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Ok, let's talk about the elephant in the room. Multiple times a week I get asked - "what IS going on in the 2023 real estate market?" Particularly how it compares to the last 2 years. |
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So.......Is the Party Over??? |
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After 2 years of record-breaking real estate market: homes sold over-asking with few or no contingencies. Greater Boston saw a slowdown in sales Nov-Dec 2022. We are one month into the 2023 market and both buyers & sellers are asking "is the real estate party over?" and the answer may surprise you...Apparently NOT!! Despite interest rates, buyers are back out at Open Houses...and they are coming in droves. Multiple offers are back. Not only did new January inventory go fast, but listings that had been on the market for 100+ days even went under contract. |
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New Listing in Westwood |
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COMING SOON: This spacious 5-bedroom Colonial located in a highly sought-after neighborhood sits on nearly an acre. The very special home offers a generous eat-in kitchen, 3 fireplaces, a large primary suite, and an attached 2-car garage. Close proximity to shops, restaurants, train stop, and highly desired Westwood Schools.Reach out for more information. |
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Year in Review: Over $162 Million Sold in 2022 |
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With the rise in interest rates, housing inventory accrued longer days on market and we even saw some price reductions. Nonetheless, homes across most communities continued to hold their value — and even appreciate, in many cases. Each quarter of 2022 saw a year-over-year decline in the number of sales, with a dramatic 28% dip among single-family homes in the fourth quarter. Each quarter also saw a year-over-year rise in median price, with a peak of $725,000 in the second quarter (10% higher than Q2 2021). Thereafter, a deceleration trend kicked in: By the fourth quarter, median price had dropped to $649,900 — up just 4% from Q4 2021. Over the course of the year, months of supply grew for single-families and condos alike. Meanwhile, absorption rates (which measure how quickly buyers are snapping up properties in a particular market) shrunk for both single-families and condos. Of particular note: Months of supply for the single-family market was up 114% year over year by the end of 2022. The following observations are based on year-to-date MLSPIN data for 150 communities as of December 31, 2022. In comparing 2022 with 2021, single-family home sales shrunk 16% and condo sales fell 22%. Meanwhile, average prices of single-families and condos were up 9% and 8%, respectively. Median prices also climbed for single-families and condos — 8% and 7%, respectively. Although homes were sitting on the market longer, median sales prices were up year over year in Q4 2022. This suggested the lack of inventory was still motivating buyers to pay more to put a property under agreement once they found one they thought was worth it. To take a deep dive in your area, this quarterly report goes into Greater Boston's residential market last quarter. View the full Q4 report here! Now remains a good time to put a home on the market due to the lack of inventory but overall higher median sales prices compared to 2021. As in Greater Boston, homes on the Cape and Islands generally held their value or appreciated last year.. |
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