August 23, 2021 Real Estate Market Report for Boston Area Single-Family Homes, Condos, and Townhomes
This week I’ve added a new market, Chestnut Hill, 02467 zip code. Several area markets continue to show increased pricing. Here’s all you need to know for this week.
Boston, MA Single-Family Homes
The week’s 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 $1.2M. The 90-day average held steady at $1.7M. Inventory increased to 86. This home market has been at a stasis in terms of sales to inventory although prices have been dropping since mid-July.
Boston, MA Condos and Townhomes Homes
MAI held steady at 41 last week indicating a slight seller’s advantage. The week’s median list price landed at $862k and 90-day average dipped a bit to $911k. Inventory decreased to 796. This market started cooling and prices dropped during June and July. We may see a pricing plateau if inventory stays low.
Boston 02115 Single-Family Homes
The MAI for 02115 held at 27, indicated a slight buyer’s advantage. Prices had been falling but plateaued in July. Last week’s median list price in Boston 021115 landed at $6.9M. The 90-day average ticked up a notch to $6.4M. Inventory held steady at 6. Home sales have been exceeding new inventory for several weeks. 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 closed at $884k. The 90-day average has been steady through July and closed last week down a bit to $886k. The MAI held steady at 36, indicating a slight seller’s advantage. Inventory decreased 2 to 46. Prices plateaued in June and have been flat since July. Demand and inventory will dictate MAI and pricing changes.
Boston 02116 Single-Family Homes
The MAI dipped two points to 34 this week, but still holds a slight seller’s advantage. Last week’s median ended at $5.47M. The 90-day average held at $6.0M. Inventory stayed level at 6. Inventory has been sufficiently low to keep this area in a seller’s market. If demand wanes further, it would be expected that prices will follow.
Boston 02116 Condos and Townhomes
The MAI held steady from last week at 36, indicating a slight seller’s advantage. Last week’s median list price was $1.8M and 90-day average held at $2.1M. Inventory decreased 2 to 98. This market is at a stasis with respect to sales and inventory. Still, prices have been dipping since the end of July.
Cambridge 02138 Single-Family Homes
The MAI in Cambridge 02138 for single family homes held at 75 last week, indicating a strong seller’s market. Last week’s median list price was $2.199M. The 90-day median price held at $2.0M. Inventory decreased 2 to 4. Home sales have been exceeding supply for several weeks putting this area in a strong seller’s market.
Cambridge 02138 Condos and Townhomes
The MAI rose one point last week to 67, indicating a strong seller’s market. The 7-day median list price landed at $829k for condos in this zip code. The 90-day average dipped again to $861k. Prices had been on a general upward trend since December but plateaued in May and have been dropping since late June. Inventory decreased by 5 to 27. This market is at a stasis as far as inventory to sales. Expect any downward pricing pressure to be minimal.
Chestnut Hill 02467 Single-Family Homes
Chestnut Hill’s single-family market is heating up. The MAI rose 4 points since the close of July to 50, putting this area into a strong seller’s market. The 7-day median closed at $2.348M and 90-day average is $3.1M. Inventory is at 14. Prices had been trending down since the beginning of July, but with inventory down and demand holding, expect prices to plateau soon.
Chestnut Hill 02467 Condos and Townhomes
Chestnut Hill’s condo and townhome MAI also rose from last month’s up 1 to 53. This market is also a strong seller’s market. The 7-day median closed at $1.139M and 90-day average is $887k. Prices for condos and townhomes in Chestnut Hill have been rising steadily since February. With inventory low at 17 and demand high, we expect this trend to continue.
Newton, MA Single-Family Home Market
Newton’s MAI for single-family homes dropped two points to 59, but still indicates a seller’s market. The 7-day median closed at $1.825M and 90-day average held at $1.8M. Inventory increased 1 to 7. Prices had been trending down since April but started to rise in July and have continued that trend for August. With waning demand we’ve seen the MAI dip and prices may plateau.
Newton, MA Condo and Townhome Market
The MAI held steady ending at 61 for last week, a strong seller’s market. The 7-day median list price was $945k and the 90-day average held steady at $1.0M. Inventory is also level at 11. The market has been cooling and we’ve seen prices plateau in recent weeks.
Wellesley 02482 Single-Family Homes
Wellesley single-family homes continued to stay in a seller’s market with an MAI at 57. The 7-day median price landed at $1.395M and 90-day dipped to $1.6M. Inventory held at 11. The market cooled as more homes became available and demand waned.
Wellesley 02482 Condos and Townhomes
The MAI held from last week at 44, a slight seller’s advantage market. Last week the 7-day median list price for Wellesley, MA 02482 ended at $2.1M. The 90-day held at $1.8M. Inventory stayed level at 3. The Wellesley 02482 townhome market continues to be hot. With demand holding and inventory down, expect further upward pricing pressure.
Wellesley Hills 02481 Single-Family Homes
Wellesley single-family homes continued to stay in a seller’s market, but the MAI dipped to 53. The 7-day median price landed at $2.473M and 90-day average dipped to $2.0M. Inventory increased to 18. The market cooled in the past weeks with inventory outnumbering sales.
Wellesley Hills 02481 Condos and Townhomes
The MAI held from last week at 35, indicating a slight seller’s advantage. This week the median list price for Wellesley Hills, MA 02481 is $1.095M. The 90-day average rose to $1.0M. Inventory rose 1 to 3. Home sales have been exceeding new inventory. Expect further upward pricing pressure if demand holds.
Weston, MA 02493 Single-Family Homes
The MAI rose 1 point to 42, indicating a slight seller’s advantage. The week’s median price for single-family homes in Weston 02493 was $3.5M and the 90-day average dipped to $3.8M. Inventory decreased 5 to 31. Prices have been falling since late June, but we’ve seen an uptick in demand and lower inventory last week. Expect prices to plateau if demand holds.
Weston, MA 02493 Condos and Townhomes
The MAI for condos and townhomes held at 37, indicating a slight seller’s advantage. The 7-day median ended at $999k. The 90-day average held at $1.9M. Inventory stayed level at 3. In the past few weeks, the MAI has resumed its climb, up six points from July’s close. If demand holds look for upward pricing pressure.
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
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