We are honored to share with you the current real
estate market report for the first quarter of 2022 in Eastern Massachusetts. If you have
been reading our recent updates, some of the data will seem
familiar. As we saw for the suburban, coastal, and second-home
markets in 2020 and 2021, velocity continues to be the theme, with
properties moving at very fast rates – in some regions, the
median number of Days To Offer (DTO) is less than a
week!
So what are the conditions that have led to this
continued pace and rising prices? As we have noted before, we have
not built enough new homes over the last ten years. With household
formation at the peak for Millennials, this is leading to part of
the squeeze. Interest rates are rising – and this has led to
some buyers feeling the pressure to buy before they rise more.
Another contributor was the change to how many of us work remotely.
Cape Cod, and other markets that are known for a large contingent
of second homes, saw an influx of year-round home buyers when
work-from-home became the norm. Commutes were no longer a major
concern and people could live almost anywhere – why not live
in an area that offers abundant natural beauty? So, people flocked
to the Cape and the demand and number of cash offers drove the
market higher.
If we can help you and your loved ones with a
move in 2022 or help you create a strategy to make your real estate
dreams happen, please feel free to contact
us. We would be honored to help you.