2022 SECOND QUARTER
Market Insights
Move beyond your expectations.
A L ET T ER FROM OU R
Chief Executive Officer We are honored to share with you the current real estate market report for the second quarter of 2022 in Eastern Massachusetts. Real estate has been in the news a lot lately and many of the headlines are quite dramatic. Let me share what is REALLY happening. As you know from our last report, the real estate market has been very hot over the last two and a half years ? particularly in the suburbs and on Cape Cod. The forecast of rising interest rates had the market moving at a feverish pace in early spring, with buyers trying to make their purchases before the rates rose. As predicted, interest rates have risen, as a result of the Fed?s attempts to temper inflation. While the feverish pace has cooled for several segments of the market, it has not created a ?slow market? or a ?buyer?s market?. We would consider this to be more of a ?normalizing? market. For instance, rather than 20 offers on one home, we see a few offers. Instead of selling within hours of a home?s market launch, it sells within days or weeks. Have the higher rates affected buyers? The short answer is yes. Some buyers have opted to step away and are renting a home. This has put pressure on the rental market in some areas, with rental prices having risen as a result. Other buyers have, instead, reassessed their price ranges and have continued their purchase searches. These people have the benefit of a cooler market. A few of the ?click-bait? headlines suggested that the bubble was bursting. However, real estate experts don?t see the conditions that led to the bubble that burst in 2008. Stringent lending policies have led to more responsible and sustainable mortgages. Buyers have equity in homes where they put down substantial down payments. And we don?t have an abundance of supply ? in fact, we could all benefit from additional supply. So, we don?t have a pre-bubble scenario. It is just more of a balanced market, with buyers gaining a bit more bargaining power in the marketplace. If we can help you create a strategy to make your real estate dreams happen, please feel free to contact us. We would be honored to help you.
Colleen Barry, CEO Gibson Sotheby's International Realty
Relationships are at the very heart of our business. They always have been, and they always will be. Nicole Rideout Hart wick Chief Strategy Officer Gibson Sotheby?s International Realty
Family values and a cult ure of support are essent ial t o our company et hos.
REA D M ORE I N T H E J U N E I S SU E OF RI S M ED I A
2 0 2 2 | 2 N D QUA RT ER M A RK ET I N S I GH T S
62 Mount Vernon St reet , Beacon Hill Source: MLSpin. For the purpose of this report , core neighborhoods include Back Bay, Bay Village, Beacon Hill, Charlestown, Leather District , Midtown, North End, South Boston, South End, Theatre District , Waterfront and the West End.
Boston S I N G L E FA M I LY L I S T I N GS TA K EN Q2 20 22 82 (-31% YOY) Q2 2021 118 M ED I A N DAYS O N M A RK ET Q2 20 22 15 (-58% YOY) Q2 2021 36 M ED I A N SA L E P RI C E Q2 20 22 $ 1,590,0 0 0 (+5% YOY) Q2 2021 $1,520,000 SOL D L I ST I N GS Q2 20 22 57 (+8% YOY) Q2 2021 53
Boston CON DOM IN IUM S L I S T I N GS TA K EN Q2 20 22 1,118 (-7% YOY) Q2 2021 1,206 M ED I A N DAYS O N M A RK ET Q2 20 22 20 (-20 % YOY) Q2 2021 25 M ED I A N SA L E P RI C E Q2 20 22 $ 962,950 (+13% YOY) Q2 2021 $849,500 SOL D L I ST I N GS Q2 20 22 768 (-14% YOY) Q2 2021 888
2 0 2 2 | 2 N D QUA RT ER M A RK ET I N S I GH T S
40 0 St uart St reet , Unit 26, Back Bay Source: MLSpin. For the purpose of this report , core neighborhoods include Back Bay, Bay Village, Beacon Hill, Charlestown, Leather District , Midtown, North End, South Boston, South End, Theatre District , Waterfront and the West End.
L U X U RY B EG I N S W I T H S ERV I C E
White Glove Gibson Sotheby?s International Realty?s White Glove program is designed to provide luxurious and comprehensive home preparation services with professional project management and no upfront costs. White Glove offers our clients value at every stage of the home selling or buying process with an exclusive suite of seamless services powered by Zoom Casa. Curious to learn more? Contact us today.
2 0 2 2 | 2 N D QUA RT ER M A RK ET I N S I GH T S
8 Highland St reet , Cambridge Source: MLSpin.
Cambridge S I N G L E FA M I LY L I S T I N GS TA K EN Q2 20 22 64 (-15% YOY) Q2 2021 75 M ED I A N DAYS O N M A RK ET Q2 20 22 14 (0 % YOY) Q2 2021 14 M ED I A N SA L E P RI C E Q2 20 22 $ 2,10 0,0 0 0 (+14% YOY) Q2 2021 $1,850,000 SOL D L I ST I N GS Q2 20 22 25 (-42% YOY) Q2 2021 43
Cambridge CON DOM IN IUM S L I S T I N GS TA K EN Q2 20 22 293 (-5% YOY) Q2 2021 307 M ED I A N DAYS O N M A RK ET Q2 20 22 15 (-6% YOY) Q2 2021 16 M ED I A N SA L E P RI C E Q2 20 22 $ 981,0 0 0 (+16% YOY) Q2 2021 $849,000 SOL D L I ST I N GS Q2 20 22 212 (-11% YOY) Q2 2021 239
2 0 2 2 | 2 N D QUA RT ER M A RK ET I N S I GH T S
26C Bradbury St reet , Unit 26C, Cambridge Source: MLSpin.
2 0 2 2 | 2 N D QUA RT ER M A RK ET I N S I GH T S
30 Academy St reet , Arlingt on Source: MLSpin.
Arlington S I N G L E FA M I LY L I S T I N GS TA K EN Q2 20 22 121 (+6% YOY) Q2 2021 114 M ED I A N DAYS O N M A RK ET Q2 20 22 8 (+14% YOY) Q2 2021 7 M ED I A N SA L E P RI C E Q2 20 22 $ 1,270,50 0 (+23% YOY) Q2 2021 $1,037,500 SOL D L I ST I N GS Q2 20 22 92 (0 % YOY) Q2 2021 92
Arlington CON DOM IN IUM S L I S T I N GS TA K EN Q2 20 22 92 (-4% YOY) Q2 2021 96 M ED I A N DAYS O N M A RK ET Q2 20 22 8 (-43% YOY) Q2 2021 14 M ED I A N SA L E P RI C E Q2 20 22 $ 807,0 0 0 (+22% YOY) Q2 2021 $662,500 SOL D L I ST I N GS Q2 20 22 79 (-17% YOY) Q2 2021 95
2 0 2 2 | 2 N D QUA RT ER M A RK ET I N S I GH T S
28 Russell Place, Unit 28, Arlingt on Source: MLSpin.
FI N D A H O M E YO U L OV E W I T H
Real Scout RealScout is the industry's # 1 collaborative home search app. Our clients rave about this innovative, mobile-friendly search tool! Want to try the future of the home buying search process? Contact our team to get started today.
2 0 2 2 | 2 N D QUA RT ER M A RK ET I N S I GH T S
60 Howland Road, Newt on Source: MLSpin. For the purpose of this report , Greater Boston includes Arlington, Belmont , Boston, Brookline, Burlington, Cambridge, Chelsea, Dedham, Everett , Medford, Milton, Newton, Revere, Somerville, Waltham, Watertown, Winchester, Winthrop, Woburn.
Greater Boston S I N G L E FA M I LY L I S T I N GS TA K EN Q2 20 22 1,569 (-2% YOY) Q2 2021 1,597 M ED I A N DAYS O N M A RK ET Q2 20 22 13 (-7% YOY) Q2 2021 14 M ED I A N SA L E P RI C E Q2 20 22 $ 985,0 0 0 (+9% YOY) Q2 2021 $900,000 SOL D L I ST I N GS Q2 20 22 1,0 37 (-11% YOY) Q2 2021 1,165
Greater Boston CON DOM IN IUM S L I S T I N GS TA K EN Q2 20 22 1,659 (-11% YOY) Q2 2021 1,867 M ED I A N DAYS O N M A RK ET Q2 20 22 15 (-21% YOY) Q2 2021 19 M ED I A N SA L E P RI C E Q2 20 22 $750,238 (+9% YOY) Q2 2021 $690,000 SOL D L I ST I N GS Q2 20 22 1,165 (-22% YOY) Q2 2021 1,497
2 0 2 2 | 2 N D QUA RT ER M A RK ET I N S I GH T S
39 Elmwood St reet , Unit 1, Somerville Source: MLSpin. For the purpose of this report , Greater Boston includes Arlington, Belmont , Boston, Brookline, Burlington, Cambridge, Chelsea, Dedham, Everett , Medford, Milton, Newton, Revere, Somerville, Waltham, Watertown, Winchester, Winthrop, Woburn.
2 0 2 2 | 2 N D QUA RT ER M A RK ET I N S I GH T S
5 Concord Road, West on Source: MLSpin. For the purpose of this report , MetroWest includes Ashland, Dover, Framingham, Holliston, Hopkinton, Medfield, Medway, Millis, Natick, Needham, Sherborn, Sudbury, Wellesley, Weston.
MetroWest S I N G L E FA M I LY L I S T I N GS TA K EN Q2 20 22 1,246 (-2% YOY) Q2 2021 1,271 M ED I A N DAYS O N M A RK ET Q2 20 22 13 (-7% YOY) Q2 2021 14 M ED I A N SA L E P RI C E Q2 20 22 $ 1,40 0,50 0 (+25% YOY) Q2 2021 $1,125,000 SOL D L I ST I N GS Q2 20 22 844 (-11% YOY) Q2 2021 945
North Shore S I N G L E FA M I LY L I S T I N GS TA K EN Q2 20 22 1,240 (+2% YOY) Q2 2021 1,222 M ED I A N DAYS O N M A RK ET Q2 20 22 17 (-11% YOY) Q2 2021 19 M ED I A N SA L E P RI C E Q2 20 22 $ 650,0 0 0 (+5% YOY) Q2 2021 $620,000 SOL D L I ST I N GS Q2 20 22 811 (-12% YOY) Q2 2021 925
2 0 2 2 | 2 N D QUA RT ER M A RK ET I N S I GH T S
15 Long Beach Road, Gloucest er Source: MLSpin. For the purpose of this report , the North Shore includes Amesbury, Beverly, Boxford, Danvers, Essex, Georgetown, Gloucester, Groveland, Hamilton, Haverhill, Ipswich, Lynn, Lynnfield, Manchester, Marblehead, Merrimac, Middleton, Nahant , Newbury, Newburyport , Peabody, Rockport , Rowley, Salem, Salisbury, Saugus, Swampscott , Topsfield, Wenham, and West Newbury.
2 0 2 2 | 2 N D QUA RT ER M A RK ET I N S I GH T S
715 Summer St reet , Marshfield Source: MLSpin. For the purpose of this report , South Shore includes Abington, Braintree, Carver, Cohasset , Duxbury, Halifax, Hanover, Hanson, Hingham, Hull, Kingston, Marshfield, Norwell, Pembroke, Plymouth, Plympton, Rockland, Scituate, Weymouth, Whitman.
South Shore S I N G L E FA M I LY L I S T I N GS TA K EN Q2 20 22 2,0 10 (-7% YOY) Q2 2021 2,153 M ED I A N DAYS O N M A RK ET Q2 20 22 17 (-6% YOY) Q2 2021 18 M ED I A N SA L E P RI C E Q2 20 22 $ 675,60 0 (+9% YOY) Q2 2021 $620,000 SOL D L I ST I N GS Q2 20 22 1,30 8 (-15% YOY) Q2 2021 1,533
D I S C OV ER T H E EA S E O F
Deposit Link DepositLink is a simple, secure and efficient way for real estate companies and escrow holders to collect earnest money deposits and commissions electronically through the ACH network.
DepositLink is a Game Changer -
With Same Day ACH, payments clear in less than 24 hours.
-
Safely request deposits and commissions from anywhere
-
Securely connect to more than 16,000 banks and credit unions nationwide
-
Unique workflows and reporting for sales and rentals
-
Divide payments among multiple buyers or tenants
-
Track the status of transfers in real-time with your phone
-
Issue refunds and co-broke payments electronically in seconds
Security is Our # 1 Priority -
We NEVER save or store any banking info
-
Clients?contact information is NEVER shared
-
Bank-level 256-bit key data encryption
-
Two-factor authentication login
-
2-step identity and account verification
Upper Cape S I N G L E FA M I LY L I S T I N GS TA K EN Q2 20 22 454 (-4% YOY) Q2 2021 477 AV ERA GE DAYS O N M A RK ET Q2 20 22 17 (-45% YOY) Q2 2021 31 M ED I A N SA L E P RI C E Q2 20 22 $710,0 0 0 (+19% YOY) Q2 2021 $592,000 SOL D L I ST I N GS Q2 20 22 311 (-15% YOY) Q2 2021 370
2 0 2 2 | 2 N D QUA RT ER M A RK ET I N S I GH T S
99 Reflect ion Drive, Sandwich Source: CCIMLS. For the purpose of this report , Upper Cape includes Bourne, Falmouth, Mashpee, Sandwich.
2 0 2 2 | 2 N D QUA RT ER M A RK ET I N S I GH T S
180 Pinquickset Cove Circle, Barnst able Source: CCIMLS. For the purpose of this report , Mid Cape includes Barnstable, Dennis, Yarmouth.
Mid Cape S I N G L E FA M I LY L I S T I N GS TA K EN Q2 20 22 525 (-14% YOY) Q2 2021 615 AV ERA GE DAYS O N M A RK ET Q2 20 22 24 (+26% YOY) Q2 2021 19 M ED I A N SA L E P RI C E Q2 20 22 $ 630,0 0 0 (+14% YOY) Q2 2021 $550,000 SOL D L I ST I N GS Q2 20 22 376 (-11% YOY) Q2 2021 425
Lower Cape S I N G L E FA M I LY L I S T I N GS TA K EN Q2 20 22 228 (-14% YOY) Q2 2021 268 AV ERA GE DAYS O N M A RK ET Q2 20 22 28 (-43% YOY) Q2 2021 49 M ED I A N SA L E P RI C E Q2 20 22 $ 925,0 0 0 (+16% YOY) Q2 2021 $795,000 SOL D L I ST I N GS Q2 20 22 145 (-19% YOY) Q2 2021 181
2 0 2 2 | 2 N D QUA RT ER M A RK ET I N S I GH T S
87 Beach Road, Orleans Source: CCIMLS. For the purpose of this report , Lower Cape includes Brewster, Chatham, Harwich, Orleans
2 0 2 2 | 2 N D QUA RT ER M A RK ET I N S I GH T S
345 Robbins Hill Road, Brewst er Source: CCIMLS. For the purpose of this report , Outer Cape includes Eastham, Wellfleet , Truro, Provincetown.
Outer Cape S I N G L E FA M I LY L I S T I N GS TA K EN Q2 20 22 91 (-12% YOY) Q2 2021 104 AV ERA GE DAYS O N M A RK ET Q2 20 22 30 (-47% YOY) Q2 2021 57 M ED I A N SA L E P RI C E Q2 20 22 $ 941,0 0 0 (+6% YOY) Q2 2021 $880,000 SOL D L I ST I N GS Q2 20 22 51 (-43% YOY) Q2 2021 91
Looking for more insights?Contact our team. Arlingt on
Cohasset
Provincet own
10 10 Massachusetts Avenue Arlington, MA 02476 781.648.350 0
1 South Main Street Cohasset , MA 02025 781.383.8835
168 Commercial Street Provincetown, MA 02657 50 8.487.2430
Back Bay 277 Dartmouth Street Boston, MA 02116 617.375.690 0
Dennis
Savin Hill
563 Route 6A Dennis, MA 02638 50 8.385.4944
119 Savin Hill Avenue Boston, MA 02125 617.825.0 80 0
Harwich Port
Sout h Bost on 141 Dorchester Avenue, # R102 Boston, MA 02127 617.482.920 0
Beacon Hill 66 Beacon Street Boston, MA 0210 8 857.310.5628
Brewst er 240 4 Main Street Brewster, MA 02631 50 8.896.50 0 0
Cambridge 10 0 8 Massachusetts Avenue Cambridge, MA 02138 617.945.9161 1762 Massachusetts Avenue Cambridge, MA 02140 617.864.9779
Charlest own 20 City Square Charlestown, MA 02129 617.242.4222
587 Route 28 Harwich Port , MA 02646 50 8.432.610 0
Hingham 15 Shipyard Drive 1A Hingham, MA 020 43 781.749.8833
Sout h End
Manchest er-by-t he-Sea 21 Central Street Manchester, MA 0 1944 987.526.0243
Sudbury 420 A Boston Post Road Sudbury, MA 0 1776 978.443.8484
Needham
Wellesley
936 Great Plain Avenue Needham, MA 02492 781.444.8383
54 Central Street Wellesley, MA 02482 781.237.8181
Nort h End | Wat erfront 2 Baldwin Place Boston, MA 0210 9 617.227.10 0 0
Chat ham
Orleans
40 9 Main Street Chatham, MA 02633 50 8.945.0 0 0 0
6 Route 6A Orleans, MA 02653 50 8.255.60 0 0
556 Tremont Street Boston, MA 02118 617.426.690 0
West on 544 Boston Post Road Weston, MA 02493 781.894.8282
West wood 745 High Street Westwood, MA 020 90 781.329.80 0 8
Whether you?re moving on or moving forward, nothing compares.
© 2022 Gibson Sotheby's International Realty. All rights reserved. Sotheby?s International Realty® and the Sotheby?s International Realty Logo are service marks licensed to Sotheby?s International Realty Affiliates LLC and used with permission. Gibson Sotheby's International Realty fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated. Any services or products provided by independently owned and operated franchisees are not provided by, affiliated with or related to Sotheby?s International Realty Affiliates LLC nor any of its affiliated companies.