Massachusetts Real Estate Market Update for the week of 10/24/2022
Channel: Living in Boston & the Burbs by Jeffrey Chubb
Date: 26/10/2022

Weekly Massachusetts Real Estate Market Update by Jeffrey Chubb - A Top Ranked Massachusetts Real Estate Agent
Recap of Video:
✅ Single Family 🏠 & Condo data for the week of October 24, 2022. Steady Eddy continues to be our trend in the MA market.
✅ Interest rates... Gone up a little, but 📜 historically speaking... Interests rates shouldn't be this high. We talk about why.
✅ My reaction to national headlines effecting the Real Estate market & industry.
✅ And a look at a Luxury 💰 condo in the Back Bay in Boston. 

➡️ Single Family 🏡 Market Data Week over Week ⬅️
✅ Single Family inventory in Massachusetts on 10/24 was 5,595 homes available to buyers. Year over year, buyers have 1,134 more homes available.
✅ 981 Single Family 🏠 homes came on the market this week! The average weekly new listings in August & September was 1,087.
✅ 954 Single Family homes went under agreement with 671 Single Families 💰 selling for an average price of $687k and a Median Price of $580k.
✅ Months of Inventory 🔼 increased to 1.49 months from 1.44 months last week. This signals a Very Strong Seller's Market (which is a little misleading which I talk about in the video update). 

➡️ Condo Market Data Week over Week ⬅️
✅ Condo inventory in Massachusetts on 📅 10/24 was 2,854 condos available to buyers. Inventory growth has become very stable with us nearly equaling the inventory levels at the same time last year. 
✅ 436 Condos came on the 🏛️ market this week. Above the average in August & September when 457 condos on average came on the market per week.  
✅ 362 Condos went under agreement with 272 Condos 💰 selling for an average price of $645k and a Median Price of $509,500.
✅ Months of Inventory 📈 increased to 2.23 months this week compared to 2.15 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 🙌 (for now!) with rates in the 7% range. 
✅ The spread on mortgages is a lot higher then it has been historically and this isn't because of FED Movement. The prospect of decreasing 📉 interest rates in the future are leading to higher rates today.  
✅ Article Headline #1: "Inventory of homes $10m and up grows as the top-end real estate market pulls back.    https://www.cnbc.com/video/2022/10/21/inventory-of-homes-10-million-and-up-grows-as-top-end-of-real-estate-market-pulls-back.html
✅ Article Headline #2: "Some companies are closing their 🚪 doors, others are shutting down divisions"  https://www.marketwatch.com/story/some-companies-are-closing-their-doors-others-are-shutting-down-divisions-rocket-ceos-plans-to-navigate-the-dramatic-decline-in-mortgages-11663614619
✅ Article Headline #3: "Mortgage delinquency rate decreased in September"   https://www.calculatedriskblog.com/2022/10/black-knight-mortgage-delinquency-rate.html
✅ Article Headline #4: "Application volume plunges to 25 year low"   https://www.mortgagenewsdaily.com/news/10052022-mortgage-application-volume
✅ Article Headline #5: "Mortgage rates ✍️ expected to fall to 5.4% by late 2023"   https://www.cnn.com/2022/10/24/homes/mortgage-rate-forecast-2023/index.html

➡️ A Look at Luxury Homes in Massachusetts ⬅️
✅ Newly listed Luxury Condo at 150 Beacon Street, Unit 1 in the Back Bay of Boston.
✅ The home 🏠 has 3 bedrooms, 3.5 baths spanning 4,698 square feet.
✅ Located between Berkley & Clarendon, this home has soaring 14 foot ceilings, an open designer 🔪 Kitchen, a grand landscaped deck and two car parking. 
✅ Magnificent architectural detail throughout with stunning woodwork that you will not find in new 👷 construction. This home is being marketed for $13,500,000. 
✅  Want to take a look? Click here to view this luxury condo in Boston!  https://www.boston2.com/idx/150-beacon-st-boston-ma-02116/12679579_spid/

👇Connect with me 
Jeffrey Chubb | Chubb Homes Team | 617-480-2600 | Jeff@Boston2.com | https://www.Boston2.com | Brokered by eXp Realty 

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. Whether it is Boston Real Estate or anywhere else in the state, the market reports matter!