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August 30, 2021 Real Estate Market Report for Boston Area Single-Family Homes, Condos, and Townhomes

August 30, 2021 Real Estate Market Report for Boston Area Single-Family Homes, Condos, and Townhomes

Some area markets are trending towards buyer’s markets and some stronger into seller’s markets. 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 July’s close at 41, 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 held steady at $1.7M. Inventory decreased net 1 to 85. This home market has been at a stasis in terms of sales to inventory although prices dropped through mid-July.

Boston, MA Condos and Townhomes Homes

The MAI dipped 1 point to 40 indicating a slight seller’s advantage. The week’s median list price landed at $850k and 90-day average dipped a bit to $903k. Inventory decreased to 759. This market had been at a stasis, but inventory continued to dip this past week.

 

Boston 02115 Single-Family Homes

The MAI for 02115 dipped to 25, down 2 points from last week indicating a slight buyer’s advantage. Last week’s median list price in Boston 021115 landed at $6.9M. The 90-day average matched last week’s at $6.4M. Inventory held steady at 6. The market has shown some evidence of cooling but prices and inventory have held steady since July.

 

Boston 02115 Condos and Townhomes

Last week’s median list price in Boston 02115 closed at $818k. The 90-day average has been steady through July and closed last week down just 2k to $884k. The MAI held steady at 36, indicating a slight seller’s advantage. Inventory increased to 49. 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 dipped three points further this week to 31, almost at the tipping point into a buyer’s market. Last week’s median ended at $5.47M. The 90-day average slipped to $5.9M. Inventory held steady at 6. The market has been cooling over time and prices seem to have plateaued.

 

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 $2.0M and 90-day average held at $2.1M. Inventory decreased 4 to 94. This market is at a stasis with respect to sales and inventory. Still prices have been dipping since the end of July. With decreasing inventory we may see a plateau if demand holds.

 

Cambridge 02138 Single-Family Homes

The MAI in Cambridge 02138 for single family homes increased to 76 last week, indicating a strong seller’s market. Last week’s median list price was $2.5M. The 90-day median price inched up $100k to $2.1M. Inventory decreased 1 to 3. Home sales have been exceeding supply for several weeks putting this area in a strong seller’s market. Prices have been at a plateau since January, but look for upward pricing pressure if demand holds.

 

 

Cambridge 02138 Condos and Townhomes

The MAI rose two points last week to 69, indicating a strong seller’s market. The 7-day median list price landed at $779k for condos in this zip code. The 90-day average dipped again to $846k. Prices had been on a general upward trend since December but plateaued in May and have been dropping since late June. Inventory decreased by 4 to 23. Sales have been exceeding inventory for the past two weeks. Look for prices to level off soon.

 

Chestnut Hill 02467 Single-Family Homes

Chestnut Hill’s single-family market is a seller’s market with an MAI of 47. The 7-day median closed at $2.699M and 90-day average is $3.0M. Inventory is up one to 15. 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 2 from last week to 55. This market is also a strong seller’s market. The 7-day median closed at $1.139M and 90-day average is $914k. Prices for condos and townhomes in Chestnut Hill have been rising steadily since February. With inventory steady from last week at 17 and demand high, we expect this trend to continue.

 

Newton, MA Single-Family Home Market

Newton’s MAI for single-family homes jumped 4 points from last week to 63 indicating a strong seller’s market. The 7-day median closed at $1.862M and 90-day average held at $1.8M. Inventory decreased net 3 to 4. Prices had been trending down since April but started to rise in July and have continued that trend for August. With inventory low expect prices to hold or face upward pricing pressure.

 

Newton, MA Condo and Townhome Market

The MAI rose 4 points to 65 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 decreased 2 to 9. The market has been cooling and we’ve seen prices plateau in recent weeks. If demand holds we expect prices to resume upward climb.

 

Wellesley 02482 Single-Family Homes

Wellesley single-family homes continued to stay in a strong seller’s market with an MAI rising 4 points to 61. The 7-day median price landed at $1.157M and 90-day held at $1.6M. Inventory decreased net 3 to 8.

 

Wellesley 02482 Condos and Townhomes

The MAI dipped 1 point from last week to 43, a slight seller’s advantage market. This week the 7-day median list price for Wellesley, MA 02482 is at $1.987M. The 90-day held at $1.8M. Inventory is up net 1 to 4. 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 four points to 49 this week, still a seller’s market however. The 7-day median price landed at $2.250M and 90-day average held at $2.0M. Inventory slipped net 1 to 17. The market cooled in the past weeks with prices plateauing.

 

Wellesley Hills 02481 Condos and Townhomes

The MAI jumped six points to 41, indicating a slight seller’s advantage. This week the median list price for Wellesley Hills, MA 02481 is $1.045M. The 90-day average held at $1.0M. Inventory dipped 1 to 2. Home sales have been exceeding new inventory. Expect further upward pricing pressure if demand holds.

 

Weston, MA 02493 Single-Family Homes

The MAI dipped 1 point to 41, 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 $3.7M. Inventory increased 2 to 22. The market seems to be cooling in this zip code with more homes available vs. sales.

 

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 dipped to $1.8M. 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

http://catherinebassick.com

Brokered by EXP Realty

617.800.7764

MA LIC# 9558155

CA DRE# 01380305

 

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