July 2021 Wrap-Up Real Estate Market Report for 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
For July the Market Action Index (MAI), a gauge of where the market is headed, matched June’s close of 42, indicating a slight seller’s advantage. An MAI of 30 or below signals a buyer’s advantage market. The week’s median list price for single-family homes ended at $1.25M. The 90-day average dipped $1k to $2.0M. This average rose through the end of June into the beginning of July and now matches the mid-June average, down only $3k from the peak average this year of mid-May of $2.3M. Inventory increased to 88. This market stayed in a relative stasis for July. With the seller’s market, we expect downward pricing pressure to be slight or variable.
Boston, MA Condos and Townhomes Homes
As with the single-family home market, the MAI for the condo and townhome markets remained unchanged month to month from June to July. Closing at 41, this indicated a slight seller’s advantage. The week’s median list price landed at $895k and 90-day average dipped a bit to $933k. Inventory decreased to 852. The market is at a relative stasis as far as supply and demand. But supply is sufficiently low to keep this market in the seller’s zone. If demand holds expect prices to resume their upward climb.
Boston 02115 Single-Family Homes
The MAI for 02115 jumped from 22 in June to 25 to close out July. This indicated a trend towards a buyer’s market. Prices had been falling but plateaued a bit in July. Last week’s median list price in Boston 021115 landed at $6.0M. The 90-day average, which has been declining since April, held at $6.2M. Inventory increased 1 to 7. Home sales have been exceeding new inventory for several weeks. We already see prices leveling off. Watch for upward pricing pressure if demand holds and inventory stays low tipping the market to a seller’s advantage.
Boston 02115 Condos and Townhomes
Last week’s median list price in Boston 02115 close matched last week’s at $894k. The 90-day average has been steady all month and matched last week’s of $906k. The MAI dipped to 35 closing the month two points down from the end of June. This indicated only a slight seller’s advantage. Inventory decreased 2 to 53. Prices plateaued in June and have been flat through July. Demand and inventory will dictate MAI and pricing changes.
Boston 02116 Single-Family Homes
The MAI for July closed at 36, down from last month’s close of 41. This indicated a push towards a buyer’s market. Last week’s median ended at $5.5M. The 90-day average rose $1k to $5.8M. Inventory increased 1 to 7. Inventory has been sufficiently low and kept this area in a seller’s market. If demand wanes further it should be expected that prices will follow.
Boston 02116 Condos and Townhomes
The MAI close is down 1 point from June’s close of 36, at 35, indicating a slight seller’s advantage. Last week’s median list price was $2.175M and 90-day average held steady at $2.2M. Inventory decreased 1 to 111. Inventory and sales remained at a relative stasis.
Cambridge 02138 Single-Family Homes
The MAI in Cambridge 02138 for single family homes closed 3 points up from June at 71, indicating a strong seller’s advantage. Last week’s median list price was $1.998M. The 90-day average price held at $2.0M. Inventory also 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 MAI for the close of July matched that of June at 67, indicating a strong seller’s market. The 7 day median list price landed at $809k last week in this zip code. The 90-day average dipped again to $915k. Prices had been on a general upward trend since December but plateaued in June and dipped in the past three weeks. Inventory increased 2 to 33. This market had been at a stasis over the past few weeks. Watch for upward pricing pressure if demand holds and inventory remains low.
Newton, MA Single-Family Home Market
Newton’s MAI for single-family housing dropped 16 points from June’s end to close at 61 for July. This stayed in the strong seller’s market zone. But the market has been cooling off. The 7 day median closed at $2.2M and 90-day average increased $1k to $1.8M. Inventory held at 6. This is a seller’s market. Prices had been trending down since April, but started to rise in July. With a few more homes available and demand waning we may see prices plateau or fall in this area.
Newton, MA Condo and Townhome Market
Month to month the MAI of 63 remained unchanged for Newton’s condo and townhouse market. This indicated a strong seller’s advantage. The 7 day median list price was $1.087M and the 90-day average held steady at $1.0M. Inventory jumped 7 to 16 this week. Prices have been slowly rising since January. If inventory increases expect these to plateau along with the MAI.
Wellesley 02482 Single-Family Homes
Wellesley single-family homes continued to stay in a seller’s market but the MAI slipped 7 from June closing at 62 for the month. The 7 day median price landed at $1.375M and 90-day average held at $1.9M. Inventory held relatively steady at 13. The market cooled in the past weeks with inventory outnumbering sales.
Wellesley 02482 Condos and Townhomes
The MAI for July rose to 41, a jump from last month’s close of 34, putting this market further into the seller’s advantage zone. This week the median list price for Wellesley Hills, MA 02481 was $1.9M. The 90-day average held at $1.7M. Inventory held at 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 60, down 10 points from last month’s close of 70. The 7 day median price landed at $1.25M and 90-day average dipped to $2.0M. Inventory decreased 4 to 16. The market cooled in the past weeks with inventory outnumbering sales.
Wellesley Hills 02481 Condos and Townhomes
The MAI closed the month three points up from June’s close at 29, almost at the tipping point from a buyer’s to a seller’s market. This week the median list price for Wellesley Hills, MA 02481 was $1.1M. The 90-day average rose to $920k. Inventory held at 3. Home sales have been exceeding new inventory. Expect further upward pricing pressure if demand holds.
Weston, MA Single-Family Homes
The MAI is down 2 points from June’s close at 44 for July, indicating a slight seller’s advantage. The week’s median price for single-family homes in Weston 02493 zip code matched last week’s $3.495M and the 90-day average held at $4.0M. Prices had been increasing in this area for over a year but have dipped in the past 6 weeks. Inventory decreased 1 to 36.
Weston, MA Condos and Townhomes
The MAI for condos and townhomes jumped to 31, a 7 point rise month to month. This tipped the scales into a slight seller’s advantage. The 7 day median ended at $1.2M. The 90-day average dipped to $2.1M. Inventory decreased 2 to 3. In the past few weeks, the MAI has resumed its climb. If demand holds look for upward pricing pressure.
Values depend on many factors. If you’re thinking of buying or selling call me at 617.800.7764 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
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