Massachusetts June 2022 Single Family Housing Stats
Mass Housing sales stats for May 2022: Basically more of the same, higher prices, declining sales with a slight inventory build twist. I have been waiting for an inventory build which could foreshadow a price slow down.
Median Prices: $617,750 +12.32%
Closed Sales: 4,237 -6.59%
YTD Closed Sales: 16,227 -9.98%
Inventory: 4,310 +12.50%
YTD Inventory: +3.55%
New Listings: 6,726 +5.70%
YTD New Listings: 23,934 -6.21%
Months Supply: 1 +42.86%
Cumulative Days on Market: 25 -13.79%
I'm in Boston. I do my real estate sales very part time, but I keep an eye on several key submarkets. I am seeing price reductions these days. Not all properties, and not huge price reductions. But 3 months ago there were absolutely zero price reductions in markets like Medford. Now there are 3-4 on some days. It definitely feels like the market is turning. Just hoping it is a slow leveling off and not the top of the roller coaster ride.
I monitor a few specific submarkets as well, and I think pricing is tapering off in some neighborhoods while continuing to rise or hold steady in others. For example, I was very surprised to see two separate two-families in Somerville and Medford close for $100k+ above asking last week!
I also find the month over month changes more interesting than the y/y changes, particularly regarding inventory. And finally, I thought this national-level graph tells a good story of what is currently going on in the market: