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Welcome to The Griffin Real Estate Market Update, I’m Danny Griffin.
If you’re thinking about buying or selling residential real estate, it’s important to understand the current market trends.
According to MLSPIN, the marketplace for Boston residential properties, here’s what happened in February 2023 versus January 2023:
The Number of SOLD listings decreased by 37% to 41 properties with a top sale of $23 million at 109 Commonwealth Avenue #7 in Boston.
The Average Sales Price decreased by 31% to $1.7 million and the Average Price Per Square Foot decreased by 14% to $1,142 per square foot.
The inventory of properties available for sale as measured in months supply increased by 16% to 3.89 months worth of properties for sale.
The average 30-year fixed mortgage rate increased by 3% to an average rate of 6.64% according to Bank Rate.com
Although the market cooled a bit, pricing for high end properties remains very strong.
If you’re thinking about buying or selling residential real estate now or in the near future, it’s important to seek the guidance and advice of a professional real estate agent.
Thanks for tuning in, we’ll see you in the next Griffin Real Estate Market Update.
Boston
Average Sales Price
January 2023 – $2506739.29
February 2023 – $1719275.61
decreased by 31%
Average Days On Market
January 2023 – 62
February 2023 – 74
increased by 19%
Average Sale Price Per Square Foot
January 2023 – $1326.3
February 2023 – $1142.37
decreased by 14%
Sale to List Price Ratio
January 2023 – 96.58%
February 2023 – 97.66%
increased by 1%
Number of Sold Listings
January 2023 – 65
February 2023 – 41
decreased by 37%
Months Supply of Inventory
January 2023 – 3.35
February 2023 – 3.89
increased by 16%
Mortgage Rate
January 2023 – 6.64%
February 2023 – 6.42%
3% increased
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