What is going on with the market?
Similar trends are statewide and in almost all the counties is the following,. Virtually every category is down except median sales price. The # of Listings are ranging from 10% down up to as high as 25% down….that means 25% less homes since 2021 are being listed and sold.
Another very important statistic , a 500k house with 20% down (100k)…….your affordability (principal and interest only ) has gone down by $200,000 in this example!!! This HAS to eventually start dropping prices. People can only afford so much per month. This is a correction that we are in the beginning stages of.
|Purchase Price||Down Payment||Rate||Principal and Interest||Difference|
|2022||500k||100k||6.60%||$ 2,564.64||$ 856.57|
|2022||700k||100K||6.60%||$ 3,831.95||$ 1,269.95|
2 Links for statistics are the following:
- Massachusetts statewide
- Select Counties (SGG practices Eastern MA Boston to Methuen ):
Rates 12/2/2021 vs 12/02/2022 (source : https://www.freddiemac.com/pmms/docs/historicalweeklydata.xlsx )
Source is home sale data Massachusetts Association of Realtors: https://www.marealtor.com/press-releases