Boston area housing market is a mixed bag with some areas seeing lessened demand and therefore responding lowering price points. Other zip codes have held values and/or warming. Here’s all you need to know for last week’s housing report in Boston, Cambridge, Newton, Charleston, Wellesley Hills, and Weston, Massachusetts.
Boston, MA Single-Family Homes
The week’s median list price for single-family homes ended at $2.175M. The 90 day average held at $2.0M. The market action index (MAI), a gauge of where the market is headed, of 40 indicates a slight seller’s advantage, which is up one point from last week. An MAI of 30 or less signals a true buyer’s market. Inventory decreased to 88 down 7 from last week. The market seems to be tightening with sales increasing relative to number of homes on the market. We expect to see prices climb if demand continues.
Boston, MA Condos and Townhomes Homes
Condo and townhome prices started to increase in February and now seem to be dipping. This is still a seller’s market. The week’s median list price was $899k. The 90 day average dipped to $950, down $2k from last week. The MAI indicated a slight seller’s advantage holding at 42 from last week. Inventory increased to 994, up 15 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 resume upward climb.
Boston 02108 Single-Family Homes
Last week’s median list price in Boston 02108 matched the prior week’s at $6.6M. The 90 day average, which has relatively steady since the end of April, dipped again to $8.7M. The MAI in this zip code also dropped a point from last week to 21, indicating a buyer’s advantage market. Inventory increased 1 to 11. The market seems to be at a stasis in this area.
Boston 02108 Condos and Townhomes
Last week’s median list price in Boston 02108 closed at to $1.687M. The 90 day average dipped again to $2.2M. This follows a trend we’d seen since the beginning of May. The MAI held at 35, indicating slight seller’s advantage. Inventory is down 1 from last week to 26. With more homes available and less demand, we’ve seen prices drop since the beginning of May. Expect this trend to continue unless demand increases.
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. The week’s median list price closed at $5.99M. Prices have been falling since mid-March. Th the 90 day average continued its decline to $7.2M. Inventory increased 1 to 8. This market seems to show signs of warming, with sales recently increasing faster than inventory. But 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 $819k, with the 90 day average rose a bit to $891k. Inventory decreased 2 units to 48. 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 up 1 from last week to 43. This market has been at a relative stasis in terms of sales to inventory. Prices have been falling since mid-March. Technically this is a seller’s market so downward pricing pressure should be light or variable.
Boston 02116 Single-Family Homes
This week’s median list price matched last week’s at $7.4M. The 90 day average continuing to trend up rising to $5.2M. The MAI dipped from last week to 38, a slight seller’s advantage. Inventory held at 4. The home market in 02116 seemed to cool but we continue to be in a seller’s market. Prices haven’t reflected the downturn yet. Expect downward pressure if demand continues to drop.
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 2 to 123. Sales continued to outstrip inventory and the MAI has been moving higher for several weeks. If demand continues watch for continued upward pricing pressure.
Cambridge 02138 Single-Family Homes
Last week’s median list price was $1.925M and 90 day median price rose slightly to $2.1M. The MAI rose again 1 point to 59. Inventory is down 1 to 8. Home sales have been exceeding new inventory for several weeks putting this area in a strong seller’s market. Look for upward pricing pressure if demand holds.
Cambridge 02138 Condos and Townhomes
The 7 day median list price landed at $907k last week for condos in this zip code. The 90 day average held at $1.1M. Prices had been on a general upward trend since December, but plateaued in the last four weeks. The market action index rose 2 points again this week to 65 as inventory decreased to 28, down 6. Sales continue to outstrip supply. Watch for upward pricing pressure if demand holds.
Charlestown 02129 Single-Family Homes
The 7 day median list price for last week ended at $1.1M and the 90 day average dipped to $1.3M. The Charlestown 02129 market reached a stasis as inventory increased by 2 to 15. This area is still in a seller’s market with an MAI rising 1 point to 60.
Charlestown 02129 Condos and Townhomes
The Charlestown 02129 condo and townhome market is still in a seller’s market. But the MAI dipped 1 point to 65. Prices seemed to plateau the past week. The 7 day median list price landed at $669k and 90 day average dipped slightly to $669k. Inventory decreased 2 to 43. This week the market held at 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 again 1 point to 79. The 7 day median and 90 day average list prices for the week dipped again at $1.14M and $1.8M, respectively. Inventory decreased 1 to 8. 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 $945k and the 90 day average dipped to $985k. Like the single-family home market, Newton’s condo market continued to linger in the strong seller’s market arena. But the MAI dropped 3 points this week to 66. Inventory decreased 1 to 15. Market has been cooling the past three weeks, but prices haven’t begun to drop yet. Expect prices to fall if demand continues to wane.
Wellesley Hills 02481 Single-Family Homes
Wellesley single-family homes continued to stay in a seller’s market although the MAI dipped 4 points to 75 this week. The 7 day median price landed at $2.242M and 90 day average held at $2.5M. Inventory decreased 2 to 20. Sales have been exceeding new inventory although prices haven’t stopped falling. Expect upward pricing pressure if demand continues and inventory stays low.
Wellesley Hills 02481 Condos and Townhomes
Wellesley Hills condo and town home sales market moved into a slight seller’s advantage. This week the median list price for Wellesley Hills, MA 02481 was $649k. The 90 day average dipped a bit to $743k. The market action index rose to 38, up from 30 last month. Inventory only increased 1. Prices settled into a plateau but should resume their climb if demand holds.
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 rose 2 points to 53. Inventory held at 33. Prices have been increasing in this area for over a year but seemed to have plateaued. Sales continued to outstrip supply so watch for upward pricing pressure if demand continues.
Weston, MA Condos and Townhomes
The MAI for condos and townhomes dipped 6 points to 31, down from last month’s MAI of 35. The 7 day median matched last week’s at $2.334M. The 90 day average held at $2.9M. Inventory held steady at 2. Market appears to have cooled and prices seemed to plateau this past week.
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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