June 7, 2021 Real Estate Market Report for the Boston Area Single-Family Homes, Condos, and Townhomes
Market close report for the week ending June 4, 2021 of single-family homes, condos, and townhomes in the Boston, MA area including Boston proper, 02108, 02115, and 02116 zip codes, Cambridge, Charlestown, Newton, Wellesley Hills, and Weston, MA.
Boston, MA Single-Family Homes
The week’s median list price for single-family homes was $1.35M. The 90 day average held from last week’s week-end at $2.1M. The market action index (MAI), a gauge of where the market is headed, of 39 indicates a slight seller’s advantage. An MAI of 30 or less signals a true buyer’s market. Inventory decreased to 86, down 6 from last week. Market has been at a stasis with regard to sales to inventory, however prices have been falling since mid-May. Low availability of homes for sale indicate this is a seller’s market so downward pricing pressure should be minimal.
Boston, MA Condos and Townhomes Homes
Condo and townhome prices started to increase in February and now seem to be plateauing. The week’s median list price and 90 day average matched last week’s at $950k and $955k, respectively. The MAI indicated a slight seller’s advantage at 42. Inventory dropped to 940. This market seemed to level out holding at a relative stasis. Inventory is sufficiently low to retain the seller’s market. If demand remains high expect prices to continue to rise.
Boston 02108 Single-Family Homes
Last week’s median list price in Boston 02108 rose from the prior week’s to land at $8.275M. The 90 day average, which has been relatively steady since the end of April, dipped slightly again to $9.1M. The MAI in this zip code rose two points from May’s close and sits at 22, indicating a slight buyer’s advantage. Inventory head steady at 10. Demand seemed to be increasing faster than inventory last week. Prices have not yet responded. It could be that prices remain at a stasis until inventory is depleted.
Boston 02108 Condos and Townhomes
Last week’s median list price in Boston 02108 slid slightly to $1.687M. The 90 day average dipped again to $2.4M. This follows a trend we’d seen since the beginning of May. The MAI held from last week but is down 3 points to 34 from April’s close. Inventory is at 26. This market seems to be cooling as more inventory is available and demand lower.
Boston 02115 Single-Family Homes
Like the 02108 market, the single-family home market in 02115 maintained a slight buyer’s advantage with an MAI of 20, up from last month due to signs of warming with demand increasing faster than inventory. Last week’s median list price held from the prior week at $6.24M. Prices have been falling since mid-March with the 90 day average continuing to decline to $7.8M. Inventory held steady from last week at 6. Prices will likely continue to drop until inventory is depleted enough to create a seller’s market.
Boston 02115 Condos and Townhomes
Last week’s median list price in Boston 02115 was $942k, with the 90 day average dipping again to $901k. 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. This market has been cooling off in recent weeks with more homes available and demand lower.
Boston 02116 Single-Family Homes
Last week’s median list price ended at $6.9M, matching the prior week, and the 90 day average continuing to trend up jumping to to $4.6M. The MAI held from last week at 41, a slight seller’s advantage. Inventory held steady at 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, with MAI of 37. Last week’s median list price was $2.29M and 90 day average held steady at $2.2M. The MAI rose a point from April to 37 indicating slight seller’s advantage. Inventory decreased to 115. The condo and townhome market in 02116 has been at a stasis in terms of sales to inventory. If demand increases expect prices to continue to rise.
Cambridge 02138 Single-Family Homes
Last week’s median list price was $2.05M and 90 day median price rose slightly to $2.1M. The MAI for May held from last week at 54. Inventory decreased by 1 to 8. 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 $949,500 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 rose a point to 61 as inventory held steady at 32. Inventory is sufficiently low to keep this area in a seller’s market.
Charlestown 02129 Single-Family Homes
The 7 day median list price for last week ended at was $1.025M and the 90 day average rose slightly to $1.3M. The Charlestown 02129 market appeared to begin to cool but inventory decreased to 4 this week down from 9. This area is still in a seller’s market with MAI of 62.
Charlestown 02129 Condos and Townhomes
The Charlestown 02129 condo and townhome market is in a strong seller’s market with MAI of 66. Prices seemed to plateau the past week. The 7 day median list price as well as the 90 day average matched the prior week’s numbers at $644k and $677k. Inventory decreased from last week to 30, down 4. Sales continued to outstrip demand. Watch for upward pricing pressure in this market.
Newton, MA Single-Family Home Market
Newton’s market continues to lead for seller’s with the MAI rising 4 points to 84 this week. Even so, the 7 day median and 90 day average list prices for the week dipped again at $1.3M and $2.0M, respectively. Sales have been exceeding new inventory for a couple of week so expect to see home prices to rise in this area if demand holds. Inventory held at 5.
Newton, MA Condo and Townhome Market
The condo and townhouse 7 day median list price for the week ending 06/04/2021 was $999k and the 90 day average inched up to $988k, continuing a rise in prices in this area since January. Like the single-family home market, Newton’s condo market continued to linger in the strong seller’s market arena with a MAI jumping up to 74 this week. Inventory decreased by 2 to 10.
Wellesley Hills 02481 Single-Family Homes
Wellesley held as one of the strongest seller’s markets in the region with a MAI of 79 up to from last week. The 7 day median price landed at $2.345M and 90 day average held steady from last week at $2.6M. Inventory matched last week’s at 18.
Weston, MA Single-Family Homes
The week’s median price for single-family homes in Weston, 02493 zip code landed at $4.4M and the 90 day average inched up to $4.2M. The MAI for single-family houses increased 2 points to 51. Prices have been increasing in this area for over a year. Inventory is down 5 to 29 this week. Home prices seem to be leveling off but sales continue to outstrip supply to watch for upward pricing pressure if demand continues to hold.
Weston, MA Condos and Townhomes
The MAI for condos and townhomes rose to 42 this week. The 7 day median ended at $2.35M for the week and 90 day average rose to $2.8M. Inventory decreased 1 to 2. Market appears to have cooled but prices haven’t adjusted yet.
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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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