Senné's annual market report has arrived! This was an extended effort well-beyond the scope of our monthly and quarterly market reports. Our team pulled 2022's data into tables for Single-Family, Condos, and Multifamily properties across each town, stacking it up with 2021's market data as a comparison.
I noticed in a lot of these tables that the year-over-year data was surprisingly similar from 2021 to 2022. This is likely due to the white hot market we witnessed in the earlier half of the year, peaking in May in these parts, paired with six months of uncertainty. Days on Market grew longer. Price changes became the norm. Mortgage rate hikes led to a dip in buyer activity, significantly impacting the amount of home people could afford.
Less homes were listed overall, so inventory wasn't great, but we started to see some stabilization towards the end of the year. In fact, in 2023, we should continue to see more stabilization across the board. Recent data shows high inflation has been slowing, meaning the Fed should ease on rate hikes this Spring. This could lead to a decline in mortgage rates as the year progresses, but it will be gradual.
Regardless of where things are headed, I think it's important for both homebuyers and homeowners to try not to time the market. If rates make enough sense with your current goals and financial situation, the opportunity to refinance down the line for a better rate may save you money now. People will always have reasons to move, in fact, 11-14% of all US households move each year. There is always some market somewhere, and it's our job to help you find it.
We're off to a quick start this year, during months that are typically pretty quiet before the Spring. Home prices seem to be normalizing, as does the market (in my neck of the woods at least). I'm noticing first-time homebuyers active again, and sellers listing their homes at prices consistent with 2-3 months of comps from the current market we are in. Tons of people are looking for rentals for 3/1 or 4/1 move-in dates, and even more for 8/1 or 9/1 in fear of rental inventory being historically low, as we've seen the past two years in the Greater Boston area.
I share this to demonstrate that there's really no one-size-fits-all. There's a solution for everything - one designed specifically to meet your needs. I'm excited for this year, and honestly, I hope the market we saw throughout the last years and pandemic is gone for good. Despite National headlines, hope is actually on the radar. Markets are hyperlocal, and can consist of neighborhoods or certain streets on their own in certain cities and towns. If you have questions or need help figuring out the best next step for you, feel free to contact me.
Get in touch with me today! You can access my real estate resources and calendar using this link.