Today I have the May 2021 real estate market review for the Boston area. Last week I added several more market reports for specific zip codes in the Boston area including the 02115, 02116, and Newton reports, to bring you more in depth data. Looking at the total U.S. inventory, it rose 1% this week, a good sign for home buyers nationwide. Find May’s numbers along with month end to month end comparison with April, below. Happy unofficial start to summer!
Boston, MA Single-Family Homes
The week’s median list price for single-family homes was $1.25M. The 90 day average dipped again to $2.1M, a decline we’ve been experiencing since mid-May. The market action index (MAI), a gauge of where the market is headed, held almost steady at 39. An MAI of 30 or less signals a true buyer’s market. Inventory was at a stasis from last week at 92 units. If demand increases prices could start to rise again, following the trend we’ve seen since February.
Boston, MA Condos and Townhomes Homes
Condo and townhome prices started to increase in February. The past week proved no different. The MAI indicated a slight seller’s advantage at 42. The week’s median list price was $950k which came in just below the 90 average of $955k. Inventory increased again by 8 units to 961. This market seemed to level out holding at a relative stasis. If demand remains high expect prices to continue to rise.
Boston 02108 Single-Family Homes
Last week’s median list price in Boston 02108 matched the prior week’s at $8.175M. The 90 day average, which has been falling since the beginning of April, dropped again to $9.2M. The MAI in this zip code closed at 20 for May, down from last month’s MAI of 21 keeping this area in a buyer’s market. Inventory head steady at 10. Demand is low in this zip code’s market relative to inventory.
Boston 02108 Condos and Townhomes
Last week’s median list price in Boston 02108 matched the prior week’s at $1.775M. The 90 day average dipped again to $2.5M. This follows a trend we’d seen since the beginning of May. The MAI dipped from last month’s close of 39 to 34 for May’s end. Inventory increased 2 to 39. This market could pivot either way continuing the downward trend in prices to a seller’s market or, if demand rises, resume upward pricing pressure.
Boston 02115 Single-Family Homes
Like the 02108 market, the 02115 remained a slight buyer’s market in May. Last week’s median list price in Boston 02115 was $6.24M. Prices have been falling since mid-March with the 90 day average continuing to decline to $8.1M. Inventory held steady from last week at 6. The MAI rose two points from last month’s close of 18 to 20. The market in this area showed signs of warming up, with demand increasing. Prices will likely be slow to stasis or rise until inventory drops significantly.
Boston 02115 Condos and Townhomes
Last week’s median list price in Boston 02115 is $850k, with the 90 day average dropping again to $911k. Unlike the market for single-family homes in this zip code, the condo and townhome market continued to be at a slight seller’s advantage with a Market Action Index dipping two points to 42, down only one point from April’s close.
Boston 02116 Single-Family Homes
Like Boston proper, the 02116 single-family home market continued in a slight seller’s advantage market for May. Last week’s median list price ended at $6.9M with a 90 day average continuing to trend up to $4.4M. The MAI of 41 ticked up one point from last month’s close of 40. Inventory decreased to 5. More demand and fewer homes listed will continue to push prices higher in this zip code, a trend we’ve seen since March.
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. Last week’s median list price was $2.16M and 90 day average hung at $2.2M. The MAI rose a point from April to 37 indicating slight seller’s advantage. Inventory decreased last week by 3 to 122. Inventory continued to be sufficiently low to continue the seller’s advantage and if demand holds we may see resumed rise in price points.
Cambridge 02138 Single-Family Homes
Last week’s median list price was $1.90M and 90 day median price dipped just slightly to $2.0M. The MAI for May ended up from last month hovering around 54. Inventory increased to 9. Home sales have been exceeding new inventory for several weeks putting this area in a strong seller’s market. Prices had been trending downward but expect this to reverse if demand holds.
Cambridge 02138 Condos and Townhomes
The 7 day median list price landed $964,500 last week for condos in this zip code. The 90 day average held steady at $1.0M. Prices had been on a general upward trend since December. The market action index dipped to 60 probably due to inventory increase of 32. The market appears to have cooled but prices have not yet adjusted for increased inventory and lower demand.
Charlestown 02129 Single-Family Homes
The Charlestown 02129 market appeared to begin to cool as inventory increased (up 3 to 9) at the end of May. This area is still in a seller’s market with MAI of 56. This ended below April’s close of 64, however. The 7 day median list price for the week ending 5/28/2021 was $1.2M and the 90 day average dipped to $1.2M.
Charlestown 02129 Condos and Townhomes
The Charlestown 02129 condo and townhome market moved in the opposite direction from houses pushing further into a stronger seller’s markets. Prices continued to dip, however, as has been the trend since last October. The 7 day median list price for the week was $644k and the 90 day ended at $677k, a slight gain from the week before. With low inventory the MAI rose again this week 2 points to 64. Inventory increased from last week to 34. Sales continued to outstrip demand. Watch for upward pricing pressure in this market.
Newton, MA Single-Family Home Market
Newton has the strongest seller’s market in the area with a MAI of 80 for the month’s end. up from 64 at the end of April. Even so, the 7 day median list price for the week ended at $1.35M and the 90 day dipped to $2.0M, trending down since the beginning of May. Sales have been exceeding new inventory for a couple of week so expect to see home prices rise in this area if demand holds. Inventory closed at 5.
Newton, MA Condo and Townhome Market
Like the single-family home market, Newton’s condo market continued to linger in the strong seller’s market arena with a MAI of 71. This was down, however, form last month’s MAI of 77. The 7 day median list price for the week ending 5/28/2021 was $939k and the 90 day average just above that at $976k. These prices have been steady since mid-April. Inventory decreased last week to 12. The condo market in this area appeared to have cooled even further in the past week so prices may soon reflect this trend.
Wellesley Hills 02481 Single-Family Homes
Wellesley held as one of the strongest seller’s markets in the region with a MAI of 77 at the close of May. This matched April’s close. The 7 day median price landed at $2.2M and 90 day continued its decline to $2.6M. Inventory dropped 3 from last week to 18. The house market in Wellesley Hills seems to be at a bit of a stasis in terms of sales to inventory. Although a seller’s market, prices have been dropping since early April.
Weston, MA Single-Family Homes
The MAI for Weston houses closed at 49 for the month, an increase over last month’s MAI of 47. The week’s median price landed at $4.15M just above the 90 day average of $4.1M. Prices have been increasing in this area for over a year. Inventory increased again up 4 to 35. Home sales continued to outstrip demand and expect pricing to move even higher if demand continues.
Weston, MA Condos and Townhomes
The MAI for condos and townhomes dipped to 35, down 9 points from last month’s number of 46. Inventory held steady from last week at 3. The 7 day median ended at $2.0M for the week and 90 day average rose to $2.7M. The market appeared to cool in this area for townhomes and condos. Expect prices to drop if inventory increases and demand weakens.
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
Brokered by EXP Realty
MA LIC# 9558155
CA DRE# 01380305
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