The Boston2.com Real Estate Blog

Massachusetts Real Estate Market Update for January 29 2024

YOUR Massachusetts Real Estate Market Update for the week of January 29th

Well that sucks… If you are a buyer that is. Single Family inventory just took a nosedive this week with a SURGE of properties going under agreements. And then there is the condo market which just feels like it is chugging along at last year's pace. 

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. 

Last week I was talking about how the market felt like stronger demand was here, but it just had not played out through the stats… Yet… Well it looked like the market got the message. 

At this point I feel like I am begging… But if you are a potential buyer this Spring, PLEASE start your search a little earlier. It could save you tens of thousands of dollars as this market begins to heat up and kicks into crazy town gear. 

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.

Also, as a quick heads up, I am looking to buy houses. Let me know if there are any houses that you are aware of that need a lot of Tender Love and Care. Friend. Family member. A random house that you drove by that was in shambles… The uglier, then the better! If you know of one, then reach out or visit CashOfferMA.com. 

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

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Massachusetts Real Estate Market Update for 1.22.2024

YOUR Massachusetts Real Estate Market Update for the week of January 22nd

Well that’s interesting… Inventory isn’t decreasing like it traditionally does… It’s not really increasing either, but it might be enough to eclipse the 2023 inventory levels.. Meanwhile the condo market is playing it pretty much even. 

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. 

There is definitely some stronger buyer demand out there than normal, but it hasn’t exactly popped off yet. Buyer activity on the website is up, inquiries are up, buyer Home Buying Preparation meetings are up… But it’s not yet equating to a boost in sales… Yet. But I think that is coming… Weather dependent of course. 

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.

Also, as a quick heads up, I am looking to buy houses. Let me know if there are any houses that you are aware of that need a lot of Tender Love and Care. The uglier, then the better! If you got one, then reach out or visit CashOfferMA.com

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

Massachusetts Single Family Inventory...

Massachusetts Real Estate Market Update 1/16/2024

YOUR Massachusetts Real Estate Market Update for the week of January 16th

The long holiday came a little early this year… Which means there was a little slowdown in activity. It’s going to look worse, then it really was… So be ready! 

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. 

You know how I was talking about it being a slower weekend and all… It might have been slow, but one of my buyers won out in a 5 multiple offer situation while one of my listings which has spent 105 days on the market just got an offer… 

It’s slower because of the holiday. But it isn’t slow for this time of the year. 

I said it last week that there is a huge opportunity for would be Spring buyers to get out in front of the Spring market. I am looking forward to sharing a Yahoo Finance article with you in a couple moments…

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.

Also, as a quick heads up, I am looking to buy houses. Let me know if there are any houses that you are aware of that need a lot of Tender Love and Care. The uglier, then the better! 

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

There are now 2,940 single family homes on the market in the state of Massachusetts. That is down a whopping 29 units from last week and is a 15% decrease in the amount of homes for buyers to look at in just a matter of 28 days. 

Continue to be used to these inventory levels until towards the end of February. 

Halfway through January and we are 399 units less than the inventory levels...

Hyde Park 2023 Real Estate Recap

Hyde Park 2023 Real Estate Recap

The Hyde Park Real Estate Market could have been worse in 2023… But it wasn’t a great showing for Hyde Park Real estate.

The number of sales in Hyde Park were down by 21.7% as they sold 137 units in 2023 compared to the 175 Hyde Park homes sold in 2022. 

The median price for condos and Single Family homes decreased .8% to $620,000 from the 2022 median price of $625,000. 

There were no new construction builds that played with the numbers for the neighborhood in 2022 compared to 2023. This was an organic price decrease for Hyde Park MA Houses For Sale. The lowest priced Single Family home that was on the market in Hyde Park was $315,000 and this is compared to the highest price of $945,000.

 

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West Roxbury 2023 Real Estate Recap

West Roxbury 2023 Real Estate Recap

West Roxbury has had better! It wasn’t a bad year for West Roxbury Real Estate, but it wasn’t a great year either. 

West Roxbury Home Sales decreased 18.2% from the 363 Single Family and Condos sold in 2022 to 297 in 2023. 

The median sales price moved up 2.6% in 2023 with a median price of $749,000. This is compared to the median price in 2022 that was $730,000. 

There were 13 properties that sold for more than $1.5 million in 2023. This is compared to the 16 homes that were sold in 2022. 

When it comes to Single Family homes, the least expensive West Roxbury houses for sale was $390,000. The highest priced West Roxbury Home was $1,995,000.

 

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Scituate 2023 Real Estate Recap

Scituate 2023 Real Estate Recap

2023 wasn’t Scituate’s year. It had the third highest depreciation amount in all the towns South of Boston. 

Home sales in Scituate decreased 27.9% from 226 Single Family homes sold in 2022 to 163 Single Family homes sold in 2023. 

The average sales price was down 4.5% to $1,041,356 in 2023 from 2022’s average sale price of $1,090,853. Median pricing didn’t really change the story that much for Houses for sale in Scituate as the 2023 median price of $865,000 was 5% lower than the 2022 price of $910,000. 

In 2022, there were 37 sales over $1.5 million in Scituate with 23 of them coming in the $1.5 to $1.999 million price range. This is compared to the 27 in 2023 with 21 being in the $1.5 to $1.999 million price range.

 

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South Boston 2023 Real Estate Recap

South Boston 2023 Real Estate Recap

It wasn’t a bad year for South Boston Real Estate, but it wasn’t necessarily a good year either. 

Home sales in South Boston, Massachusetts were down 28.4% as there were 394 homes sold. This is compared to the 550 homes South Boston Homes sold in 2022. 

The median price for Homes For Sale in South Boston in 2023 was up by 1.6%. The median price of $863,500 is compared to the median price in 2022 of $850,000. 

Looking at the data, the decrease in the sales of new construction homes would have contributed to the decrease in sales levels as well as the home price appreciation that hasn’t been as strong as years past. In 2023, there were 49 condos sold that were built one or fewer years newer. That number was 68 homes in 2022. 

We also saw a reduction in the amount of sales of homes that were over $1.5 million. In 2023 we had 23 properties sell for over $1.5 million. This is compared to 33 in 2022. 

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Massachusetts Real Estate Market Update 1/8/2024

YOUR Massachusetts Real Estate Market Update for the week of January 8th

I hope you had an amazing New Year… Because the Massachusetts real estate market looks to be jumping out of the gate. 

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.

The end of December is always slow. With the week between  Christmas and New Years being painfully slow. So it makes sense that not a whole lot has gone on in the market. 

Less listings. Less buyer demand. Real boring stuff. 

Well the market tends to take off right after the New Year and it looks like this year will be no different. And my belief of the market ramping up quickly on the buyer side is already being seen… And felt. 

Spring buyers, there is a huge opportunity of getting out in front of the Spring market. If I am reading the tea leaves correctly, then you could save yourself 10s of thousands of dollars. Not to mention… If this Spring Market turns out like the data says, then you are going to need more time to find a house anyway…

Quick wildcard heads up is snow. If we end up getting a lot of snow this year, then that will push out the Spring Market Surge of activity. 

As a quick note, I am looking to buy houses. Let me know if there are any houses that you are aware of that need a lot of Tender Love and Care. The uglier, then the better! 

Let’s get...

Top 5 Appreciating & Depreciating towns North of Boston in 2023

Top 5 North Shore Appreciation / Depreciation

What a year for real estate. I joke saying it was the best real estate crash… ever! But the fact of the matter is that 16 of the 56 towns that are North of Boston had home price depreciation in 2023. 

So in this video we are going to take a look at the 5 best and worst performing towns for Single Family homes that are North of Boston. It’s important to say that there is no exact science as to exactly what towns should consist of the North of Boston tag. The data is great, but what are the exact towns is up for a little interpretation. 

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. If you have real estate questions, then I am here to help. 

Alright, let's start with the top appreciating towns in the Metro West market. 

The fifth best performing town North of Boston in 2023 was Swampscott, Massachusetts. Swampscott saw an astounding 41% decrease in the amount of units were sold in 2023. In 2023, there were 69 homes sold compared to the 117 units in 2022. The average sales price of $1.026 million was 10.8% higher than the $925,937 average sales price in 2022. The median price of $855,000 was 8.2% higher year over year in 2023. 

The fourth best performing town North of Boston in 2023 was Burlington, Massachusetts. Burlington had 148 homes close in 2023 which was 14.5% less than the 173 units sold in 2022. The average sales price in 2023 was $981,311 which is 14.2% higher than the $859,185 average sales price in 2022. The median sales price of $800,000 was 8.6% higher then the $736,500 in 2022. 

Manchester by the Sea was the third best performing town North of Boston. Manchester saw 34 homes close which was 37% lower than the 54 units that closed in 2022. Sales might...

Top 5 Appreciating & Depreciating Metro West of Boston Towns for 2023

Of the 41 towns that we identified as Metro West towns, 7 towns had home prices go down. I think we can consider that a successful year… Well for homeowners that is. 

We will talk a look at the top 5 Metro West Performers as well as the bottom 5 performers for Single Family homes in 2023. There is no exact science as to where the start of Metro West begins and ends and where we consider central Mass begins.The data is great, but what are the exact towns is up for a little interpretation. 

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. If you have real estate questions, then I am here to help. 

Alright, let's start with the top appreciating towns in the Metro West market. 

The 5th top performing town in the Metro West market was Hudson, Massachusetts. Hudson saw 101 homes close in 2023 which was a top 5 town high of a 37.7% decrease in sales. The 101 sales are compared to the 162 Single Family  Home sales in 2022. The average sales price in 2023 was $649,404 which was a 13.4% increase in pricing from the $572,500 in 2022. Median pricing was up, but not as much. The median price was up 8.7% in 2023 at $600,000.

The fourth top performing town in the Metro West market for 2023 was Bellingham, Massachusetts. Bellingham saw 131 Homes close which was a 24.7% decrease in sales activity to the 2022 sales levels of 174. The average sales price in 2023 was $552,962 which was a 14.2% increase from the $484,289 average sales price in 2022. The median price was pretty similar to the average pricing of $518,000 was a 13% increase in the median pricing. 

The Third best performing town in Metro West was Millis, Massachusetts. The 64 single family homes that closed represented a sales decrease of 24.7% as there were 85 sales in 2022. The average sales...

Top 3 Boston Metro Towns for Appreciation/Depreciation in 2023

Top 3 Appreciating & Weakest Performing Boston Suburb Towns

They said that 2023 was going to be the year that home prices were going to go down. Towns in the Boston Metro market must have missed that memo… Well… Except for one town. 

For this analysis we looked at 16 towns that surrounded and included Boston. Essentially the 95 belt to the South and then going up to Waltham and estimating the same circumference around which brings towns like Medford, Malden and Revere into the analysis. For this analysis, we compared the stats for both single family and condo units combined. We will take a look at the appreciation rates as well as the sales level decreases for each of the top and bottom 3 towns. 

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. If you have real estate questions, then I am here to help. 

Alright, let's start with the top appreciating towns. 

Waltham, Massachusetts is the third best performing town in the Boston Metro area. They had 403 Single Family and Condo sales in 2023 which was a 20.2% decrease in sales levels from 2023’s 505 closed units. The average sales price was up 7.5% with a 2023 average sales price of $790,281. This is compared to the average sales price in 2022 which was $735,307. Median price was up as well, however a little lower. The median price was up 5.3% with a $737,000 sales price in 2023. 

The second best performing town in the Boston Metro market was Everett, Massachusetts. Everett had 117 sales in 2023 which was a 24.5% decrease in sales levels from the 155 that sold in 2022. Prices were up 8.3% in 2023 with an average sales price of $543,694. This is compared to the average sales price in 2022 at $501,860. The median pricing gain was in the ballpark with a median price of $562,000 which...

Top 5 South of Boston Towns for Appreciation & Depreciation in 2023

Top 5 South of Boston Appreciation & Depreciation for 2023

A lot happened in the Massachusetts Real Estate Market in 2023… Everyone said that home prices were going to go down, but for the most part… They didn’t!

In looking at the data, there is no rhyme or reason to the towns that saw housing prices go down. So let’s first look at the top and the bottom 5 towns that are South of Boston for Single Family homes. We will go over the amount of sales as well as how much the town appreciated or depreciated. 

Now there is no perfect line that draws the exact towns that make for South of Boston then that would lead into Metro West. The data is great, but what are the exact towns is up for a little interpretation. 

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. If you have real estate questions, then I am here to help. 

Alright, let's start with the top appreciating towns. 

The fifth highest appreciating town that is South of Boston is Somerset, Massachusetts. The town closed 143 units in 2023 which is a 12.1% decrease in sales levels as there were 165 closings in Somerset in 2022. This was the lowest sales decrease for all the towns in the top 5. The average sales price in 2023 was $470,871 in 2023 which is a 12.3% increase over 2022’s average sale price of $419,382. There was a little discrepancy when you looked at median pricing as median pricing shows Somerset appreciating 7.8%. 

The fourth best performing town South of Boston was Hull, Massachusetts. Hull had 79 sales in 2023 which was 26.2% lower than the 107 units sold in 2022. The average sales price increased 13.1% in 2023 as the sales price jumped to $813,884...

Weymouth, Massachusetts 2023 Real Estate Market Recap

Weymouth, Massachusetts 2023 Real Estate Market Recap

The Weymouth, Massachusetts Real Estate market had some good news… And some bad news in 2023. The bad news sales were down. A lot. But sales and pricing are not correlated. It’s inventory and pricing that is correlated. 

Home sales in Weymouth were down 25.4% as there were 352 Single Family homes sold in 2023 which is compared to the 472 units sold in 2022. 

The average sales price of $620,831 was up 3.8% in 2023 from the $597,945 in 2022. The median price told a little better of a story… For home sellers that is! The median price of $605,000 in 2023 was 5.2% higher than the median price of $575,000 in 2022. 

There were 402 Single Family homes that were listed in Weymouth in 2023. This means that newly listed properties were down by 23.4% as there were 525 newly listed Single Family homes in Weymouth in 2022. Want to see all the current Homes for Sale in Weymouth

 

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Beacon Hill 2023 Real Estate Market Recap

Beacon Hill, the neighborhood famed for stunning Beacon Hill Brownstone did not have its best year. Home sales in Beacon Hill were down by 27.5% as we sold 129 units in 2023. This is compared to the 178 closed units in 2022. 

The median sales price was also down for Beacon Hill Real Estate. The median price in 2022 was $1.250 million dollars which represented a .99% decrease in the sold median sales price. The median sales price in 2022 was $1.625 million. 

Oftentimes, especially in the city, a new large (luxury) building that is being developed and hits the market can throw off the sales levels and pricing for a specific neighborhood. In this case we can contribute some of this disparity to 110 Sudbury Street which is a 55 unit luxury building. We also had the continued sell out of the Archer Residences at 45 Temple Street which is a 62 luxury building. 

You can check out the current Beacon Hill Homes For Sale .

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2024 Real Estate Market Predictions

2024 Real Estate Market Predictions

So what will 2024 look like for the real estate market? 2023 was a rough year with the interest rates surging and prices still increasing. It put a squeeze on home affordability. 

So what’s in store for us in the Real Estate Market in 2024? Will we get a break in home prices? Will we see affordability improve? Or will it be more of the same where home prices continue to go up and the challenges in the marketplace for buyers get worse? 

We are going to talk about it all from Inventory levels, buyer demand, the number of transactions, mortgage rates, recession likelihood as well as prices. Keep in mind that real estate is local and that much of what we will discuss is national, but I will also talk about the local Massachusetts market as well. 

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. If you have real estate questions, then I am here to help. 

Let’s first talk about interest rates, because they owned the headlines in 2023. The interest rate environment has improved significantly from the 8% peak that we saw in 2023 as we now hover around 6.5%. And this happened quickly which offered buyers pretty much instant relief. 

In 2024 I believe that you will see interest rates stay within the 6% to 6.5% range. You may see some dips into the high 5’s, but interest rates are not going back to the 3 or 4% range. Do not hold your breath waiting for rates to go down that low to buy a house, because otherwise you are going to turn out looking like these guys!

The FED will do some rate relief. It’s an election year. It will happen. But I don’t necessarily think it’s...

Quincy 2023 Real Estate Market Recap

It wasn’t a great year for Quincy Real Estate… But it could have been worse too! 

Home sales in Quincy, Massachusetts were down 20.2% as there were 289 Single Family homes sold in 2022 which is compared to the 362 that were sold in 2023. 

The average sales price of $706,064 was down 1.53% in 2023 from the $717,043 in 2022. The median home price was $660,000 in 2022 compared to the 2023 median price of 663,000. This would equate to a .5% increase in pricing. So depending on which data you are looking at… The Quincy Real Estate market could be marginally better or marginally worse. 

In 2023, there were only 4 houses in Quincy that sold for more than $1.5 million. This is compared to the 8 homes that sold above $1.5 million in 2022. This 50% collapse in the luxury Quincy Homes For Sale segment of the market is what pushed down the average price point a bit for 2023.

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Cohasset 2023 Real Estate Market Recap

Cohasset 2023 Real Estate Market Recap

Cohasset Real Estate did not have the hallmark year in 2023 that many had hoped. 

Home sales were down 34.4% with there being 59 closed Single Family home sales in 2023. This is compared to the 90 closed sales in 2022. 

The average sales price was down 6.9% from $1,740,454 in 2022 to $1,617,043 in 2023. It’s a little bit of a different story when you look at Median prices however. Median pricing was up 7.2% as the median price was $1,375,000 in 2022 compared to the median price of $1.474,000 in 2023.

So what is making for a big disparity in the numbers?

In 2023 there were 8 home sales from $2,000,000 to $2,999,999 and 5 Home sales from $3,000,000 or above. This is compared to 2022 when there were 15 home sales from $2,000,000 to $2,999,999 and 9 home sales in the $3,000,000 plus range. 

In other words, it was the 45.8% collapse in the luxury Cohasset Homes For Sale market that pushed down the average price point for 2023. 

 

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Top 10 Appreciating Towns in Massachusetts for 2023

Top 10 MA Appreciation

What a year! The consensus was that real estate values were going to tank, but yet the top real estate market in Massachusetts saw average sales increase nearly 30%! 

We saw 202 markets out of the 252 markets in the state see home values increase in 2023. So it is safe to say that for most homeowners it was a pretty good year throughout the state of Massachusetts.

In this video we are going to go over the top 10 appreciating markets for SIngle Family homes in Massachusetts in 2023. So how did we come about this data. We used the primary MLS in the state which is MLSPIN. We excluded any towns that had less than 30 sales in either 2022 or 2023 as that is not enough data for a complete analysis. Now let’s get into the data!

The 10th best appreciating town in Massachusetts for 2023 was Westborough, Massachusetts. Westborough saw 98 sales for an average sales price of $890,605. While sales levels were down 30.5%, home values in Westborough, MA were up 17.1% for 2023. Check out all the Westborough Homes For Sale !  

The 9th best appreciating town was Lunenburg, MA. Lunenburg had 127 Single Family homes sell in 2023. This equates to a 9.3% decrease in sales while their $573,270 average sales price equated to a 17.4% increase in pricing. 

The 8th highest appreciating town in Massachusetts was Ashburnham. Ashburnham had 78 single family homes close in 2023 for an average sales price of $470,137. Ashburnham had a 12.4% decrease in sales and a 17.4% increase in pricing in 2023.

The 7th best performing town in Massachusetts for 2023 was Holland, Massachusetts. Holland saw 30 home sales at an average sales price of $376,563 in 2023. This...

Top Appreciation & Depreciating Boston Neighborhoods for 2023

Top 3 Boston Appreciation & Depreciation Neighborhoods of 2023.

What a year for real estate. Everyone said it was gonna die off and be the way of 2008 with massive housing price declines. As a whole, it didn’t. The market in Massachusetts was a strong performer. But not all neighborhoods in Boston had the same fate. One neighborhood was down nearly 10%!

We disqualified neighborhoods that had under 20 sales. These neighborhoods included Bay Village, Mission Hill and the Chinatown/Leather District. It was not enough data for a good analysis. Our Multi-Listing service also doesn’t necessarily play by the Boston neighborhood rules… Sometimes it makes sense. Other Times it does not.  For example, the Seaport District was separated from South Boston. The Waterfront area is separated from the North End while Downtown lumped together the Financial District, Theatre District and Midtown. 

In 2023, the largest city in New England saw 4,887 properties closed with a median sales price of $799,000. We looked at all Single Family, Condo and Multi-Family sales in all the neighborhoods. Click Here to search all Boston Homes For Sale

This means that Boston saw a 21% decrease in the amount of units sold with prices going up 3.1% as in 2022 we sold 6,187 units for a median sales price of $775,000. 

Oh, 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. If you have real estate questions, then I am here to help.

So 3.1% for the entire city of Boston. Not bad. Again, especially for a year where everyone was saying that the market was going to tank. 

Let's first go over the top 3 best performing neighborhoods in Boston.

The third best performing...

2023 Massachusetts Real Estate Market Recap

The 2023 Massachusetts Market Recap

The 2023 chapter has come to an end. It’s hard to believe… But what a year. I have to say… That was the best real estate crash I have ever seen. 

All the so-called experts said 2023 was going to be the year that the real estate market was going to crash. It didn’t happen, so now they have extended their prediction into 2024! Which I can tell you with all certainty won’t happen. 

But let’s get into it all. What happened in the 2023 Massachusetts Real Estate Market. And what does it all mean for 2024 in the Single Family, Condo and Multi-Family Real Estate markets? 

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

We saw 36,248 Single Family homes sell in Massachusetts for an average sales price of $756 thousand dollars. 

It wasn’t a pretty year when you look at it from the sales perspective, but the market performed better than my prediction of 3% at this time last year. 

Yes, I was wrong with my prediction. I said the market was going to go up a max of 3% in 2022. I own that. But I will also point out that I was closer to being right then all of the market crashing crowd. 

Let’s start out with the sales. There wasn’t one month in 2023 that we exceeded the sales levels that we saw in 2022. Actually the closest year over year numbers we saw were in November where sales were off 9.2%. 

The 36,248 units sold was...