgage rate environment & what home builder sentiment means for the market
- What is happening with home  prices?!?

 => Single Family  Market Data Week over Week <= 
- Single Family inventory in Massachusetts on 8/15 was 5,297 homes available to buyers. This is 62 units less and about 1% decrease in the amount of inventory.
- 1,073 Single Family homes came on the market which is a 22%  decrease when compared to the same week in 2021.
- 1,145 Single Family homes went under agreement (17%  Decrease YoY) with 889 Single Families selling for an average price of $792k and a Median Price of $608k.
- Months of Inventory decreased to 1.33 months from 1.35 months last week. This signals a Very Strong Seller's Market.

 => Condo Market Data Week over Week <= 
- Condo inventory in Massachusetts on 8/15 was 2,542 condos available to buyers. This is down 101 units (-4%) when compared to last week.
- 365 Condos came on the market which is a 34%  decrease when compared to the same week in 2021.
- 422 Condos went under agreement (26%  Decrease YoY) with 337 Condos selling for an average price of $652k and a Median Price of $510k.
- Months of Inventory decreased to 1.51 months this week compared to 1.54 months last week. 

 => Other Topics Covered <= 
- Mortgage market saw rates tick down,  but for the most part have been steady for the last couple weeks.
- Last weeks Consumer Price Index and Producers Price Index showed signs of cooling  inflation. Only one data point, but could be a sign that inflation is cooling and the FED can be a little less aggressive.
- US Builder sentiment has  crashed. Builders are decreasing their building starts which is a great thing for many markets throughout the country as it is expected foreclosure inventory to start to increase.
- Prices are starting to go down throughout the country with inventory skyrocketing. This is not happening in Massachusetts. Supply and demand both decreased similarly to make for continued strong seller conditions. 

Week of August 8, 2022

Massachusetts Market update for the week of 8/8/2022 Recap of Video:
- Inventory continued to decline in all market segments.
- We will also look at the Massachusetts Multi-Family market
- The current mortgage rate environment & Market data to be on the lookout for this week.
=> Single Family  Market Data Week over Week <=
- Single Family inventory in Massachusetts on 8/8 was 5,359 homes available to buyers. This is 110 units less and about 2% decrease in the amount of inventory.
- 1,077 Single Family homes came on the market which is a 21.5%  decrease when compared to the same week in 2021. There were 295 less homes that came on the market.
- 1,193 Single Family homes went under agreement (10.5%  Decrease YoY) with 789 Single Families selling for an average price of $797k and a Median Price of $625k.
- Months of Inventory decreased to 1.35 months from 1.45 months last week. This signals a Very Strong Seller's Market.
=> Condo Market Data Week over Week <=
- Condo inventory in Massachusetts on 8/8 was 2,643 condos available to buyers. This is down 50 units (-2%) when compared to last week.
- 444 Condos came on the market which is a 25%  decrease when compared to the same week in 2021.
- 399 Condos went under agreement (24% Decrease YoY) with 255 Single Families selling for an average price of $616k and a Median Price of $482,500.
- Months of Inventory decreased to 1.54 months this week compared to 1.61 months last week. 
=> Multi-Family Market Data Week over Week <=
- Multi-Family inventory in Massachusetts on 8/8 was 1,240 condos available to buyers. This is down 4.6% increase compared to this week in 2021 when there were 1,185 on the market.
- 189 Multi's came on the market with 200 going under agreement.
- 117 Sold for an average price of $787k and a Median Price of $660k.

Week of August 1, 2022 & July 2022 Market Update

Massachusetts Market update for the week of 8/1/2022 & Month of July 2022
Recap of video:
- The FED Increased their rates by 75 bps, however Mortgage rates went down… A lot!
- Federal Trade Commission fines iBuyer, Opendoor $62m for deceptive practices against consumers.
=> Single Family Market Week over Week
- Single Family ??inventory in Massachusetts on 8/1 was 5,469 homes available to buyers. This is 59 units less and about 1% decrease in the amount of inventory.
- 1,115 Single Family homes came on the market which is a 17% decrease when compared to the same week in 2021.
- 1,189 Single Family homes went under agreement (12% Decrease YoY) with 1,371 Single Families selling for an average price of $765k and a Median Price of $739k.
=> Condo Market Week over Week
- Condo inventory in Massachusetts on 8/1 was 2,693 condos available to buyers. This is down 105 units (-3.75%) when compared to last week.
- 443 Condos came on the market which is a 21% decrease when compared to the same week in 2021.
- 456 Condos went under agreement (16% Decrease YoY) with 499 Single Families selling for an average price of $669k and a Median Price of $660k.
=> July Massachusetts Home Sale Stats
- 4,561 Single Family Homes sold in July 2022. This is an 18.22% decrease in the amount of sales when compared to July 2021.
- The Average Sales Price of $769k was a 10.09% increase year over year, but a 2.86% decrease Month over Month.
- 1,819 Condos sold in July 2022 which was a 28% decrease in the amount of sales when compared to July 2021.
- The Average Sales Price of $644k was a 5.9% increase year over year, but a 7.3% decrease Month over Month.

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.

Week of July 25, 2022

Massachusetts Market update for the week of 7/25/2022 Recap of video:
? Lots of Economic Data leading up to the FED Rate Increase
? Single Family ??inventory in Massachusetts on 7/25 is 5,528 (Only 8 units more than last year) units with 1,224 newly listed homes during the week.
? 1,216 Single Family homes went under agreement with 897 Single Family Home sales for an average sales price of $768k and a Median price of $600k.
? 1.47 Months of inventory on the market which signals a strong sellers market (Down from year long high of 1.68 on 6/27)
? Condo inventory in Massachusetts on 7/25 was 2,798 units with 487 newly listed condos during the week.
? 463 condos went under agreement with 324 condo sales for an average sales price of $654,555 and a Median price of $534k.
? 1.63 Months of inventory on the market (down from .01 from last week which is the highest level in 2022)
? New Home Sales are down for the year at 590,000. Builder inventory beginning to accumulate on the market with 9.4 months of inventory. Sales down 5.3% for the Northeast.
? July Prediction with home prices down slightly month over month and up by 10%+. for Year over Year. Number of home sales will be down around 20%. 

Week of July 18, 2022

Massachusetts Market update for the week of 7/18/2022 Recap of video:
? 2 Predictions from last week look to be coming true: FED increasing interest rates 100bps and the housing inventory increases beginning to level off.
? Single Family ??inventory in Massachusetts on 7/18 is 5,520 units with 1,376 newly listed homes during the week.
? 1230 Single Family homes went under agreement (10% decrease from the same week in 2021) with 1,031 Single Family Home sales for an average sales price of $825k and a Median price of $635k.
? 1.51 Months of inventory on the market which signals a strong sellers market (Down from year long high of 1.68 on 6/27)
? Condo inventory in Massachusetts on 7/18 was 2,814 units with 562 newly listed condos during the week.
? 425 condos went under agreement (22% Decrease when compared to same week in 2021) with 404 condo sales for an average sales price of $645k and a Median price of $536k.
? 1.64 Months of inventory on the market which is the highest level in 2022, but still signals a strong sellers market
? Tracking Month over Month trends and claiming the real estate market is crashing is stupid. I show you why in the data and show year over year market data as well.
?Make a prediction for total inventory levels at the end of August and heading into the Fall Market while comparing the inventory high of 2021.

Week of Jully 11, 2022

Massachusetts Market update for the week of 7/11/2022 Recap of video:
? Has Inventory started to level off? Have interest rates gone up/down/flat for the last week? Did the market rebound as expected from the July 4th week?
? Single Family ?inventory in Massachusetts on 7/11 is 5,316 units with 1,464 newly listed homes during the week.
? 976 Single Family homes went under agreement (strong showing for a holiday weekend) with 783 Single Family Home sales for an average sales price of $769k and a Median price of $610,000.
? 1.56 Months of inventory on the market which signals a strong sellers market (Down from week ending 6/27)
? Condo inventory in Massachusetts on 7/11 was 2,736 units with 584 newly listed condos during the week.
? 365 condos went under agreement with 335 condo sales for an average sales price of $610k and a Median price of $528k.
? 1.56 Months of inventory on the market which signals a strong sellers market (.1 Higher then week ending 6/27)
? Newsworthy items to mention: Strong jobs report = Guarantee that the FED will increase rates. Layoffs have started and Boston Metro Market ranks 3rd highest metro in the country with companies announcing said layoffs.
?Interest rates remain low. New buyers are coming to the market as they realize their rental rates are only going to go up and up (and by a LOT).
? Markets I am keeping an eye on: Hingham, MA and Brockton, MA - Data points for first time home buyers and the luxury home buyer.
? Still an amazing time to buy a home.... Still an amazing time to sell a home (But the window may start to close). 

Week of July 4, 2022

Massachusetts Market update for the week of 7/4/2022 and Year over Year comparison for June 2021 vs. June 2022 Recap of video:
? As expected, and predicted, inventory decreased for the Holiday weekend with under agreements also way down. 100% expected and nothing to be worried or excited about.
? Single Family ?inventory in 2021 @ 3,863 vs. 2022 @ 4,911. This is a 27% increase in available inventory. Compared to end of June inventory in 2020 @ 6,355 and 2019 @ 12,013. Inventory has increased, but still major supply shortages.
? Sales declined ? 12% for Single Family ? homes and prices were up 11% comparing June 2021 to June 2022.
? Condo inventory in 2021 @ 2,686 vs. 2022 @ 2,600. This is a 3% increase in available inventory. Compared to end of June inventory in 2020 @ 3,505 and 2019 @ 4,107. Inventory has increased, but still major supply shortages.
? Sales declined ? 17.5% for Condos and prices were up 13% comparing June 2021 to June 2022.
? Inventory is increasing, but there is still an inventory shortage when compared to years past.
? Interest rates “settled” and are in the 5.5% range for a Conventional loan. In the month of June we saw ranges from low 5s to low 6s. The mortgage market was ? erratic… To say the least. The Jumbo market continues to outperform with rates in the mid to high 4% range. It’s not an “if”, but a “when” for interest rates ? to go up. Getting a 90 day rate ? lock while you are SEARCHING for your next home is one of the MOST important things you can do.
? Massachusetts market continues to outperform other markets around the country. Some Real Estate market news was a large ? mortgage brokerage declaring bankruptcy https://themreport.com/daily-dose/06-30-2022/fgmc-chapter-11 and a PE firm announcing they will sell off 3,000 homes in their portfolio accounting for $1B ? in value. https://www.connectcre.com/.../starwood-capital-looks-to.../

Week of June 27, 2022

Massachusetts Market update for the week of 6/27/2022 Recap of video:
? Jeffrey Chubb is a Top Real Estate Agent in Massachusetts
? Inventory is up in both the Single Family and Condo markets compared to the week prior. The amount of Homes that went under agreement were up in both SF and the Condo market this week.
? Months of Inventory is still signaling a strong sellers market, but increased for both segments and is kind of a bad stat to rely on.
? Awesome time to buy if you a buyer. Even better time to sell if you are a seller.
? Michael Berry who is the guy best known from the Big Short and is a genius... Is wrong. Prices might go down, but the FED can't start easing rates until they see the Real Estate Market (i.e. Cost of housing) under control.
? Rates are going to continue to go up, but dipped down this week. Buy a house today and lock in your payment. If rates floated 2% up to 8.25% then you would need prices to come down 16% in order to have the same payment... That is not gonna happen!