Massachusetts Real Estate Market update for the week of 7/4/2022 and June 2022 vs. June 2021
Channel: Living in Boston & the Burbs by Jeffrey Chubb
Date: 05/07/2022

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