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A deep dive into the Boston Area Single-Family Home, Condo, and Townhome Real Estate Market for the week ending 5/21/2021

A deep dive into the Boston Area Single-Family Home, Condo, and Townhome Real Estate Market for the week ending 5/21/2021

 

This week I’ve added several more market reports for specific zip codes in the Boston area including the 02115, 02116, and Newton reports. Boston 02108, 02115, 02116 are in a buyer’s advantage market whereas other markets like Cambridge, Charlestown, and most notably Newton and Wellesley continue to be in seller’s markets.

 

Boston, MA Single-Family Homes

The week’s median list price at close of 5/21/2021 for single-family homes is $2.05M. The 90 day average dipped back to $2.2M, the first decline since prices started to rise in February. The market action index (MAI), a gauge of who has advantage, also inched closer to a buyer’s market at 38. An MAI of 30 or less signals a true buyer’s market. This could be due to increase in inventory to 92 units, up over 10 units from last week.

 

Boston, MA Condos and Townhomes Homes

Condo and townhome prices have been trending up since February in Boston. The MAI indicates a slight seller’s advantage rising one point to 42 this week. This week’s median list price is $969k which is just above the 90 average of $953k. Inventory increased over twenty units to 953. Townhome sales continue to outweigh demand so expect continued increase in price and more seller’s advantage.

 

Boston 02108 Single-Family Homes

This week’s median list price in Boston 02108 is $8.175M. The 90 day average, which has been falling since the beginning of April, dropped to $9.4M. The MAI in this zip code is hovering around 20, down from last month’s MAI of 23 indicating a buyer’s market. Inventory decreased to 10. Demand is low in this zip code’s market relative to inventory.

 

Boston 02108 Condos and Townhomes

This week’s median list price in Boston 02108 is $1.775M. The 90 day average dipped for the second week in a row to $2.6M. This comes after a pretty consistent increase from February to mid-May. The MAI is 38, down only one point from last month’s close of 39. Inventory held steady at or around 25. Inventory held sufficiently low for condos and townhomes in this zip code to keep this in a seller’s market.

 

Boston 02115 Single-Family Homes

Like the 02108 market, the 02115 remains a buyer’s market. This week’s median list price in Boston 02115 is $5.995M. Prices have been falling since mid-March with the 90 day average at $6.0M. Inventory increased to 6.

Boston 02115 Condos and Townhomes

This week’s median list price in Boston 02115 is $1.0M, with the 90 day average of $930k at a stasis over the past couple of weeks. Unlike the market for single-family homes in this zip code, the condo and townhome market is a seller’s market with a Market Action Index at 44, up 4 points from last month’s close.

 

Boston 02116 Single-Family Homes

Like Boston proper, the 02116 single-family home market is in a slight seller’s advantage market. The week’s median list price is $5.6M and 90 day average continuing to trend up at $4.1M. The Market Action Index of 41 is steady from April’s close of 40. Inventory increased to 6 this week. Sales demands have led to increase in home prices in this area. With inventory low we expect this trend to continue.

 

Boston 02116 Condos and Townhomes

As for single-family homes in the 02116 zip code, condo and townhome markets are at a slight seller’s advantage. The week’s median list price is $2.1M and 90 day average continuing to trend up at $2.2M. The Market Action Index is about the same as last month’s at 36. Inventory increased to 125. Sales to inventory has been at a stasis the past couple of weeks. The inventory is sufficiently low to keep this area in a seller’s market. If demand increases prices will likely continue to trend up.

 

Cambridge 02138 Single-Family Homes

The median list price for the week ending 5/21/2021 is $1.95M and 90 day median price was steady from last week at $2.1M. The MAI moved to 39, down 2 points, but still in strong seller’s market. Inventory decreased by 2 to 7. This market has been at a stasis since December.

 

Cambridge 02138 Condos and Townhomes

The median list price for the week ending 5/21/2021 ended at $1,024,500. The 90 day average held steady at $1.0M. Prices have been on a general upward trend since December. The market action index rose again to 63, indicating a strong seller’s market. Inventory held steady at around 30. Market has been strong for several consecutive weeks. With relatively low inventory, prices are responding with an upward climb.

Charlestown 02129 Single-Family Homes

The Charlestown 02129 market is one of the strongest seller’s markets in the area. The 7 day median list price for the week ending 5/21/2021 is $1.5M and the 90 day average held at $1.3M. The MAI dipped 2 points this week to 60. Inventory continues to be steady at 6. Low inventory and demand has led to increasing prices since March with no signs of changing from the current trend.

 

Charlestown 02129 Condos and Townhomes

As for single-family homes, the Charlestown 02129 market is one of the strongest seller’s markets in the area. However prices for condos and townhomes have been falling since last October. The 7 day median list price for the week ending 5/21/2021 is $650k and the 90 day is just above that at $675k. With low inventory the market action index rose again this week 2 points to 64. Inventory decreased to 31. If demand increases look for prices to trend up.

 

Newton, MA Single-Family Home Market

Newton has the strongest seller’s market in the area with a MAI of 77, up from last month’s MAI of 70. The 7 day median list price for the week ending 5/21/2021 is $1.795M and the 90 day is just above that at $2.1M. This market has been at a relative stasis since December. Inventory increased to 5 but remains low to keep this in a seller’s market. If demand continues expect prices to rise in the coming weeks.

Newton, MA Condo and Townhome Market

Like the single-family home market, Newton’s condo market is also in a strong seller’s market in the area with a MAI of 77. The 7 day median list price for the week ending 5/21/2021 is $1.125M and the 90 day is just above that at $956k which has been relatively the same since mid-April. Inventory decreased to 7. Sales and inventory have achieved a relative stasis with prices reflecting this balance.

 

Wellesley Hills 02481 Single-Family Homes

Wellesley is one of the strongest seller’s markets in the region with a MAI of 73. This is a dip from last month’s MAI of  77. The 7 day median list price has been bouncing around week to week and ended down at $1.65M. The 90 day average dropped to $2.7M, continuing a downward price trend that began at the end of March. Inventory increased to 21.

 

 

Wellesley Hills 02481 Condos and Townhomes

The condos and townhome market in Wellesley Hills is the opposite of the single-family home market. With prices trending down since December, this is a buyer’s market. The 7 day median list price for the week ending 5/21/2021 is $874,500 and the 90 day average is $761,750. Inventory is low however at 2.

 

Weston, MA Single-Family Homes

The Market Action Index in Weston held this week at 50, a strong seller’s market. This week’s 7 day median is $4.3M. The 90 day average held at $4.1M. Prices have been increasing in this area for over a year. Inventory is up one to 31. Home sales continue to outstrip demand and expect pricing to move even higher if demand continues.

 

Weston, MA Condos and Townhomes

Prices for condos and townhomes in Weston continue their upward trend. The 7 day median ended at $2.0M for the week 5/21/2021. The 90 day average is $2.6M. The MAI is hovering at 40, down from last month’s MAI of 46. Inventory is steady at 3.

 

 

Questions? Looking for information for another area or zip code? Thinking of buying selling? Contact me.

Catherine Bassick Fine Homes and Estates

Senior Global Real Estate Advisor

http://catherinebassick.com

Brokered by EXP Realty

617.800.7764

MA LIC# 9558155

CA DRE# 01380305

 

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