Market Insights
A L ET T ER FROM OUR
ChiefExecutiveOfficer
The third quarter came to a close with another strong showing in the housing market in Eastern Massachusetts However, economic conditions are changing and we are seeing the signs of a coming market shift. This is something that experts have been predicting ? that inflation would need to be addressed and that those measures would slow economic growth and impact the housing market
On the top of everyone?s minds are mortgage interest rates. Rates had been held at historic lows for a long time Recently the Federal Reserve has been raising the Federal Funds Rate in an attempt to tame inflation. Most experts believe that while the Fed may continue their policy with additional increases, the largest increases are behind us
The question most clients are asking is how much will the housing market change? For the answer, we will look back at the last recession and how Massachusetts withstood those difficult conditions It is important to note that experts do not expect the same kind of negative impact as we saw as a result of the mortgage crisis of 2008 Mortgage practices have been far more rigorous and homeowners have a great deal more equity in their home today
The price index graph on the right shows home prices in Massachusetts and the bordering states compared to Florida and Nevada.As you can see,our region was less impacted.This demonstrates that there is no national housing forecast, just as there is no national weather forecast When it rains in Nevada,you don? t necessarily need an umbrella in Boston
Our colleagues in the mortgage industry are bringing back some financial instruments to help buyers and sellers in this shifting market. These include rate buy downs and adjustable rate mortgages. Both of these are designed to help consumers to contend with short term rake hikes
During changing market conditions, it is critically important that you work with a knowledgeable professional If you have questions about the value of your current home or about how you can prepare to purchase a home today,please connect with one of our agents.
Colleen Barry, CEO Gibson Sotheby's International Realty
HOM E PRICE INDEX FROM FHFA
Boston,MA (MSAD)
Los Angeles Long Beach Glendale, MA (MSAD)
Cambridge-Newton-Framingham, MA (MSAD)
Las Vegas Henderson Paradise, NV
Miami Miami Beach Kendall, FL (MSAD)
Chicago Naperville Evanston,IL (MSAD)
Source: https:// www fhfa gov/ DataTools/ Downloads/ Pages/ House Price Index Datasets aspx#qat Fed Housing Finance Agency
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Gibson Sotheby?s International Realty
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REA D M ORE I N T H E J UN E I SSUE OF RI SM EDI A
2 0 2 2 | 3 RD QUA RT ER M A RK ET I N SI GH TS 1Fairfield Street, 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
Boston SINGLE FAM ILY Q3 2022 45 (-30% YOY) Q3 2021 64 L I ST I N GS TA K EN Q3 2022 36 (+50% YOY) Q3 2021 24 M EDI A N DAYS ON M A RK ET Q3 2022 47 (-25% YOY) Q3 2021 63 SOL D L I ST I N GS Q3 2022 $1,950,000 (+50% YOY) Q3 2021 $1,299,000 M EDI A N SA L E PRI CE
CONDOM INIUM S
Boston
Q3 2022 605 (-17% YOY) Q3 2021 730 L I ST I N GS TA K EN Q3 2022 26 (-4% YOY) Q3 2021 27 M EDI A N DAYS ON M A RK ET Q3 2022 489 (-22% YOY) Q3 2021 627 SOL D L I ST I N GS Q3 2022 $919,000 (+7% YOY) Q3 2021 $860,000 M EDI A N SA L E PRI CE
2 0 2 2 | 3 RD QUA RT ER M A RK ET I N SI GH TS 500 Atlantic Avenue, Unit 16K, Waterfront 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
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LUX URY B EGI N S WI T H SERVI CE
2 0 2 2 | 3 RD QUA RT ER M A RK ET I N SI GH TS 62 Foster Street, Cambridge Source: MLSpin
Q3 2022 60 (+7% YOY) Q3 2021 56 L I ST I N GS TA K EN Q3 2022 15 (+7% YOY) Q3 2021 14 M EDI A N DAYS ON M A RK ET Q3 2022 33 (-37% YOY) Q3 2021 52 SOL D L I ST I N GS Q3 2022 $2,033,000 (+20% YOY) Q3 2021 $1,690,000 M EDI A N SA L E PRI CE Cambridge SINGLE FAM ILY
CONDOM INIUM S
I ST I N GS TA K EN
Q3 2022 212 (-11% YOY)
Q3 2021 237
M EDI A N DAYS ON M A RK ET
Q3 2022 21(+5% YOY)
2021 20
EDI A N SA L E PRI CE
Q3 2022
(+7% YOY)
2021
D L I ST I N GS
Q3 2022
(-22% YOY)
L
Q3
149
Q3 2021 192 SOL
$890,000
Q3
$830,000 M
Cambridge
2 0 2 2 | 3 RD QUA RT ER M A RK ET I N SI GH TS 61Upload Road, Unit 61, Cambridge Source: MLSpin
2 0 2 2 | 3 RD QUA RT ER M A RK ET I N SI GH TS 10 Oldham Road, Arlington Source: MLSpin
Q3 2022 95 (-5% YOY) Q3 2021 100 L I ST I N GS TA K EN Q3 2022 9 (0% YOY) Q3 2021 9 M EDI A N DAYS ON M A RK ET Q3 2022 76 (-12% YOY) Q3 2021 86 SOL D L I ST I N GS Q3 2022 $1,237,500 (+34% YOY) Q3 2021 $923,500 M EDI A N SA L E PRI CE Arlington SINGLE FAM ILY
CONDOM INIUM S
ST I N GS TA K
(-25% YOY)
EDI A N DAYS ON M A RK ET
(+47% YOY)
A
SA L E PRI
Q3 2022 79
Q3 2021 105 L I
EN Q3 2022 22
Q3 2021 15 M
Q3 2022 60 (-17% YOY) Q3 2021 72 SOL D L I ST I N GS Q3 2022 $717,500 (+0.7% YOY) Q3 2021 $712,500 M EDI
N
CE Arlington
2 0 2 2 | 3 RD QUA RT ER M A RK ET I N SI GH TS 87 Palmer Street, Unit 2, Arlington Source: MLSpin
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FI N
D A H OM E YOU LOVE WI T H
8 Saint James Court, Belmont
2 0 2 2 | 3 RD QUA RT ER M A RK ET I N SI GH TS
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
GreaterBoston
Q3 2022 1,149 (-8% YOY) Q3 2021 1,253 L I ST I N GS TA K EN Q3 2022 19 (+12% YOY) Q3 2021 17 M EDI A N DAYS ON M A RK ET Q3 2022 1,025 (-12% YOY) Q3 2021 1,165 SOL D L I ST I N GS Q3 2022 $935,000 (+4% YOY) Q3 2021 $900,000 M EDI A N SA L E PRI CE
SINGLE FAM ILY
GreaterBoston
CONDOM INIUM S
Q3 2022 1,206 (-16% YOY) Q3 2021 1,436 L I ST I N GS TA K EN Q3 2022 21(+5% YOY) Q3 2021 20 M EDI A N DAYS ON M A RK ET Q3 2022 973 (-20% YOY) Q3 2021 1,220 SOL D L I ST I N GS Q3 2022 $715,000 (+2% YOY) Q3 2021 $699,000 M EDI A N SA L E PRI CE
2 0 2 2 | 3 RD QUA RT ER M A RK ET I N SI GH TS 11Village Street, Unit D, 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 | 3 RD QUA RT ER M A RK ET I N SI GH TS 110 Hundreds Road, Wellesley Source: MLSpin For the purpose of this report,MetroWest includes Ashland,Dover,Framingham,Holliston, Hopkinton, Medfield,Medway, Millis,Natick, Needham,Sherborn, Sudbury,Wellesley,Weston
Q3 2022 784 (-13% YOY) Q3 2021 896 L I ST I N GS TA K EN Q3 2022 16 (0% YOY) Q3 2021 16 M EDI A N DAYS ON M A RK ET Q3 2022 857 (-11% YOY) Q3 2021 967 SOL D L I ST I N GS Q3 2022 $1,225,000 (+6% YOY) Q3 2021 $1,160,000 M EDI A N SA L E PRI CE MetroWest SINGLE FAM ILY
NorthShore
Q3 2022 1,068 (-13% YOY) Q3 2021 1,223 L I ST I N GS TA K EN Q3 2022 20 (+5% YOY) Q3 2021 19 M EDI A N DAYS ON M A RK ET Q3 2022 967 (-4% YOY) Q3 2021 1,010 SOL D L I ST I N GS Q3 2022 $660,000 (+7% YOY) Q3 2021 $619,000 M EDI A N SA L E PRI CE
SINGLE FAM ILY
2 0 2 2 | 3 RD QUA RT ER M A RK ET I N SI GH TS 10 Harbour Heights, Gloucester 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 | 3 RD QUA RT ER M A RK ET I N SI GH TS 132 Shore Ave, Quincy 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
SouthShore
Q3 2022 1,519 (-16% YOY) Q3 2021 1,815 L I ST I N GS TA K EN Q3 2022 19 (0% YOY) Q3 2021 19 M EDI A N DAYS ON M A RK ET Q3 2022 1,433 (-18% YOY) Q3 2021 1,741 SOL D L I ST I N GS Q3 2022 $665,000 (+9% YOY) Q3 2021 $609,000 M EDI A N SA L E PRI CE
SINGLE FAM ILY
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UpperCape
DAYS ON M
RK ET
Q3 2022 392 (-11% YOY) Q3 2021 444 L I ST I N GS TA K EN Q3 2022 26 (+24% YOY) Q3 2021 21 AVERAGE
A
Q3 2022 306 (-19% YOY) Q3 2021 378 SOL D L I ST I N GS Q3 2022 $695,000 (+8% YOY) Q3 2021 $639,950 M EDI A N SA L E PRI CE
SINGLE FAM ILY
2 0 2 2 | 3 RD QUA RT ER M A RK ET I N SI GH TS 14 Sheffield Place, Mashpee Source: CCIMLS For the purpose of this report,Upper Cape includes Bourne,Falmouth,Mashpee,Sandwich
2 0 2 2 | 3 RD QUA RT ER M A RK ET I N SI GH TS 21Grandview Drive, Yarmouth Source: CCIMLS For the purpose of this report,Mid Cape includes Barnstable,Dennis,Yarmouth
Q3 2022 422 (-21% YOY) Q3 2021 540 L I ST I N GS TA K EN Q3 2022 20 (-20% YOY) Q3 2021 25 AVERAGE DAYS ON M A RK ET Q3 2022 381(-19% YOY) Q3 2021 474 SOL D L I ST I N GS Q3 2022 $600,000 (+19% YOY) Q3 2021 $500,550 M EDI A N SA L E PRI CE MidCape SINGLE FAM ILY
LowerCape
Q3 2022 192 (-26% YOY) Q3 2021 261 L I ST I N GS TA K EN Q3 2022 19 (-21% YOY) Q3 2021 24 AVERAGE DAYS ON M A RK ET Q3 2022 173 (-24% YOY) Q3 2021 230 SOL D L I ST I N GS Q3 2022 $875,000 (+17% YOY) Q3 2021 $747,500 M EDI A N SA L E PRI CE
SINGLE FAM ILY
2 0 2 2 | 3 RD QUA RT ER M A RK ET I N SI GH TS
2 Nauset Knolls Lane, Orleans
Source: CCIMLS For the purpose of this report,Lower Cape includes Brewster,Chatham, Harwich,Orleans
2 0 2 2 | 3 RD QUA RT ER M A RK ET I N SI GH TS 25 Elsies Road, Truro Source: CCIMLS For the purpose of this report,Outer Cape includes Eastham,Wellfleet, Truro,Provincetown
Q3 2022 104 (-7% YOY) Q3 2021 112 L I ST I N GS TA K EN Q3 2022 22 (+22% YOY) Q3 2021 18 AVERAGE DAYS ON M A RK ET Q3 2022 70 (-15% YOY) Q3 2021 83 SOL D L I ST I N GS Q3 2022 $800,000 (-4% YOY) Q3 2021 $835,000 M EDI A N SA L E PRI CE OuterCape SINGLE FAM ILY
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Arlington
1010 Massachusetts Avenue Arlington,MA 02476 781648 3500
Back Bay 277 Dartmouth Street Boston,MA 02116 617375 6900
Beacon Hill 66 Beacon Street Boston,MA 02108 857310 5628
Brewster 2404 Main Street Brewster,MA 02631 508 896 5000 Cambridge 1008 Massachusetts Avenue Cambridge,MA 02138 617945 9161
1762 Massachusetts Avenue Cambridge,MA 02140 617864 9779
Charlestown
20 City Square Charlestown,MA 02129 617242 4222
Chatham 409 Main Street Chatham,MA 02633 508 945 0000
Cohasset
1South Main Street Cohasset,MA 02025 781383 8835
Dennis
563 Route 6A Dennis,MA 02638 508 385 4944
Harwich Port 587 Route 28 Harwich Port,MA 02646 508 432 6100
Hingham 15 Shipyard Drive 1A Hingham, MA 02043 781749 8833
Manchester by the Sea 21Central Street Manchester,MA 01944 987526 0243
Needham 936 Great Plain Avenue Needham, MA 02492 781444 8383
North End | Waterfront 2 Baldwin Place Boston,MA 02109 6172271000 Orleans 6 Route 6A Orleans,MA 02653 508.255.6000
Provincetown 168 Commercial Street Provincetown,MA 02657 508 4872430
Savin Hill
119 Savin Hill Avenue Boston,MA 02125 617.825.0800
South Boston
141Dorchester Avenue,#R102 Boston,MA 02127 617482 9200
South End 556 Tremont Street Boston,MA 02118 617.426.6900
Sudbury 420A Boston Post Road Sudbury,MA 01776 978 443 8484
Wellesley 54 Central Street Wellesley,MA 02482 7812378181
Weston 544 Boston Post Road Weston,MA 02493 781.894.8282
Westwood 745 High Street Westwood,MA 02090 781329 8008
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