July 12, 2021 Real Estate Market Report for the Boston Area Single-Family Homes, Condos, and Townhomes
Boston area housing markets are a mixed bag with demand rising in some areas and dipping in others. Here’s all you need to know for this week.
Boston, MA Single-Family Homes
The week’s median list price for single-family homes ended at $2.45M. The 90 day average held steady, as it as for the past three weeks, at $2.1M. The market action index (MAI), a gauge of where the market is headed, closed at 42 for the week, indicating a slight seller’s advantage. An MAI of 30 or less signals a true buyer’s market. Inventory decreased to 75. Home sales outstripped supply again last week and the MAI moved higher in response. Watch for upward pricing pressure.
Boston, MA Condos and Townhomes Homes
Condo and townhome prices started to decrease in June and we continued to see this trend last week. The week’s median list price landed at $928,700 and 90 day average dipped to $941k. The MAI indicated a slight seller’s advantage down 1 point from last month’s close to 41. Inventory decreased to 879. This market started cooling in June, but we continue to be in a seller’s market. With inventory down we could see prices begin to rise again if demand continues.
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 declining since April, dipped again to $7.9M. Inventory held steady at 10. The MAI inched up a bit to 23. The market showed signs of warming with demand increasing faster than inventory.
Boston 02108 Condos and Townhomes
Last week’s median list price in Boston 02108 closed at to $1.349M. The 90 day average dipped again to $1.9M. The MAI dipped a point to 34, indicating only a slight seller’s advantage. Inventory decreased to 23. 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 the MAI inching up to 22. 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 $6.4M. Inventory held steady from last week at around 7. Home sales outstripped inventory of late. Watch for this market to transition to a seller’s market with upward pricing pressure.
Boston 02115 Condos and Townhomes
Last week’s median list price in Boston 02115 was $899k. The 90 day average held steady at $900k. Inventory also stayed steady at 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, but the MAI dipped to 37 down from last month’s close of 40. The market seemed to be cooling but the slight seller’s advantage still holds.
Boston 02116 Single-Family Homes
Last week’s median ended at $4.6M. The 90 day average continuing to trend up rising to $5.6M. The MAI rose to 41, indicating a slight seller’s advantage. Inventory held relatively steady at 4. Inventory has been sufficiently low to keep this area in a seller’s market and prices have reflected the trend.
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 $2.245M and 90 day average held steady at $2.2M. Inventory decreased to 114. Prices have plateaued as the market seems to be cooling.
Cambridge 02138 Single-Family Homes
Last week’s median list price was $1.862M. The 90 day median price followed the trend of remaining flat since December at $2.1M. The MAI rose again to 68. Inventory is down to 6. Home sales have been exceeding supply 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 $789k last week for condos in this zip code. The 90 day dipped again to $999k. Prices had been on a general upward trend since December but plateaued in June and dipped in the past three weeks. The market action index rose to 67, with inventory down to 20. Home sales have been exceeding inventory so watch for upward pricing pressure if demand holds.
Charlestown 02129 Single-Family Homes
The 7 day median list price for last week ended at $1.2M and the 90 day average held at $1.3M. Inventory decreased to 10. This area is still in a seller’s market with an MAI which rose to 63 with sales exceeding inventory. Prices plateaued and may face upward pressure if demand holds.
Charlestown 02129 Condos and Townhomes
The Charlestown 02129 condo and townhome market is still in a seller’s market but MAI dipped to 59, down from last month’s MAI of 65. Prices seem to be plateauing. The 7 day median list price landed at $648k and 90 day average dipped to $668k. Inventory increased to 47. The market has been cooling with prices and MAI dropping.
Newton, MA Single-Family Home Market
Newton’s market continues to lead for sellers, but MAI slipped again 1 point to 77, although still a strong seller’s market. The 7 day median closed at $2.7M and 90 day average rose accordingly to $1.7M. Inventory decreased to 4. This is a seller’s market but prices had been trending down since April. With lower inventory and continued demand we could see a plateau in pricing.
Newton, MA Condo and Townhome Market
The condo and townhouse 7 day median list price was $1.024M and the 90 day average dipped to $997k. Like the single-family home market, Newton’s condo market continued to linger in the strong seller’s market arena and the MAI held at 63 this week. Inventory decreased to 10. Market has been cooling the past four weeks, but prices haven’t begun to drop yet. Expect prices to plateau if demand continues to fall.
Wellesley Hills 02481 Single-Family Homes
Wellesley single-family homes continued to stay in a seller’s market with the MAI holding at 70 this week. The 7 day median price landed at $2.285M and 90 day average dropped to $2.2M. Inventory decreased to 16. The market cooled in the past weeks with inventory outnumbering sales.
Wellesley Hills 02481 Condos and Townhomes
This week the median list price for Wellesley Hills, MA 02481 is $1.01M. The 90 day average dipped a bit to $846k, a trend we’ve seen since May. The market action index dropped to 26 holding this area indicating a slight buyer’s advantage. Inventory increased to 4. Home sales have been exceeding new inventory in the past two weeks.
Weston, MA Single-Family Homes
The week’s median price for single-family homes in Weston 02493 zip code landed at $3.395M and the 90 day average dipped to $4.1M. The MAI for single-family houses dropped to 46. Prices have been increasing in this area for over a year but seemed to have plateaued. Inventory increased to 40. The market seems to have reached a relative stasis with prices flat for several weeks.
Weston, MA Condos and Townhomes
The MAI for condos and townhomes held at 24, making this a slight buyer’s advantage market. The 7 day median almost matched last week’s at $2.3M. The 90 day average dipped to $2.3M. Inventory held steady at 2. With more supply and less demand we’ve seen prices drop in response.
Values depend on many factors. If you’re thinking of buying or selling call me to explore comparable homes.
Catherine Bassick Fine Homes and Estates
Senior Global Real Estate Advisor
Brokered by EXP Realty
MA LIC# 9558155
CA DRE# 01380305
• Sold The First Single Family Home Over $100 Million in U.S. History
• America's Top 250 Real Estate Professionals & Top 100 Agents in the U.S. - Wall Street Journal
• Best-Selling Author Of Luxury Home Selling Mastery
• "Top 40 Influential Business Women" - Business Journal
• Certified Luxury specialist, Christie’s