Boston area housing market seems to be cooling overall, with several areas approaching buyer’s markets. Others are still seller’s markets. Here’s the latest for the week ending June 25, 2021.
Boston, MA Single-Family Homes
The week’s median list price for single-family homes ended at $2.5M. The 90 day average rose $0.1M to $2.1M. The market action index (MAI), a gauge of where the market is headed, of 40 in this area indicates a slight seller’s advantage. An MAI of 30 or less signals a true buyer’s market. Inventory decreased by 4 last week and stands at 84. With sales outweighing inventory we may see prices respond with upward pricing pressure in the next few weeks.
Boston, MA Condos and Townhomes Homes
Condo and townhome prices started to increase in February and now seem to be dipping although technically this is still a seller’s market. The week’s median list price was $928,850 and 90 day average dipped to $948 for the week’s close, down $2k from last week. The MAI indicated a slight seller’s advantage down 1 point from last week to end at 41. Inventory increased to 1002, up 8 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 been relatively steady since the end of April, dipped again to $8.4M. The MAI of 21 indicated a buyer’s advantage market. Inventory held steady at 10. The market seems to be at a stasis in this area. Significant increase in demand would be needed to push prices higher.
Boston 02108 Condos and Townhomes
Last week’s median list price in Boston 02108 closed at to $1.474M. The 90 day average dipped again to $2.1M. 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 2 from last week to 24. 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 significantly.
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 with the 90 day average continuing to decline to $6.9M. Inventory held steady from last week at 8. This market seems to have settled at a relative stasis with regards to inventory and sales. It’s a buyer’s market so without significant demand increases expect prices to trend lower.
Boston 02115 Condos and Townhomes
Last week’s median list price in Boston 02115 was $859k, and the 90 day average rose a bit to $900k. Inventory increased 3 to 51. 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 of 40. Prices plateaued in the past weeks. Demand and inventory will dictate changes.
Boston 02116 Single-Family Homes
Last week’s median list price matched the prior week’s at $6.9M. The 90 day average continuing to trend up rose to $5.4M. The MAI dipped 1 point from last week to 37, a slight seller’s advantage. Inventory held relatively steady increasing 1 to 5. The home market in 02116 seemed to cool but we continue to be in a seller’s market and 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 36. Last week’s median list price was $2.185M and 90 day average held steady at $2.2M. Inventory increased to 138, up 15. Sales continued to outstrip inventory and the MAI has been moving higher for several weeks. Prices seem to be plateauing. If demand weakens expect downward pricing pressure.
Cambridge 02138 Single-Family Homes
Last week’s median list price was $1.950M and 90 day median price held steady at $2.1M. The MAI rose again to 59. Inventory is down 1 to 7. 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 $940k last week for condos in this zip code. The 90 day held at $1.1M. Prices had been on a general upward trend since December but have plateaued in the last four weeks. The market action index held from last week at 65 as inventory decreased to 24, down 4. The market may be at a relative stasis with prices reflecting this.
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 1 to 14. This area is still in a seller’s market with an MAI rising 1 point to 61. Sales have been outstripping inventory so we expect prices to level off soon.
Charlestown 02129 Condos and Townhomes
The Charlestown 02129 condo and townhome market is still in a seller’s market with an MAI rising 1 point to 62. Prices seem to be plateauing. The 7 day median list price landed at $670k and 90 day average rose slightly to $671k. Inventory increased 2 to 45. 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 78, although still a strong seller’s market. The 7 day median and 90 day average list prices for the week dipped again to $1.02M and $1.6M, respectively. Inventory held steady at 8. The market has been cooling in the last few weeks with lower demand and prices have dipped as a result.
Newton, MA Condo and Townhome Market
The condo and townhouse 7 day median list price was $937k and the 90 day average rose to $1.0M. 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 again this week to 63. Inventory decreased 1 to 14. Market has been cooling the past four 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 5 points to 70 this week. The 7 day median price landed at $2.15M and 90 day average dropped to $2.4M. Inventory increased to 23. As with other areas demand has waned and we’ve been seeing prices move lower as a result.
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 is $649k. The 90 day average dipped a bit to $724k. The market action index increased to 31, tipping into a seller’s market. Inventory held steady at 1. Inventory is sufficiently low to see prices rise if demand continues.
Weston, MA Single-Family Homes
The week’s median price for single-family homes in Weston, 02493 zip code landed at $4.15M and the 90 day average held at $4.2M. The MAI for single-family houses dipped 3 points to 50. Prices have been increasing in this area for over a year but seemed to have plateaued. Inventory increased by 2 to 35. The market seems to have reached a relative stasis but inventory is sufficiently low to keep prices up.
Weston, MA Condos and Townhomes
The MAI for condos and townhomes dipped 7 points to 24, making this a buyer’s market. The 7 day median almost matched last week’s at $2.320M. The 90 day average dipped to $2.8M. Inventory held steady at 2. With more supply prices dipped in response.
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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