June 14, 2021 Real Estate Market Report for the Boston Area Single-Family Homes, Condos, and Townhomes
The market seems to be at a stasis to cooling for most zip codes in the Boston area. Inventories of single-family homes as well as condos and townhomes increased and house prices started to respond. Here’s what you need to know for each zip code.
Boston, MA Single-Family Homes
The week’s median list price for single-family homes ended at $1.4M. The 90 day average dipped to $2.0M. The market action index (MAI), a gauge of where the market is headed, of 39 indicates a slight seller’s advantage, which is stable from last week. An MAI of 30 or less signals a true buyer’s market. Inventory increased to 95, up from 86 last week. Market has been at a stasis with regard to sales to inventory, however prices have been falling since mid-May. If inventory increases and demand decreases watch for prices to continue to drop. Technically inventory is holding us at a slight seller’s advantage. If demand rises we could see a leveling off of prices.
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 was $945k and 90 day average was $953 for the week’s close, down $2k from last week. The MAI indicated a slight seller’s advantage holding at 42 from last week. Inventory increased to 981, up 41 from last week. 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 matched the prior week’s at $8.275M. The 90 day average, which has relatively steady since the end of April, dipped slightly again to $9.0M. The MAI in this zip code held from last week at 22, indicating a slight buyer’s advantage. Inventory held steady at 10. The market seems to be warming in this zip code. Prices have not yet responded. It would probably 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 closed at to $1.6M. The 90 day average dipped again to $2.3M. This follows a trend we’d seen since the beginning of May. Still, the MAI rose a point from last week to 35, with inventory only up 1 to 27.
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. The week’s median list price closed at $5.99M. Prices have been falling since mid-March with the 90 day average continuing to decline to $7.5M. Inventory increased 1 from last week to 7. 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 $872k, with the 90 day average dipping again to $890k. Inventory increased to 50. 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 an MAI steady from last week at 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 $7.4M. The 90 day average continuing to trend up rose to $4.9M. The MAI held from last week at 41, a slight seller’s advantage. Inventory decreased 1 to 4. 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 $2.195M and 90 day average held steady at $2.2M. Inventory increased to 121. 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 $1,.95M. The MAI for May jumped 4 points from last week to 58. Inventory rose 1 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 $862k last week for condos in this zip code. The 90 day rose $100,000 to $1.1M. Prices had been on a general upward trend since December but have plateaued in the last four weeks. The market action index rose a two points to 63 as inventory increased 2 to 34. Sales continued to outstrip supply. Watch for upward pricing pressure.
Charlestown 02129 Single-Family Homes
The 7 day median list price for last week ended at was $1.295M and the 90 day average rose slightly to $1.4M. The Charlestown 02129 market appeared to begin to cool as inventory increased 4 this week to 13. This area is still in a seller’s market but the MAI dipped 2 points to 59 this week.
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 landed at $679k and 90 day average dipped slightly to $673k. Inventory increased 15 to 45. This week the market achieved a relative stasis in terms of sales to inventory.
Newton, MA Single-Family Home Market
Newton’s market continues to lead for seller’s, but MAI slipped 4 points to 80. The 7 day median and 90 day average list prices for the week dipped again at $1.25M and $1.9M, respectively. Inventory increased 4 to 9. Sales have been exceeding new inventory for a couple of week so expect to see home prices rise in this area if demand holds.
Newton, MA Condo and Townhome Market
The condo and townhouse 7 day median list price was $948k and the 90 day average held at $988k. Like the single-family home market, Newton’s condo market continued to linger in the strong seller’s market arena but the MAI dipped to 69 this week. Inventory increased by 6 to 16.
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 $1.522M and 90 day average dipped to $2.5M. Inventory increased 4 to 22. The market ha been cooling in recent weeks with more homes available and less demand.
Weston, MA Single-Family Homes
The week’s median price for single-family homes in Weston, 02493 zip code landed at $4.3M and the 90 day average held $4.2M. The MAI for single-family houses held steady as well at 51. Prices have been increasing in this area for over a year but seemed to have plateaued. Inventory increased 4 last week to 33. 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 dipped to 37 this week down 5 points. The 7 day median matched last week’s at $2.35M. The 90 day average rose to $2.9M. Inventory held steady at 2. Market appears to have cooled but prices haven’t adjusted yet.
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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