2022 Q3 Boston Market Report

Market Insights

2022 THIRD QUARTER BOSTON

A L ET T ER FROM OUR

ChiefExecutiveOfficer

The third quarter came to a close with another strong showing in the housing market in Eastern Massachusetts However, economic conditions are changing and we are seeing the signs of a coming market shift. This is something that experts have been predicting ? that inflation would need to be addressed and that those measures would slow economic growth and impact the housing market

On the top of everyone?s minds are mortgage interest rates. Rates had been held at historic lows for a long time Recently the Federal Reserve has been raising the Federal Funds Rate in an attempt to tame inflation. Most experts believe that while the Fed may continue their policy with additional increases, the largest increases are behind us

The question most clients are asking is how much will the housing market change? For the answer, we will look back at the last recession and how Massachusetts withstood those difficult conditions It is important to note that experts do not expect the same kind of negative impact as we saw as a result of the mortgage crisis of 2008 Mortgage practices have been far more rigorous and homeowners have a great deal more equity in their home today

The price index graph on the right shows home prices in Massachusetts and the bordering states compared to Florida and Nevada.As you can see,our region was less impacted.This demonstrates that there is no national housing forecast, just as there is no national weather forecast When it rains in Nevada,you don? t necessarily need an umbrella in Boston

Our colleagues in the mortgage industry are bringing back some financial instruments to help buyers and sellers in this shifting market. These include rate buy downs and adjustable rate mortgages. Both of these are designed to help consumers to contend with short term rake hikes

During changing market conditions, it is critically important that you work with a knowledgeable professional If you have questions about the value of your current home or about how you can prepare to purchase a home today,please connect with one of our agents.

Colleen Barry, CEO Gibson Sotheby's International Realty

HOM E PRICE INDEX FROM FHFA

Boston,MA (MSAD)

Los Angeles Long Beach Glendale, MA (MSAD)

Cambridge-Newton-Framingham, MA (MSAD)

Las Vegas Henderson Paradise, NV

Miami Miami Beach Kendall, FL (MSAD)

Chicago Naperville Evanston,IL (MSAD)

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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

SouthEnd

SouthEnd CONDOM INIUM S

N GS

(-28% YOY)

EDI A N DAYS ON M A RK

(+9% YOY)

BackBay CONDOM INIUM

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LUX URY B EGI N S WI T H SERVI CE

INIUM S

SouthBoston

SINGLE FAM ILY

ST I N GS

(-30% YOY)

K

EDI A N DAYS ON M A RK ET

(0% YOY)

A N SA L E PRI

SouthBoston

INIUM S

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Dorchester

147 Grampian Way, Unit 2, Dorchester

MLSpin

Dorchester

INIUM

Seaport

INIUM S

I ST I N GS TA K EN

(-45% YOY)

EDI A N DAYS ON M A RK ET

(+14% YOY)

A N SA L E PRI

(-42% YOY)

L I ST I N

YOY)

Waterfront

NorthEnd

NorthEnd

INIUM

Charlestown

Charlestown

Midtown

CONDOM INIUM S

ST I N GS

(+50% YOY)

K

EDI A N DAYS ON M A RK ET

(-10% YOY)

A N SA L E PRI

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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