Massachusetts Real Estate Market Update 2022

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!

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