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
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