The Federal Reserve's rate hikes may not yet have had an impact on the RED-HOT Fall River Multi-Family home market. Where it is having an impact is transaction volume!
Even with mortgage rates more than double the lows of 2021, the lack of inventory continues to support home values.
Year over year median sales price for multifamily homes on Fall River MA is up over 16 percent from May 2022.
Median days on market is up slightly to 22 days. While the list to sales price ratio was down slightly but still at 100%.
The place where the recent interest rate hikes have had an impact is transaction volume.
Listing volume is down over 15%. Units that went pending was down over 33% and units sold was also down over 33%. And possible insight into things to come, pending sales are down almost 40%.
Fewer homes, and fewer buyers that qualify at today's current prices results in fewer transactions. Or course, all real estate is local, so let us know if you would like to know more about what is happening in your neighborhood and if you like these updates, please like and subscribe so you can stay in the know.
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Investors still see opportunity in the Fall River multi-family home market pushing the year over year median sales price up more than 20% over the last year.
From March 2022 to March 2023 Fall River saw the median sales price of multi-family homes appreciate by 20.45%. This is on top of the 15% appreciation seen from 2021 to 2022.
To add fuel to the fire there were just 72 multi-family homes listed so far this year, down 27% from last year.
With the months of supply remained steady at .66 months.
Although higher mortgage rates have reduced the buyer traffic, the opportunities in Fall River continue to attract both owner-occupied multi family homeowners and investors.
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February’s median sales price for a multi-family Home in Fall River Ma jumped 17.25% from the previous February.
In February there were 36 multi families sold and closed with a median sales price of $521,771.
That’s up 17.25% compared to the previous February when there were 53 units sold and closed with a median sales price of $445,000.
Months of supply jumped 60% to 1.06 months. Still well below a balanced market.
It’s interesting to note that multifamily homes that are active on the market have a median days on market of 97 days. While for multifamily homes that are currently under agreement the days on market is just 16 days.
This indicates that as long as you are price appropriately there are eager buyers actively looking.
Of course, all real estate is local, so let me know if you want to know more about what is happening in your neighborhood and if you like these updates, please like and subscribe so you can stay in the know.
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This is your market in a minute for multi-family homes year end 2022 in Fall River MA.
Lack of inventory continues to plague the Fall River multi-family housing market with 2022 seeing a reduction in the number of multi-family home listed for sale by 20% from the previous year further fueling the pricing appreciation.
The average selling price for a multi-family home jumped almost 19% from 2022 to $524,000 with an average price of $157 per square foot.
Fewer listings, coupled with higher interest rates, resulted in the number of closed transactions dropping 26.5%, from 468 in 2021 to 344 in 2022.
Months of supply, although still strongly in the sellers' market jumped 85% to 1.5 months' supply over the previous year.
It's going to be interesting to see how this plays out in 2023 with raising rates and lenders tightening financing coupled with low inventory.
Of course, all real estate is local, and this is only for Fall River MA, so let me know if you would like to know more about what is happening in your neighborhood, community or town. And if you like these updates. please subscribe so you can stay "in-the-know".