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.