F I R S T QUA R T E R MA R K E T OV E R V I E W
835 Sea View Avenue, Osterville LearnMore.
The real estate market continues its trend of high prices and low inventory at the close of the first quarter of 2022. Looking at a few key indicators helps us understand the direction the market is heading as we move into the Spring – new listing inventory, pending home sales and mortgage rates. The first quarter tends to be the slowest of the year for real estate and 2022 is no different. All regions across the coastal communities of Massachusetts are seeing record levels of low inventory without signs of it letting up. Barnstable County had 998 new residential listings come on the market during the first quarter, down 9% year-over-year. Historically, we would usually see over 500 new listings in January alone. On the South Coast and South Shore, we have also seen a decline in new inventory at 1% and 22% respectively. Boston proper has seen a slight uptick in new listings by 4% year-over-year. While a promising sign of what’s to come, this is still not enough to offset this unprecedented seller’s market. For the time being, buyer demand continues to surpass the active supply of homes and as a result the median price increased 6% from the same time last year to $746,250. While there is still a reduced number of new listings in Cambridge and Somerville compared to last year, there are fewer homes going pending than coming on the market during the first three months. This is allowing the inventory to build in these areas. Cambridge active inventory is up 24% and Somerville is up 31%. 2022 Q1 Market Report
Not surprising, Cape Cod has been named one of the hottest luxury markets in the United States by a report released by Realtor. com. According to the report, Barnstable was number six for the most sought-after luxury homes in the country. The median list price for the top 1% in Barnstable was $15.9 million. Luxury real estate continues to be a hot commodity for today’s high-net-worth individuals. For the market to stabilize, we need a healthy supply of inventory and matching buyer demand. There are several moves that need to happen for this to be achieved. Since the start of the year the Federal Reserve has begun to tighten financial conditions to cool demand in the economy amid high inflation. It is anticipated that Fed policymakers will have a series of swift interest rate hikes throughout the year. The Fed completed the first raise to the benchmark rate last month for the first time in three years. Last week the average interest rate for a home loan rose to more than 5%, the highest level since November 2018. The rise in borrowing costs is the first move to help curtail buyer demand. Next, as demand decreases, supply will begin to organically increase. Then as we start to see supply increase, the median price will begin to soften. With the rate hikes on the horizon, it is highly recommended that sellers who have considered jumping into this market start to make serious considerations to capture the historically high prices this Spring. This is certainly one of the best seller markets we have ever seen, and it is expected to continue as we move into the second quarter of the year. With the bump in interest rates causing many buyers to lock in before the next increase, it is anticipated that sellers will still have multiple offers to choose from and buyers will still have fierce competition. Good to Know®
5 BERKSH I RE HATHAWAY HOMESERV I CES ROBERT PAUL PROPERT I ES Based on information provided to and compiled by CCIMLS covering the period 1/1/22-3/31/22 -37% -9% -26% -22% +10% +12% Homes for Sale New Listings Pending Listings Sold Listings Median List $ Median Sold $ 2021 1,763 2022 1,102 2021 1,100 2022 998 2021 1,230 2022 916 2021 1,093 2022 858 2021 $524,900 2022 $579,000 2021 $525,000 2022 $590,000 Single Family Homes, Condominiums Barnstable County Cape Cod
BERKSH I RE HATHAWAY HOMESERV I CES ROBERT PAUL PROPERT I ES 6 Based on information provided to and compiled by CCIMLS covering the period 1/1/22-3/31/22 Upper Cape Mid Cape Single Family Homes, Condominiums, Sandwich | Bourne | Mashpee | Falmouth Single Family Homes, Condominiums, Barnstable | Dennis | Yarmouth -28% +3% -15% -15% +10% +12% Homes for Sale New Listings Pending Listings Sold Listings Median List $ Median Sold $ 2021 472 2022 379 2021 367 2022 379 2021 386 2022 329 2021 331 2022 283 2021 $519,000 2022 $569,000 2021 $518,000 2022 $580,000 -42% -11% -19% -13% +16% +20% Homes for Sale New Listings Pending Listings Sold Listings Median List $ Median Sold $ 2021 668 2022 388 2021 444 2022 394 2021 452 2022 368 2021 397 2022 344 2021 $449,000 2022 $519,000 2021 $450,000 2022 $540,000
7 BERKSH I RE HATHAWAY HOMESERV I CES ROBERT PAUL PROPERT I ES Based on information provided to and compiled by CCIMLS covering the period 1/1/22-3/31/22 Lower Cape Outer Cape Single Family Homes, Condominiums, Chatham | Orleans | Brewster | Harwich Single Family Homes, Condominiums, Provincetown | Truro | Wellfleet | Eastham -37% -26% -44% -33% +9% +14% Homes for Sale New Listings Pending Listings Sold Listings Median List $ Median Sold $ 2021 318 2022 201 2021 187 2022 139 2021 243 2022 137 2021 218 2022 147 2021 $645,000 2022 $699,900 2021 $628,500 2022 $719,000 -42% -16% -45% -43% +13% +12% Homes for Sale New Listings Pending Listings Sold Listings Median List $ Median Sold $ 2021 305 2022 176 2021 102 2022 86 2021 149 2022 82 2021 147 2022 84 2021 $675,000 2022 $762,500 2021 $670,000 2022 $748,000
$2M+ 2022 - Q1 MARKET SNAPSHOT CAPE COD 14 BeachWay, East Sandwich LearnMore.
9 Based on information provided to and compiled by CCIMLS covering the period 1/1/22-3/31/22 -31% +34% -13% -18% -11% -12% Homes for Sale New Listings Pending Listings Sold Listings Median List $ Median Sold $ 2021 334 2022 229 2021 53 2022 71 2021 68 2022 59 2021 55 2022 45 2021 $3,495,000 2022 $3,100,000 2021 $3,300,000 2022 $2,917,000 $2M+ Single Family Homes, Condominiums Barnstable County Cape Cod
BERKSH I RE HATHAWAY HOMESERV I CES ROBERT PAUL PROPERT I ES 10 Based on information provided to and compiled by CCIMLS covering the period 1/1/22-3/31/22 Upper Cape Mid Cape $2M+ Single Family Homes, Condominiums, Sandwich | Bourne | Mashpee | Falmouth $2M+ Single Family Homes, Condominiums, Barnstable | Dennis | Yarmouth -42% +109% +36% +13% +9% +16% Homes for Sale New Listings Pending Listings Sold Listings Median List $ Median Sold $ 2021 83 2022 48 2021 11 2022 23 2021 11 2022 15 2021 8 2022 9 2021 $2,745,000 2022 $2,995,000 2021 $2,370,000 2022 $2,750,000 -28% +25% -14% -19% -17% -21% Homes for Sale New Listings Pending Listings Sold Listings Median List $ Median Sold $ 2021 104 2022 75 2021 16 2022 20 2021 21 2022 18 2021 16 2022 13 2021 $3,872,500 2022 $3,195,000 2021 $3,650,000 2022 $2,875,000
11 BERKSH I RE HATHAWAY HOMESERV I CES ROBERT PAUL PROPERT I ES Based on information provided to and compiled by CCIMLS covering the period 1/1/22-3/31/22 Lower Cape Outer Cape $2M+ Single Family Homes, Condominiums, Chatham | Orleans | Brewster | Harwich $2M+ Single Family Homes, Condominiums, Provincetown | Truro | Wellfleet | Eastham -32% +10% -40% -36% -1% 0% Homes for Sale New Listings Pending Listings Sold Listings Median List $ Median Sold $ 2021 115 2022 78 2021 21 2022 23 2021 30 2022 18 2021 25 2022 16 2021 $3,695,000 2022 $3,645,000 2021 $3,500,000 2022 $3,500,000 -13% 0% +33% +17% +21% +23% Homes for Sale New Listings Pending Listings Sold Listings Median List $ Median Sold $ 2021 32 2022 28 2021 5 2022 5 2021 6 2022 8 2021 6 2022 7 2021 $2,440,000 2022 $2,950,000 2021 $2,215,000 2022 $2,725,000
BERKSH I RE HATHAWAY HOMESERV I CES ROBERT PAUL PROPERT I ES 12 Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 1/1/22-3/31/22 Single Family Homes, Condominiums & Multi-Family Boston -14% +4% -5% -11% +6% +6% Homes for Sale New Listings Pending Listings Sold Listings Median List $ Median Sold $ 2021 1160 2022 1001 2021 2437 2022 2532 2021 2073 2022 1965 2021 1398 2022 1245 2021 $917,000 2022 $975,000 2021 $701,000 2022 $746,250
13 BERKSH I RE HATHAWAY HOMESERV I CES ROBERT PAUL PROPERT I ES Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 1/1/22-3/31/22 Cambridge Somerville Single Family Homes, Condominiums & Multi-Family Single Family Homes, Condominiums & Multi-Family +24% -11% -16% -4% +14% +44% Homes for Sale New Listings Pending Listings Sold Listings Median List $ Median Sold $ 2021 94 2022 117 2021 369 2022 327 2021 233 2022 195 2021 144 2022 138 2021 $966,500 2022 $1,100,000 2021 $819,000 2022 $1,177,500 +31% -2% -21% +65% -3% +22% Homes for Sale New Listings Pending Listings Sold Listings Median List $ Median Sold $ 2021 77 2022 101 2021 243 2022 237 2021 232 2022 184 2021 165 2022 273 2021 $925,000 2022 $900,000 2021 $840,000 2022 $1,022,500
BERKSH I RE HATHAWAY HOMESERV I CES ROBERT PAUL PROPERT I ES 14 South Coast New Bedford Single Family Homes, Condominiums & Multi-Family Dartmouth, Fairhaven, Marion, Mattapoisett, Rochester, Wareham, Westport Single Family Homes, Condominiums & Multi-Family -16% -1% -5% -13% +20% +13% Homes for Sale New Listings Pending Listings Sold Listings Median List $ Median Sold $ 2021 124 2022 104 2021 296 2022 293 2021 316 2022 299 2021 258 2022 225 2021 $549,900 2022 $659,000 2021 $397,450 2022 $450,000 +4% -7% -21% -4% +25% +13% Homes for Sale New Listings Pending Listings Sold Listings Median List $ Median Sold $ 2021 51 2022 53 2021 237 2022 221 2021 273 2022 217 2021 204 2022 196 2021 $299,900 2022 $376,000 2021 $308,400 2022 $350,000 Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 1/1/22-3/31/22
15 BERKSH I RE HATHAWAY HOMESERV I CES ROBERT PAUL PROPERT I ES South Shore Single Family Homes, Condominiums & Multi-Family Hingham, Cohasset, Norwell, Scituate, Marshfield, Pembroke, Duxbury, Kingston, Hanover, Plymouth -26% -22% -24% -11% +8% + 11% Homes for Sale New Listings Pending Listings Sold Listings Median List $ Median Sold $ 2021 210 2022 156 2021 819 2022 637 2021 796 2022 608 2021 548 2022 487 2021 $729,975 2022 $784,900 2021 $560,000 2022 $619,000 Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 1/1/22-3/31/22
$2M+ 2022 - Q1 MARKET SNAPSHOT BOSTON SOUTH COAST SOUTH SHORE 16 Exeter Street, Unit 1, Back Bay, Boston LearnMore.
17 Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 1/1/22-3/31/22 Single Family Homes, Condominiums & Multi-Family Boston -5% +32% +45% +65% -4% -2% Homes for Sale New Listings Pending Listings Sold Listings Median List $ Median Sold $ 2021 251 2022 239 2021 260 2022 343 2021 121 2022 176 2021 68 2022 112 2021 $3,500,000 2022 $3,350,000 2021 $2,995,000 2022 $2,950,000
BERKSH I RE HATHAWAY HOMESERV I CES ROBERT PAUL PROPERT I ES 18 Somerville $2M+ Single Family Homes, Condominiums & Multi-Family +100% +150% +150% +400% +44% -17% Homes for Sale New Listings Pending Listings Sold Listings Median List $ Median Sold $ 2021 3 2022 6 2021 4 2022 10 2021 2 2022 5 2021 1 2022 5 2021 $2,299,000 2022 $3,317,000 2021 $2,980,000 2022 $2,484,950 Cambridge $2M+ Single Family Homes, Condominiums & Multi-Family +57% +41% +26% +92% +27% +8% Homes for Sale New Listings Pending Listings Sold Listings Median List $ Median Sold $ 2021 21 2022 33 2021 34 2022 48 2021 27 2022 34 2021 13 2022 25 2021 $2,595,000 2022 $3,300,000 2021 $2,350,000 2022 $2,545,000 Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 1/1/22-3/31/22
South Coast $2M+ Single Family Homes, Condominiums & Multi-Family Dartmouth, Fairhaven, Marion, Mattapoisett, Rochester, Wareham, Westport +67% +150% +200% -33% -17% -4% Homes for Sale New Listings Pending Listings Sold Listings Median List $ Median Sold $ 2021 6 2022 10 2021 4 2022 10 2021 2 2022 6 2021 3 2022 2 2021 $3,385,000 2022 $2,824,999 2021 $ 2,400,000 2022 $2,300,000 Based on information provided to and compiled by MLS Property Information Network, Inc. covering the period 1/1/22-3/31/22 19 BERKSH I RE HATHAWAY HOMESERV I CES ROBERT PAUL PROPERT I ES South Shore $2M+ Single Family Homes, Condominiums & Multi-Family Hingham, Cohasset, Norwell, Scituate, Marshfield, Pembroke, Duxbury, Kingston, Hanover, Plymouth -18% +52% +17% +50% +23% -13% Homes for Sale New Listings Pending Listings Sold Listings Median List $ Median Sold $ 2021 17 2022 14 2021 21 2022 32 2021 18 2022 21 2021 6 2022 9 2021 $2,650,000 2022 $3,247,000 2021 $2,763,000 2022 $2,400,000
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