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July 26, 2021 Real Estate Market Report for the Boston Area

July 26, 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 $1.637M. 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, down one point and indicating a slight seller’s advantage. An MAI of 30 or less signals a true buyer’s market. Inventory rose to 84.

 

 

Boston, MA Condos and Townhomes Homes

Condo and townhome prices started to decrease in June but have started to plateau. The week’s median list price landed at $925k and 90 day average held almost steady at $938k. The MAI indicated a slight seller’s advantage matching last month’s close of 41. Inventory decreased to 870. The market is at a relative stasis as far as supply and demand. If demand holds expect to see upward pricing pressure.

 

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 $6.2M. Inventory held steady at 6. The MAI also matched last week’s at 25, indicating a slight buyer’s advantage. Home sales have been exceeding new inventory. We may expect prices to level off in the near future.

 

 

Boston 02115 Condos and Townhomes

Last week’s median list price in Boston 02115 closed at to $894k. The 90 day average  has been steady all month and matched last week’s of $906k. The MAI is 37, indicating only a slight seller’s advantage. Inventory increased to 55. Prices plateaued in June and have shown a slight uptick. If demand increases look for further upward pricing pressure.

 

Boston 02116 Single-Family Homes

Last week’s median ended at $5.5M. The 90 day average rose a bit to $5.7M. The MAI dipped to 38, indicating a slight seller’s advantage. Inventory held at 6. Inventory has been sufficiently low to keep this area in a seller’s market and prices have reflected the trend although they seem to be plateauing.

 

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 $2.085M and 90 day average held steady at $2.2M. Inventory decreased to 112. Inventor and sales remained at a relative stasis.

 

Cambridge 02138 Single-Family Homes

Last week’s median list price was $1.898M. The 90 day median price dipped only slighty to $2.0M. The MAI rose again, 4 points this week to 72. Inventory held relatively steady at 7. 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 $799k last week for condos in this zip code. The 90 day average dipped again to $944k. 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 held this week at 67, with inventory increasing to 31. Home sales have been exceeding new 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 again this week to 68, although still a strong seller’s market. The 7 day median closed at $2.2M and 90 day average held at $1.7M. Inventory held at 6. This is a seller’s market but prices had been trending down since April. With lower inventory and continued demand prices have plateaued.

 

Newton, MA Condo and Townhome Market

The condo and townhouse 7 day median list price was $1.264M 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 and the MAI rose two points this week to 64. Inventory decreased to 9. Prices have been slowly rising since January but seemed to have plateaued. If demand continues prices may resume increase.

 

Wellesley 02482 Single-Family Homes

Wellesley single-family homes continued to stay in a seller’s market but the MAI slipped 5 points to 60 this week, down from last month’s close of 67. The 7 day median price landed at $1.985M and 90 day average dipped to $1.9M. Inventory held relatively steady at 13. 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 $1.9M. The 90 day average rose to 1.7M, a trend we’ve seen since May. The market action index jumped to 41 indicating a slight seller’s advantage. Inventory decreased to 6. Demand in this area continues to hold and prices have been rising as a consequence.

 

Wellesley Hills 02481 Single-Family Homes

Wellesley single-family homes continued to stay in a seller’s market but the MAI dipped to 63 this week, down 5 points. The 7 day median price landed at $1.25M and 90 day average held at $2.1M. Inventory increased to 20. 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 $901k, with prices bouncing around but generally trending upward since May. The market action index decreased 2 points to 31, indicating an ever so slight seller’s advantage. Inventory held at 3. Prices have not yet adjusted to cooling demand but expect them to plateau in the coming weeks.

 

Weston, MA Single-Family Homes

The week’s median price for single-family homes in Weston 02493 zip code landed at $3.495M and the 90 day average dipped to $4.0M. The MAI for single-family houses increased 2 points to 46. Prices had been increasing in this area for over a year but have dipped in the past 5 weeks. Inventory decreased to 37.

 

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 ended at $939k. The 90 day average dipped to $2.2M. Inventory increased to 5. This market is at a relative stasis with regard to inventory and demand.

 

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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