Massachusetts Real Estate Market Update for 11.14.2022
Channel: Living in Boston & the Burbs by Jeffrey Chubb
Date: 16/11/2022

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Massachusetts Real Estate Market Update done weekly. This is for data consisting the week ending 11.14.2022.
Recap of Video:
✅ Single Family 🏠 & Condo data for the week of November 14th. Inventory dropped in the Massachusetts housing market!
✅ Interest rates... HISTORIC WEEK!
✅ Tracking distressed (foreclosures) properties for sale in Massachusetts. 
✅ Massachusetts Luxury that is a SINGLE FAMILY in the Back Bay!

➡️ Single Family 🏡 Market Data Week over Week ⬅️
✅ Single Family inventory in Massachusetts on 11/14 was 5,304 homes available to buyers. Year over year, buyers have 1,472 more homes available.
✅ 775 Single Family 🏠 homes came on the market this week! The average weekly new listings in September & October was 1,046.
✅ 869 Single Family homes went under agreement with 548 Single Families 💰 selling for an average price of $719k and a Median Price of $555k.
✅ Months of Inventory 🔼 increased (slightly) to 1.49 months from 1.48 months last week. This signals a Very Strong Seller's Market (Still misleading...). 

➡️ Condo Market Data Week over Week ⬅️
✅ Condo inventory in Massachusetts on 📅 11/14 was 2,763 condos available to buyers. Currently 209 more condos for a buyer to choose from then compared to last year. 
✅ 361 Condos came on the 🏛️ market this week. Above the average in September & October when 485 condos on average came on the market per week.  
✅ 335 Condos went under agreement with 196 (OUCH) Condos 💰 selling for an average price of $613k and a Median Price of $465k.
✅ Months of Inventory 📈 increased to 2.12 months this week compared to 2.08 months last week. This market is a LOT softer then this indicator would lead us to believe (More like 4.5 months). 

➡️ Mortgage Market News & Other Headlines ⬅️
✅ Interest rates FELL OFF A CLIFF!!!
✅ Down by a 1/2% in just one day... All thanks to the great CPI & PPI numbers
✅ Homebuyers gained more then 5% of buying power in just one day! (A Mortgage payment for a $500k on Wednesday could buy you a $525k house on Thursday). 

➡️ Let's talk foreclosures in Massachusetts ⬅️
✅ Currently 132 Foreclosures for Sale with 33 Short Sales on the market.
✅ Distressed sales consist of 1.8% of the inventory on the market.

➡️ Massachusetts Luxury Real Estate ⬅️
✅ Single Family home in the Back Bay that is known as the Ayer Mansion. Exceptional piece of Boston Real Estate
✅ Spans 15,000sqft and has 3 car parking.
✅ Historic home that is a piece of history. Check out this New York Times article on the house!   https://www.nytimes.com/2021/05/11/arts/design/ayer-mansion-tiffany-boston.html
✅ Needs to be renovated with a current asking price of $14.995m  
✅ Check out this unbelievable home by clicking here!   https://www.boston2.com/idx/395-commonwealth-boston-ma-02115/12705527_spid/
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Video Chapters
00:00 - Introduction
0:43 - Single Family Data
2:59 - Condo Market Data
5:51 - Mortgage Market Recap
7:20 - Massachusetts Distressed Data (Foreclosures & Short Sales)
8:14 - Massachusetts Luxury
9:17 - Conclusion
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👇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. Whether you are looking for a Boston Market Update or an entire Massachusetts Market Update, then this data will be helpful! 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 appreciating or Massachusetts Real Estate depreciating. Whether it is Boston Real Estate or anywhere else in the state, the market reports matter!