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July 19, 2021 Real Estate Market Report for the Boston Area

July 19, 2021 Real Estate Market Report for the Boston Area 

 

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 43 for the week, up one point and indicating a slight seller’s advantage. An MAI of 30 or less signals a true buyer’s market. Inventory held at 76. 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 $922,450and 90 day average dipped to $939k. The MAI indicated a slight seller’s advantage down 1 point from last month’s close to 41. Inventory decreased to 878. 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 02115 Single-Family Homes

Last week’s median list price in Boston 02108 matched the prior week’s at $6.9M. The 90 day average, which has been declining since April, dipped again to $6.3M. Inventory decreased to 6. The MAI inched up a bit to 25. The market showed signs of warming with demand increasing faster than inventory.

 

Boston 02115 Condos and Townhomes

Last week’s median list price in Boston 02115 closed at to $922k. The 90 day average  has been steady all month and landed at $906k this week. The MAI is 37, indicating only a slight seller’s advantage. Inventory increased to 50.

 

Boston 02116 Single-Family Homes

Last week’s median ended at $5.5M. The 90 day average held steady at $5.6M. The MAI rose to 41, indicating a slight seller’s advantage. Inventory increased to 6. 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 $2.195M 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 $1.881M. The 90 day median price followed the trend of remaining flat since December at $2.1M. The MAI rose again to 68. Inventory is at 8. 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 $809k last week for condos in this zip code. The 90 day dipped again to $973k. 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 increasing to 29. Home sales have been exceeding inventory so watch for upward pricing pressure if demand holds.

 

Newton, MA Single-Family Home Market

Newton’s market continues to lead for sellers, but MAI slipped five points to 72, although still a strong seller’s market. The 7 day median closed at $2.2M and 90 day average held at $1.7M. Inventory increased to 6. 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 $999k and the 90 day average dipped to $987k. Like the single-family home market, Newton’s condo market continued to linger in the strong seller’s market arena and the MAI rose a point to 64 this week. Inventory increased to 11. 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 02482 Single-Family Homes

Wellesley single-family homes continued to stay in a seller’s market with the MAI holding at 65 this week, but down from last month’s close of 70. The 7 day median price landed at $1.8M and 90 day average dropped to $2.0M. Inventory increased to 14. The market cooled in the past weeks with inventory outnumbering sales.

 

Wellesley 02482 Condos and Townhomes

This week the median list price for Wellesley Hills, MA 02481 is $1.795M. The 90 day average rose to 1.6M, a trend we’ve seen since May. The market action index is 35 holding this area indicating a slight seller’s advantage. Inventory held steady at 9. This market seems to be cooling expect prices to dip if demand wanes.

 

Wellesley Hills 02481 Single-Family Homes

Wellesley single-family homes continued to stay in a seller’s market with the MAI dipped to 68 this week. The 7 day median price landed at $1.65M and 90 day average dropped to $2.1M. Inventory increased to 17. 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 $1.1M. The 90 day average rose to $877k, with prices bouncing around but generally trending upward since May. The market action index increased to 33, indicating a slight seller’s advantage. Inventory increased to 3.

 

Weston, MA Single-Family Homes

The week’s median price for single-family homes in Weston 02493 zip code landed at $3.349M and the 90 day average held at $4.1M. The MAI for single-family houses dropped to 44. Prices have been increasing in this area for over a year but have dipped in the past 4 weeks. Inventory held at 39. The market seems be cooling

 

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 $2.1M. The 90 day average flat at $2.4M. 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

http://catherinebassick.com

Brokered by EXP Realty

617.800.7764

MA LIC# 9558155

CA DRE# 01380305

 

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