Market Insights
2022 ANNUAL BOSTON
A L ET T ER FROM OUR ChiefExecutiveOfficer
The national news has continued to beat the "market crash" drum. This is no surprise when you realize that scary headlines garner the most "clicks" While there may be parts of the country that are seeing some struggles,that is not what we are generally seeing in Massachusetts.
Here is what is actually happening: the overall market has split into micro-markets That means that, while there are some general trends, there are also divergent trends based on the price point, the kind of home,the neighborhood,and other subset criteria
Let's look at price point,for example: In Massachusetts,generally speaking,the number of transactions is lower than last year, while prices have remained flat or have risen moderately But, if you look at the market under $900,000 or the market above it,you will see a "tale of two markets".
In the graphic to the right, you can see that the luxury market (in this case $900,000 and above) has not seen fewer sales In some luxury subsegments it has even grown So, why is that, you might ask? The answer is interest rates In the lower segments buyer affordability is heavily influenced by the cost of borrowing money in conforming loans.At the higher price points buyers are paying cash or using less expensive portfolio loans
But what about homes under $900,000? The lead indicators point to buyers coming back. Some buyers stepped away from the market, clearly spooked by mortgage rate volatility However, they are coming back with a renewed search criteria and alternative financing tools. Overwhelmingly our agents are telling me that buyers are calling and wanting to get back into the search Some are taking advantage of seller-paid rate buy-downs. Others are using state or federal programs that offer cash assistance or lower borrowing rates
In shifting markets, it is important to work with a company and agent who has the experience to guide you A recent company poll revealed that our agents have thousands of years of collective experience That led to Gibson Sotheby?s International Realty helping nearly 3,000 clients buy or sell homes last year for a total of over $3 6 billion in sales If you have considered a move, our agents can ensure that you make your next move with expert guidance Contact us for more information
Colleen Barry, CEO Gibson Sotheby's International Realty
Source: MLSpin as of 12/ 14/ 22 NUM BER OF LISTINGS SOLD YEAR OVER YEAR 2021 2022
Nicole Rideout Hartwick Chief Strategy Officer
Gibson Sotheby?s International Realty
Family values and a culture of support are essential to our company ethos
REA D M ORE I N T H E J UN E I SSUE OF RI SM EDI A
Relationshipsareat theveryheart ofourbusiness.Theyalwayshave been,andtheyalwayswillbe.
BackBay
SINGLE FAM ILY
L I ST I N GS TA K EN
10 (-17% YOY)
M EDI A N DAYS ON M A RK ET
117 (+3% YOY)
M EDI A N SA L E PRI CE
$4,787,500 (-5% YOY)
$5,050,000
SOL D L I ST I N GS
2 (-71% YOY)
2022
2021 12
2022
2021 114
2022
2021 7
2022
2021
2 0 2 2 M A RK ET I N SI GH TS
1Fairfield Street, Back Bay
Source: MLSpin
2 0 2 2 M A RK ET I N SI GH TS
393 Commonwealth Avenue, Unit PH, Back Bay
Source: MLSpin
BackBay
CONDOM INIUM S
L I ST I N GS TA K EN
513 (-5% YOY)
M EDI A N DAYS ON M A RK ET
31(-34% YOY)
M EDI A N SA L E PRI CE
$1,320,000 (+2% YOY)
$1,295,000
SOL D L I ST I N GS
323 (-16% YOY)
2022
2021 538
2022
2021 47
2022
2021 385
2022
2021
BayVillage
SINGLE
FAM ILY
L I ST I N GS TA K EN 2022
4 (+33% YOY)
31(+182% YOY) 2021
M EDI A N SA L E PRI CE
2022
$1,550,000 (-13% YOY) 2021
$1,780,000
SOL D L I ST I N GS
M EDI A N DAYS ON M A RK ET 2022
1(0% YOY)
2022
2021 3
11
2021 1
2 0 2 2 M A RK ET I N SI GH TS
18 Shawmut Street, Bay Village
Source: MLSpin
69 Church Street, Unit PH, Bay Village
2 0 2 2 M A RK ET I N SI GH TS
Source: MLSpin
BayVillage
CONDOM INIUM S
L I ST I N GS TA K EN
2022
12 (-40% YOY)
2021
20
M EDI A N DAYS ON M A RK ET
2022
15 (-42% YOY)
2021
26
M EDI A N SA L E PRI CE
2022
$2,895,000 (+263% YOY)
2021
$797,500
SOL D L I ST I N GS
2022
14 (+17% YOY)
2021
12
BeaconHill
SINGLE FAM ILY
L I ST I N GS TA K EN
2022
25 (-44% YOY)
2021
45
M EDI A N DAYS ON M A RK ET
2022
66 (-48% YOY)
2021
127
M EDI A N SA L E PRI CE
2022
$3,562,500 (+3% YOY)
2021
$3,450,000
SOL D L I ST I N GS
2022
28 (-3% YOY)
2021
29
2 0 2 2 M A RK ET I N SI GH TS
20 Charles River Square, Beacon Hill
Source: MLSpin
2 0 2 2 M A RK ET I N SI GH TS
82 Mount Vernon Street, Unit 1, Beacon Hill Source: MLSpin
BeaconHill
CONDOM INIUM S
L I ST I N GS TA K EN
2022
223 (-11% YOY)
2021
250
M EDI A N DAYS ON M A RK ET
2022
30 (-14% YOY)
2021
35
M EDI A N SA L E PRI CE
2022
$1,007,675 (+11% YOY)
2021
$910,000
SOL D L I ST I N GS
2022
144 (-21% YOY)
2021
182
WhiteGlove
Gibson Sotheby?s International Realty?s White Glove program is designed to provide luxurious and comprehensive home preparation services with professional project management and no upfront costs. White Glove offers our clients value at every stage of the home selling or buying process with an exclusive suite of seamless services powered by Zoom Casa.
Curious to learn more? Contact us today.
LUX URY B EGI N S WI T H SERVI CE
Charlestown
SINGLE FAM ILY
L I ST I N GS TA K EN
78 (-1% YOY)
14 (-18% YOY) 2021 17
M EDI A N SA L E PRI CE
2022
$1,400,000 (+8% YOY) 2021
$1,300,000
SOL D L I ST I N GS
M EDI A N DAYS ON M A RK ET 2022
59 (-9% YOY)
2022
2021
79
2022
2021 65
2 0 2 2 M A RK ET I N SI GH TS
59 Tremont Street, Charlestown
Source: MLSpin
2 0 2 2 M A RK ET I N SI GH TS
342 Bunker Hill Street, Unit 3E, Charlestown
Source: MLSpin
CONDOM INIUM S
2022 259 (-13% YOY) 2021 299 L I ST I N GS TA K EN 2022 19 (-5% YOY) 2021 20 M EDI A N DAYS ON M A RK ET 2022 204 (-23% YOY) 2021 266 SOL D L I ST I N GS 2022 $842,000 (+12% YOY) 2021 $749,500 M EDI A N SA L E PRI CE Charlestown
Dorchester
SINGLE FAM ILY
83 (-10% YOY)
23 (+5% YOY)
$775,000 (+12% YOY)
SOL D L I ST I N GS
59 (-15% YOY)
2022
2021 92
2022
2021 22
2022
L I ST I N GS TA K EN
M EDI A N DAYS ON M A RK ET
2021 69
2022
2021
$691,000 M EDI A N SA L E PRI CE
2 0 2 2 M A RK ET I N SI GH TS
31Ocean Street, Dorchester
Source: MLSpin
2 0 2 2 M A RK ET I N SI GH TS
21Park Street, Unit 1, Dorchester
Source: MLSpin
2022 266 (-24% YOY) 2021 352 L I ST I N GS TA K EN 2022 22 (-4% YOY) 2021 23 M EDI A N DAYS ON M A RK ET 2022 216 (-14% YOY) 2021 252 SOL D L I ST I N GS 2022 $559,500 (+0.4% YOY) 2021 $557,000 M EDI A N SA L E PRI CE Dorchester CONDOM INIUM
S
East Boston
SINGLE FAM ILY
L I ST I N GS TA K EN
2022
15 (-35% YOY)
2021
23
M EDI A N DAYS ON M A RK ET
2022
26 (+24% YOY)
2021
21
M EDI A N SA L E PRI CE
2022
$652,500 (+0.4% YOY)
2021
$650,000
SOL D L I ST I N GS
2022
14 (-26% YOY)
2021
19
2 0 2 2 M A RK ET I N SI GH TS
602 Saratoga Street, East Boston
Source: MLSpin
2 0 2 2 M A RK ET I N SI GH TS
9 Jeffries Street, Unit 2, East Boston
Source: MLSpin
2022 238 (-29% YOY) 2021 333 L I ST I N GS TA K EN 2022 31(-37% YOY) 2021 49 M EDI A N DAYS ON M A RK ET 2022
2021 369 SOL D L I ST I N GS 2022 $614,000 (-10% YOY) 2021 $680,900 M EDI A N SA L E PRI CE
CONDOM
141(-62% YOY)
East Boston
INIUM S
Midtown CONDOM INIUM S
L I ST I N GS TA K EN
181(+21% YOY)
56 (-24% YOY)
M EDI A N SA L E PRI CE
2022
$1,367,500 (+11% YOY) 2021
$1,230,000
SOL D L I ST I N GS
M EDI A N DAYS ON M A RK ET 2022
79 (-7% YOY) 2021 85
2022
2021
150
2022
2021 74
1Avery Street, Unit 30-D, Midtown
Source: MLSpin
2 0 2 2 M A RK ET I N SI GH TS
471Hanover
2 0 2 2 M A RK ET I N SI GH TS
Street, Unit 5, North End
Source: MLSpin
S
2022 100 (-7% YOY) 2021 108 L I ST I N GS TA K EN 2022 38 (+15% YOY) 2021 33 M EDI A N DAYS ON M A RK ET 2022 70
YOY) 2021 89 SOL D L I ST I N GS 2022
(+10% YOY) 2021
M EDI A N SA L E
(-21%
$697,500
$637,000
PRI CE NorthEnd CONDOM INIUM
RealScout
RealScout is the industry's #1collaborative home search app. Our clients rave about this innovative, mobile-friendly search tool! Want to try the future of the home buying search process? Contact our team to get started today.
FI N D A H OM E YOU LOVE WI T H
Seaport
CONDOM INIUM S
L I ST I N GS TA K EN
2022
193 (-41% YOY)
2021
325
M EDI A N DAYS ON M A RK ET
2022
37 (+68% YOY)
2021
22
M EDI A N SA L E PRI CE
2022
$1,273,587 (-21% YOY)
2021
$1,615,250
SOL D L I ST I N GS
2022
116 (-41% YOY)
2021
198
2 0 2 2 M A RK ET I N SI GH TS
25 Channel Center Street, Unit 210, Seaport
Source: MLSpin
2 0 2 2 M A RK ET I N SI GH TS
112 W 3rd Street, South Boston
Source: MLSpin
SINGLE FAM ILY
2022 67 (-4% YOY) 2021 70 L I ST I N GS TA K EN 2022 21(0% YOY) 2021 30 M EDI A N DAYS ON M A RK ET 2022 40 (-27% YOY) 2021 55 SOL D L I ST I N GS 2022 $1,050,000 (+2% YOY) 2021 $1,025,000 M EDI A N SA L E PRI CE SouthBoston
SouthBoston
CONDOM INIUM S
L I ST I N GS TA K EN
579 (-30% YOY)
M EDI A N DAYS ON M A RK ET
23 (-23% YOY)
M EDI A N SA L E PRI CE
$822,500 (+6% YOY) 2021 $773,450
SOL D L I ST I N GS
440 (-37% YOY)
2022
2021
828
2022
2021
30
2022
2021
696
2022
2 0 2 2 M A RK ET I N SI GH TS
3 Dorchester Street, Unit 3E, South Boston
Source: MLSpin
371Shawmut Avenue, South End
2 0 2 2 M A RK ET I N SI GH TS
Source: MLSpin
SouthEnd
SINGLE FAM ILY
L I ST I N GS TA K EN
2022
30 (-48% YOY)
2021
58
M EDI A N DAYS ON M A RK ET
2022
88 (+120% YOY)
2021
40
M EDI A N SA L E PRI CE
2022
$3,272,500 (-6% YOY)
2021
$3,475,000
SOL D L I ST I N GS
2022
22 (-51% YOY)
2021
45
SouthEnd
CONDOM INIUM S
L I ST I N GS TA K EN
846 (+7% YOY) 2021
789
M EDI A N DAYS ON M A RK ET
2022
21(-13% YOY) 2021 24
M EDI A N SA L E PRI CE
2022
$1,049,000 (+13% YOY)
2021
$930,450
SOL D L I ST I N GS
2022
517 (-11% YOY)
2021
582
2022
2 0 2 2 M A RK ET I N SI GH TS
1313 Washington Street, Unit 423, South End
Source: MLSpin
2 0 2 2 M A RK ET I N SI GH TS
55 Commercial Wharf, Unit 1, Waterfront
Source: MLSpin
Waterfront CONDOM INIUM S
L I ST I N GS TA K EN
2022
178 (-22% YOY)
2021
229
M EDI A N DAYS ON M A RK ET
2022
40 (-33% YOY)
2021
60
M EDI A N SA L E PRI CE
2022
$1,240,000 (+8% YOY)
2021
$1,150,000
SOL D L I ST I N GS
2022
124 (-23% YOY)
2021
160
DI SCOVER T H E EASE OF
Deposit Link
DepositLink is a simple, secure and efficient way for real estate companies and escrow holders to collect earnest money deposits and commissions electronically through the ACH network.
DepositLink is a Game Changer
- With Same Day ACH,payments clear in less than 24 hours
- Safely request deposits and commissions from anywhere
- Securely connect to more than 16,000 banks and credit unions nationwide
- Unique workflows and reporting for sales and rentals
- Divide payments among multiple buyers or tenants
- Track the status of transfers in real-time with your phone
- Issue refunds and co-broke payments electronically in seconds
Security is Our #1Priority
- We NEVERsave or store any banking info
- Clients?contact information is NEVERshared
- Bank-level 256-bit key data encryption
- Two-factor authentication login
- 2-step identity and account verification
Lookingformoreinsights?Contact ourteam.
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
Whetheryou?removing onormovingforward, nothingcompares. ©2022 Gibson Sotheby's International Realty All rights reserved Sotheby?s International Realty®and the Sotheby?s International Realty Logo are service marks licensed to Sotheby?s International Realty Affiliates LLC and used with permission Gibson Sotheby's International Realty fully supports the principles of the Fair Housing Act and the Equal Opportunity Act Each office is independently owned and operated Any services or products provided by independently owned and operated franchisees are not provided by,affiliated with or related to Sotheby?s International Realty Affiliates LLC nor any of its affiliated companies
