Boston Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

July 22, 2021

15 Homewood Rd West Roxbury

New Listing in West Roxbury

Sold in 2 days

Unfortunately, this house will not be on the market very long. The tenants are only allowing one weekend of open houses. 

With no private showings allowed and the need to sell and close by August 31, only those who have seen this home online in the past week will have a shot at seeing it and putting in a bid for it.
It was a custom-built home back in 1932 which is evident from its Tudoresque elevation.

 There are two open houses: 7/24 10 a.m. - noon and 7/25 noon - 2 p.m.
Posted in Listing Your Home
July 5, 2021

July 2021 Sales Report

In Like A Lion, Out Like A Lion!

Sold in 2 days

Real estate sales, off the charts in May, continued to propel to record highs in volume and value in most Boston markets.

Although inflation across the spectrum of food, fuel and construction continues to raise prices on our everyday purchases, consumer confidence and consumption has remained high thanks to the Feds indications that interest rates will remain [artificially] low through this year.
Many towns and neighborhoods have robust June sales and prior to a fall off in July and August. Although this June was no exception, I continue to expect sales to be strong through the summer when things normally slow. I attribute this to the amazing fact that most of the areas I keep track of have reversed their course from a growing number of months on the market to a declining number. This is great news for sellers. Sadly for buyers, not so great. Inventory is even lower going into July than it was going into June.
Last month there was little change in the housing outlook around the Boston metropolis, while this month finds a lessening of inventory with higher prices in some areas. Several neighborhoods that were experiencing a buyer's market have transitioned back into a neutral market, while some which were in a balanced market have transitioned into a seller's market. Those towns which were already enjoying a seller's market have moved deeper into a seller's market with less than one-month's worth of inventory.
Considering that most of eastern Massachusetts is a great place to be a selling one's home, it is easier to list those areas (just Boston neighborhoods) which favor buyers:

July's Weakest Markets

1. Downtown
2. Chinatown
3. Waterfront
4. The Fenway
5. Back Bay                                                 
Although buyers continue to pay top dollar in most areas, at least interest rates have remained low enough to continue to make it affordable; however, rates have been ticking up and will eventually go up significantly enough that sellers will find themselves lowering their prices to attract buyers as a counter measure to these higher interest rates.
Below tells the tale of the sales activity in 60+ towns and neighborhoods in and around Boston. Look up the name of the town/area which interests you in the alphabetized list on the left. Based upon the number of homes Active on Independence Day and the number of homes sold in June, we can determine how many months (Inventory Supply) it will take before all the Active inventory is sold off... provided no other homes are placed on the market before then. Since homes are continually coming on and off the market, it is wiser to look at how the market absorbs its inventory over time (Historical AR). Why? because spring months are naturally going to have higher sales than winter months when sales are slower. As an example, the Waterfront District of Boston only had 12 home sales in June. When we divide the number of homes on the market (34) by those same 12 sales you have 2.8 months' of inventory during peak season. The story changes dramatically in July and August when market activity falls. Suddenly we are looking closer at 5.2 months of inventory. Further explanations follow the spreadsheet.
Town or Avg Sold in Active on Inventory Historical
Neighborhood YTD June 7/4/21 Supply AR
Allston 12 15 23 1.5 2.7
Arlington 56 62 20 0.3 0.4
Ashland 27 38 6 0.2 0.2
Back Bay 34 31 132 4.3 5.2
Bay Village 4 4 4 1.0 1.5
Beacon Hill 25 17 67 3.9 4.2
Belmont 37 51 24 0.5 0.9
Braintree 46 61 31 0.5 0.8
Brighton 78 91 90 1.0 2.9
Brookline 78 91 132 1.5 2.4
Cambridge 96 132 104 0.8 1.4
Canton 46 57 43 0.8 1.2
Charlestown 49 54 59 1.1 1.7
Chelsea 30 31 22 0.7 0.7
Chestnut Hill 26 27 40 1.5 2.0
Chinatown 10 9 44 4.9 5.9
Concord 24 31 25 0.8 2.0
Dedham 40 48 31 0.6 0.8
Dorchester 104 90 114 1.3 1.4
Dover 9 13 23 1.8 2.7
Downtown 6 9 45 5.0 9.0
East Boston 65 78 127 1.6 2.9
Everett 36 38 31 0.8 1.0
Fenway 20 18 44 2.4 4.0
Foxborough 23 25 8 0.3 0.4
Framingham 76 112 50 0.4 0.7
Hyde Park 25 34 22 0.6 1.0
Jamaica Plain 80 87 61 0.7 1.2
Lexington 46 56 37 0.7 1.0
Lincoln 8 17 7 0.4 1.0
Malden 47 61 32 0.5 0.8
Mattapan 11 16 12 0.8 1.4
Medfield 23 27 17 0.6 0.3
Medford 64 63 51 0.8 0.3
Melrose 39 58 15 0.3 0.1
Milton 32 43 34 0.8 1.3
Mission Hill 7 2 7 3.5 1.6
Natick 54 58 39 0.7 0.8
Needham 41 45 28 0.6 0.8
Newton 124 158 124 0.8 1.4
North End 17 13 27 2.1 2.5
Norwood 37 45 14 0.3 0.5
Quincy 112 121 128 1.1 1.4
Revere 51 73 27 0.4 0.2
Roslindale 49 66 25 0.4 0.8
Roxbury 20 21 38 1.8 2.5
Seaport 15 22 40 1.8 3.6
Sharon 29 33 34 1.0 0.4
Sherborn 9 14 14 1.0 0.4
Somerville 95 117 102 0.9 0.4
South End 70 73 135 1.8 2.9
South Boston 121 111 142 1.3 3.0
Sudbury 29 31 19 0.6 0.2
Walpole 35 38 15 0.4 0.1
Waltham 67 90 39 0.4 0.7
Watertown 38 45 40 0.9 1.1
Wayland 24 26 6 0.2 0.3
Wellesley 40 51 40 0.8 1.2
West End 4 4 12 3.0 3.6
West Roxbury 40 50 34 0.7 1.1
Weston 20 27 44 1.6 2.7
Westwood 26 31 22 0.7 1.1
Weymouth 76 99 50 0.5 0.2
Winthrop 19 26 29 1.1 0.4

BUYERS

Your best opportunities to get a deal on your purchase or at least to avoid bidding wars is to look at areas where the AR is greater than 4.5 (ideally, greater than 6). The lower the AR amount, the more competition you will have with other buyers and the less interested sellers will be to negotiate.

SELLERS

Unlike buyers, you will find most areas of the greater Boston area favor sellers. Look, for example, at Norwood or Medford where the number of sales in June were way higher than the current number of homes on the market. Therefore, a properly-priced home should sell super fast in any of the areas where the AR is 1 or less.

The two worst places around Boston to try and sell today are in the neighborhoods of Chinatown and Downtown. That also makes them the two neighborhoods where you can negotiate yourself a deal.

Whether you are buying or selling or both, contact me if you want the best strategy for dealing with the market your particular area is in now.

Posted in Market Updates
June 6, 2021

June 2021 Sales Report

Steady As She Goes!

Almost Summer

In spite of uncontrolled spending by the Feds and rising inflation, home sales in Boston continue at an unrelenting pace.

The consumer confidence which has fueled this "bull" market is thanks to the Feds maintaining artificially low interest rates in spite of rising inflation... the normal cause of rising interest rates.
Although many markets around Boston begin to peak in June and decline in July, it is unlikely that sales will slow as much as usual. In fact, many towns are seeing the greatest number of sales and highest prices ever. This is really unusual due to the shortage of inventory we have been experiencing since Covid struck last year.
Looking across the housing spectrum of the Boston metropolis, we find little change in the market over the past 30 days. Neighborhoods that were experiencing a buyer's market are still in a buyer's market. Towns that were experiencing a seller's market are still enjoying a seller's market. In spite of this great news, all but 10 of these areas saw a weakening seller's market:

May's Strongest Markets

1. Walpole
2. Sharon
3. Weymouth
4. Sudbury
5. Revere
6. Foxborough                                                                                       
7. Mission Hill
8. Westwood
9. Mattapan
10. Brookline
Although buyers are paying top dollar in most areas, at least low interest rates have been making it affordable; however, rates will go up and sellers will find themselves lowering their prices to attract buyers as a counter measure to higher interest rates.
Below tells the tale of the sales activity in 60+ towns and neighborhoods in and around Boston. Look up the name of the town/area which interests you in the alphabetized list on the left. Based upon the number of homes Active on 6/5/21 and the number of homes sold in May, we can determine how many months (Inventory Supply) it will take before all the Active inventory is sold off... provided no other homes are placed on the market until then. Since homes are continually coming on and off the market, it is wiser to look at how the market absorbs its inventory over time (Historical AR). Why? because spring months are naturally going to have higher sales than winter months when sales are slower. As an example, the Seaport District of Boston had  22 home sales in May. When we divide the number of homes on the market (47) by those same 22 sales you only have 2.1 months' of inventory during peak season. The story changes dramatically in July and August when market activity slows. Suddenly we are looking closer at 4.2 months of inventory. Further explanations follow the spreadsheet.
Town or Avg Sold in Active on Inventory Historical
Neighborhood YTD1 May 6/5/21 Supply2 AR4
Allston 11 15 23 1.5 2.8
Arlington 55 78 33 0.4 0.7
Ashland 25 39 14 0.4 0.6
Back Bay 35 31 136 4.4 5.3
Bay Village 2 4 3 0.8 1.4
Beacon Hill 24 17 71 4.2 4.5
Belmont 34 51 32 0.6 1.3
Braintree 43 55 41 0.7 1.0
Brighton 79 91 84 0.9 2.8
Brookline 79 91 143 1.6 2.5
Cambridge 91 132 123 0.9 1.7
Canton 46 57 51 0.9 1.5
Charlestown 47 54 68 1.3 2.0
Chelsea 30 26 41 1.6 1.3
Chestnut Hill 26 27 57 2.1 2.9
Chinatown 9 9 56 6.2 7.6
Concord 23 30 31 1.0 2.6
Dedham 38 48 27 0.6 0.7
Dorchester 101 90 124 1.4 1.5
Dover 8 13 19 1.5 2.3
Downtown 6 9 48 5.3 9.4
East Boston 66 78 128 1.6 2.9
Everett 36 30 30 1.0 1.0
Fenway 19 18 52 2.9 4.8
Foxborough 22 29 14 0.5 0.7
Framingham 71 112 54 0.5 0.8
Hyde Park 23 34 24 0.7 1.2
Jamaica Plain 80 87 65 0.7 1.2
Lexington 43 64 53 0.8 1.4
Lincoln 6 8 16 2.0 2.4
Malden 44 43 44 1.0 1.1
Mattapan 10 16 9 0.6 1.0
Medfield 22 34 19 0.6 0.3
Medford 65 67 58 0.9 0.3
Melrose 35 49 33 0.7 0.3
Milton 30 43 31 0.7 1.2
Mission Hill 7 2 4 2.0 0.9
Natick 52 58 45 0.8 1.0
Needham 38 45 41 0.9 1.2
Newton 122 158 157 1.0 1.7
North End 16 13 26 2.0 2.4
Norwood 35 45 22 0.5 0.8
Quincy 104 121 141 1.2 1.6
Revere 47 51 49 1.0 0.3
Roslindale 48 66 43 0.7 1.3
Roxbury 21 21 35 1.7 2.3
Seaport 15 22 47 2.1 4.2
Sharon 28 30 24 0.8 0.2
Sherborn 8 9 14 1.6 0.4
Somerville 91 121 120 1.0 0.5
South End 69 73 164 2.2 3.6
South Boston 123 111 179 1.6 3.8
Sudbury 29 33 23 0.7 0.2
Walpole 34 47 21 0.4 0.2
Waltham 64 90 51 0.6 0.9
Watertown 33 45 53 1.2 1.6
Wayland 23 26 9 0.3 0.5
Wellesley 39 51 52 1.0 1.5
West End 4 4 18 4.5 5.3
West Roxbury 39 50 46 0.9 1.4
Weston 21 27 36 1.3 2.2
Westwood 26 31 27 0.9 1.3
Weymouth 71 92 57 0.6 0.2
Winthrop 18 20 24 1.2 0.3

BUYERS

Your best opportunities to get a deal on your purchase or at least to avoid bidding wars is to look at areas where the AR is greater than 4.5 (ideally, greater than 6). The lower the AR amount, the more competition you will have with other buyers and the less interested sellers will be to negotiate.

SELLERS

Unlike buyers, you will find most areas of the greater Boston area favor sellers. Look, for example, at Waltham or Walpole where the number of sales in May were way higher than the average monthly current number of homes on the market and the current number of homes on the market. Therefore, a properly-priced home should sell super fast in any of the areas where the AR is 1 or less.

The two worst places around Boston to try and sell today are in the neighborhoods of Chinatown and Downtown. That also makes them the two neighborhoods where can can negotiate yourself a deal.

Whether you are buying or selling or both, contact me if you want the best strategy for dealing with the market your particular area is in now.

Posted in Market Updates
May 5, 2021

May 2021 Sales Report

Ah, Spring,

Spring has sprung

You are pretty much in full bloom in Boston now. All the pretty blossoms and flowers which have appeared these past couple of weeks are a welcome sight.

 

Although February and March are often the best times to have a home on the market, May and June are the next best months to have your property on the market.

 

Sales typically peak in June-July. These four months are when buyers pay the most because of the numbers of buyers competing for a limited number of homes. What is NOT typical is the unusual shortage of inventory which buyers are facing.

 

Interestingly, some areas have shifted deeper into a seller's market while a few have turned in the opposite direction. The larger story is that the end of 2018 saw dramatic shifts away from a seller's market as what one would have predicted, but due to a revving economy, the markets tended to shift back again.

 

Considering how much the politicians are spending these days, we are going to see a period of major inflation and rising costs for everything from bread and milk to interest rates. The great economic boom we are experiencing now will come tumbling down before long. Housing inventory will increase and values will drop just as they have done so historically since the beginning of trade.

 

Below tells the tale of the sales activity in 60+ towns and neighborhoods in and around Boston. Look up the name of the town/area in the alphabetized list on the left. Based upon the number of homes Active on 5/5/21 and the number of homes Sold in April, we can determine how many months (Inventory Supply) it will take before all the Active inventory is sold off... provided no other homes are placed on the market until then. Since homes are continually coming on and off the market, it is wiser to look at how the market absorbs its inventory over time (Historical AR). As an example, The Fenway neighborhood had 6 homes sales in April. Although 53 homes on the market divided by 6 equals 8.8 months' of inventory, historical sales more closely approach the average 19 sales per month seen in Avg YTD. Further explanations follow the spreadsheet.

Town or Average Sold in Active on Inventory Historical
Neighborhood YTD April 5/4/21 Supply AR
Allston 10 5 22 4.4 2.8
Arlington 50 19 25 1.3 0.5
Ashland 22 15 7 0.5 0.3
Back Bay 36 16 106 6.6 4.1
Bay Village 2 2 6 3.0 3.0
Beacon Hill 26 12 57 4.8 3.5
Belmont 30 16 15 0.9 0.6
Braintree 40 29 32 1.1 0.8
Brighton 76 43 65 1.5 2.2
Brookline 76 43 146 3.4 2.6
Cambridge 81 57 109 1.9 1.6
Canton 43 36 44 1.2 1.3
Charlestown 45 30 38 1.3 1.1
Chelsea 31 20 32 1.6 1.0
Chestnut Hill 25 15 55 3.7 2.8
Chinatown 10 5 52 10.4 7.1
Concord 21 16 21 1.3 1.9
Dedham 36 14 20 1.4 0.6
Dorchester 104 67 87 1.3 1.1
Dover 7 4 20 5.0 2.5
Downtown 6 3 43 14.3 8.7
East Boston 42 43 119 2.8 3.1
Everett 37 32 26 0.8 0.9
Fenway 19 6 53 8.8 4.9
Foxborough 21 16 11 0.7 0.6
Framingham 60 36 34 0.9 0.5
Hyde Park 21 16 21 1.3 1.0
Jamaica Plain 79 49 51 1.0 1.0
Lexington 38 22 47 2.1 1.4
Lincoln 6 1 10 10.0 1.6
Malden 44 29 22 0.8 0.5
Mattapan 9 9 16 1.8 1.9
Medfield 19 10 14 1.4 0.2
Medford 64 57 35 0.6 0.2
Melrose 32 19 16 0.8 0.1
Milton 27 16 30 1.9 1.2
Mission Hill 8 5 4 0.8 0.9
Natick 51 45 22 0.5 0.5
Needham 37 18 22 1.2 0.7
Newton 113 82 132 1.6 1.5
North End 17 6 22 3.7 2.0
Norwood 32 26 10 0.4 0.3
Quincy 99 86 108 1.3 1.2
Revere 46 39 41 1.1 0.3
Roslindale 44 29 41 1.4 1.3
Roxbury 21 9 35 3.9 2.3
Seaport 13 7 42 6.0 3.9
Sharon 28 12 15 1.3 0.2
Sherborn 8 5 10 2.0 0.3
Somerville 84 54 102 1.9 0.4
South Boston 126 86 157 1.8 3.4
South End 68 35 162 4.6 3.6
Sudbury 28 16 23 1.4 0.2
Walpole 31 22 17 0.8 0.1
Waltham 58 38 36 0.9 0.7
Waterfront 13 12 34 2.8 5.2
Watertown 31 22 35 1.6 1.1
Wayland 22 12 7 0.6 0.4
Wellesley 36 22 34 1.5 1.0
West End 4 3 12 4.0 3.6
West Roxbury 37 24 30 1.3 1.0
Weston 19 9 34 3.8 2.1
Westwood 25 13 25 1.9 1.3
Weymouth 66 55 50 0.9 0.2
Winthrop 17 11 18 1.6 0.3

BUYERS

Your best opportunities to get a deal on your purchase or at least to avoid bidding wars is to look at areas where the AR is greater than 4.5 (ideally, greater than 6). The lower the AR amount, the more competition you will have with other buyers and the less interested sellers will be to negotiate.

SELLERS

Unlike buyers, you will find most areas of the greater Boston area favor sellers. Look, for example, at Melrose or Walpole where the number of sales in April were way higher than the current number of homes on the market. Therefore, a properly-priced home should sell super fast in any of the areas where the AR is 1 or less.

Whether you are buying or selling or both, contact me if you want the best strategy for dealing with the market your particular area is in now.

Posted in Market Updates
April 4, 2021

Sales Report April 4 2021

Heating Up

Although we're done with winter now and the days are getting warmer, when I say things are heating up, I don't mean the weather... nice as it is to see warm, sunny days again. What I am referencing is how hot our real estate market is across Greater Boston... well, except for an area or two. Suffice to say

March. Sales. Were. Incredible!

And now the question is, what will the rest of the year be like? The quick answer depends upon supply and demand. Unfortunately, no one knows how much supply will be available from which buyers can choose. Naturally, there are always greedy sellers who overprice their properties intentionally or who are misguided by improper representation. Those will remain on the market in perpetuity until those sellers become motivated enough to lower their prices. Then there are those properties which interest only a handful of buyers because the homes are in disrepair, located on a busy street or in an undesirable area, or have a weird floor plan or lot... all items which can be compensated when the asking price is low enough. But all the desirable properties priced competitively will vanish soon after they are advertised for sale unless sufficient numbers of homeowners decide to make a move and list their homes for sale.

In many cases, potential home sellers who are wanting to move up or move down here in the Boston area are too fearful to sell until they find a place to buy. This creates a Catch-22 situation which occurs time and again but in cycles. The first cycle, which is what we are experiencing now, is when sellers are eager to sell but afraid they won't be able to find an affordable replacement home because there's a shortage of housing. The second cycle entails sellers unable to buy because there's an oversupply of housing and they are having a difficult time in finding a buyer for their homes.

Below tells the tale of the sales activity in 60+ towns and neighborhoods in and around Boston. Look up the name of the town/area in the alphabetized list on the left. Based upon the number of homes Active on 4/2/21 and the number of homes Sold in March, we can determine how many months (Inventory Supply) it would take before all the Active inventory is sold off... provided no other homes are placed on the market until then. Since homes are continually coming on and off the market, it is wiser to look at how the market absorbs its inventory over time (Historical AR). As an example, Allston had 5 homes sales in March. Although 16 homes on the market divided by 5 equals 3.2, historical sales more closely approach the 8 sales per month seen in Avg YTD. Further explanations follow the spreadsheet.

Town or Avg Sold in Active on Inventory Historical
Neighborhood YTD March 4/2/21 Supply AR
Allston 8 5 16 3.2 2.2
Arlington 43 19 20 1.1 0.4
Ashland 20 15 3 0.2 0.1
Back Bay 33 16 106 6.6 4.2
Bay Village 1 2 5 2.5 2.9
Beacon Hill 26 12 57 4.8 3.5
Belmont 29 16 11 0.7 0.5
Braintree 36 29 23 0.8 0.6
Brighton 68 43 44 1.0 1.5
Brookline 68 43 96 2.2 1.8
Cambridge 75 57 102 1.8 1.5
Canton 36 36 38 1.1 1.2
Charlestown 42 30 34 1.1 1.0
Chelsea 30 20 23 1.2 0.7
Chestnut Hill 24 15 38 2.5 2.0
Chinatown 9 5 54 10.8 7.4
Concord 18 16 18 1.1 1.7
Dedham 31 14 21 1.5 0.6
Dorchester 107 67 97 1.4 1.2
Dover 7 4 14 3.5 1.7
Downtown 6 3 49 16.3 9.8
East Boston 56 43 110 2.6 2.6
Everett 39 32 22 0.7 0.7
Fenway 19 6 48 8.0 4.4
Foxborough 20 16 13 0.8 0.7
Framingham 55 36 39 1.1 0.6
Hyde Park 20 16 14 0.9 0.7
Jamaica Plain 74 49 52 1.1 1.0
Lexington 35 22 38 1.7 1.1
Lincoln 6 1 9 9.0 1.4
Malden 41 29 28 1.0 0.7
Mattapan 8 9 11 1.2 1.3
Medfield 17 10 11 1.1 0.2
Medford 60 57 38 0.7 0.2
Melrose 24 19 21 1.1 0.2
Milton 26 16 24 1.5 0.9
Mission Hill 9 5 6 1.2 1.2
Natick 51 45 23 0.5 0.5
Needham 30 18 31 1.7 1.0
Newton 106 82 123 1.5 1.4
North End 18 6 24 4.0 2.2
Norwood 29 26 17 0.7 0.6
Quincy 92 86 103 1.2 1.2
Revere 41 39 40 1.0 0.3
Roslindale 47 29 19 0.7 0.6
Roxbury 24 9 27 3.0 1.7
Seaport 13 7 42 6.0 3.9
Sharon 23 12 27 2.3 0.3
Sherborn 7 5 7 1.4 0.2
Somerville 77 54 80 1.5 0.3
South Boston 131 86 119 1.4 2.5
South End 66 35 150 4.3 3.3
Sudbury 24 16 19 1.2 0.2
Walpole 29 22 20 0.9 0.2
Waltham 52 38 40 1.1 0.8
Waterfront 13 12 29 2.4 4.3
Watertown 27 22 33 1.5 1.0
Wayland 20 12 8 0.7 0.4
Wellesley 35 22 22 1.0 0.7
West End 3 3 12 4.0 3.7
West Roxbury 30 24 26 1.1 0.9
Weston 19 9 30 3.3 1.9
Westwood 24 13 25 1.9 1.3
Weymouth 61 55 54 1.0 0.2
Winthrop 18 11 11 1.0 0.2

BUYERS

Your best opportunities to get a deal on your purchase or at least to avoid bidding wars is to look at areas where the AR is greater than 4.5 (ideally, greater than 6). The lower the AR amount, the more competition you will have with other buyers and the less interested sellers will be to negotiate.

SELLERS

Unlike buyers, you will find most areas of the greater Boston area favor sellers. Look, for example, at Natick or Ashland where the number of sales in March were way higher than the current number of homes on the market. Therefore, a properly-priced home should sell super fast in any of the areas where the AR is 1 or less.

Whether you are buying or selling or both, contact me if you want the best strategy for dealing with the market we are in now.

Posted in Market Updates
March 3, 2021

Sales report for March

A combination of low inventory and high sales for the month of February paints a very rosy picture for Boston area home sellers. However, this should not make homeowners complacent about how long this will last. We are experiencing an unprecedented "bull market" in our real estate market and can understandably rejoice in how things have been going over the past several years; but, there will be a correction in the near future. The city of Boston is already seeing falling prices in several of its neighborhoods and other will follow. 

Normally, one might expect to see a list of the top 5 or 10 towns/neighborhoods with the most activity followed with a similar list of the slowest and worst performing; however, of the towns/neighborhoods I have been monitoring closely, over 2/3 are not just "hot" but boiling hot. There are only two neighborhoods as of March 3 that are mired in a buyer's market: 

1. Chinatown-Leather District
2. Downtown-Financial District

You will be hard-pressed to find a "deal" anywhere around the metroplex except for these two areas. With so much inventory available in Downtown and Chinatown, buyers have an opportunity to make low-ball offers. On the other hand, if you are looking to buy in Ashland, you can expect to see multiple offers when the next property hits the market.

All this said, there is an additional important point to make. All of these numbers can change in a matter of days. As spring arrives, more people will want to put their properties on the market which will contribute to cooling the market down some. So, if you have been thinking that the summer is the best time to sell, think again. NOW is the best time to have your property on the market!

 

Town or Avg Sold in Active on Inventory Historical
Neighborhood YTD1 Feb 3/3/21 Supply2 AR4
Allston 5 5 26 5.2 3.9
Arlington 33 19 20 1.1 0.5
Ashland 16 15 0 0.0 0.0
Back Bay 18 16 97 6.1 4.5
Bay Village 1 2 4 2.0 2.3
Beacon Hill 18 12 55 4.6 3.9
Belmont 18 16 17 1.1 0.8
Braintree 31 29 25 0.9 0.7
Brighton 56 43 46 1.1 1.7
Brookline 56 43 83 1.9 1.6
Cambridge 59 57 109 1.9 1.7
Canton 33 36 24 0.7 0.8
Charlestown 34 30 44 1.5 1.4
Chelsea 27 20 32 1.6 1.1
Chestnut Hill 21 15 40 2.7 2.2
Chinatown 6 5 49 9.8 7.7
Concord 16 16 24 1.5 2.4
Dedham 23 14 24 1.7 0.7
Dorchester 66 67 86 1.3 1.2
Dover 5 4 13 3.3 1.7
Downtown 3 3 46 15.3 10.7
East Boston 47 43 115 2.7 2.9
Everett 33 32 30 0.9 1.0
Fenway 8 6 38 6.3 4.7
Foxborough 17 16 9 0.6 0.5
Framingham 41 36 39 1.1 0.6
Hyde Park 18 16 14 0.9 0.7
Jamaica Plain 49 49 43 0.9 0.9
Lexington 26 22 31 1.4 1.0
Lincoln 5 1 10 10.0 1.7
Malden 37 29 28 1.0 0.7
Mattapan 8 9 8 0.9 1.0
Medfield 12 10 12 1.2 0.2
Medford 56 57 37 0.6 0.2
Melrose 19 19 13 0.7 0.1
Milton 18 16 25 1.6 1.1
Mission Hill 6 5 8 1.6 2.0
Natick 43 45 27 0.6 0.6
Needham 23 18 35 1.9 1.2
Newton 89 82 114 1.4 1.4
North End 9 6 30 5.0 3.5
Norwood 26 26 12 0.5 0.4
Quincy 78 86 88 1.0 1.0
Revere 35 39 35 0.9 0.2
Roslindale 30 29 17 0.6 0.6
Roxbury 16 9 21 2.3 1.5
Seaport 9 7 42 6.0 4.4
Sharon 17 12 28 2.3 0.3
Sherborn 4 5 7 1.4 0.2
Somerville 68 54 75 1.4 0.3
South End 44 35 119 3.4 3.0
South Boston 90 86 135 1.6 2.9
Sudbury 19 16 13 0.8 0.1
Walpole 26 22 18 0.8 0.1
Waltham 41 38 35 0.9 0.7
Waterfront 8 12 24 2.0 4.5
Watertown 22 22 24 1.1 0.8
Wayland 14 12 11 0.9 0.7
Wellesley 25 22 24 1.1 0.8
West End 2 3 14 4.7 4.7
West Roxbury 28 24 22 0.9 0.8
Weston 14 9 34 3.8 2.3
Westwood 16 13 19 1.5 1.1
Weymouth 49 55 33 0.6 0.1
Winthrop 16 11 20 1.8 0.3

1. Average sales YTD is the average of January and February sales for this year.

2. Inventory Supply indicates how long it might take for the current inventory to sell if no other new listings come on the market. Since this is unrealistic, the next column titled Historical AR, gives a more accurate number of months for the market to absorb the current inventory. 

If the AR value is under 3, this indicates a seller's market.

If the AR value is 3 - 6, this indicates a balanced market.

If the AR value is greater than 6, this indicates a buyer's market.

Posted in Market Updates
Feb. 2, 2021

February Market Update

Boston Real Estate Market in Decline

Here are the Boston neighborhoods already experiencing a buyer's market. These neighborhoods are seeing lowering home values and longer days on market for those properties which do sell.

Top 5 best neighborhoods of dropping prices to buy a home in and also the top 5 worst neighborhoods to sell a home in:

Downtown
Chinatown
The Fenway
Beacon Hill
Back Bay

Top 5 best neighborhoods to sell a home in and also the top 5 worst neighborhoods of rising prices to buy in:

West Roxbury
Roslindale
Mattapan
Hyde Park
Bay Village

*** All the surrounding towns of Boston are enjoying a seller's market ***

Towns/neighborhoods with a historical AR of 3 or less are considered in a seller's market.
Towns/neighborhoods with a historical AR of 3-6 are considered in a balanced market.
Towns/neighborhoods with a historical AR of greater than 6 are considered in a buyer's market.

Town or Avg Sales Sold in Active on Inventory Historical
Neighborhood YTD1 January 2/1/21 Supply2 AR4
Allston 5 5 20 4.0 3.0
Arlington 19 19 19 1.0 0.5
Ashland 15 15 4 0.3 0.2
Back Bay 16 16 93 5.8 4.4
Bay Village 2 2 2 1.0 1.0
Beacon Hill 12 12 58 4.8 4.5
Belmont 16 16 19 1.2 0.9
Braintree 29 29 25 0.9 0.7
Brighton 43 43 50 1.2 1.7
Brookline 43 43 85 2.0 1.8
Cambridge 57 57 98 1.7 1.6
Canton 36 36 26 0.7 0.8
Charlestown 30 30 52 1.7 1.7
Chelsea 20 20 34 1.7 1.2
Chestnut Hill 15 15 35 2.3 2.1
Chinatown 5 5 45 9.0 7.2
Concord 16 16 16 1.0 1.6
Dedham 14 14 29 2.1 0.9
Dorchester 67 67 91 1.4 1.3
Dover 4 4 14 3.5 1.9
Downtown 3 3 45 15.0 10.4
East Boston 43 43 125 2.9 3.2
Everett 33 33 28 0.8 1.0
Fenway 6 6 36 6.0 4.8
Foxborough 17 17 9 0.5 0.5
Framingham 36 36 35 1.0 0.6
Hyde Park 16 16 18 1.1 0.9
Jamaica Plain 49 49 57 1.2 1.3
Lexington 22 22 26 1.2 0.8
Lincoln 1 1 11 11.0 2.2
Malden 29 29 24 0.8 0.6
Mattapan 9 9 7 0.8 0.8
Medfield 10 10 16 1.6 0.3
Medford 57 57 42 0.7 0.2
Melrose 19 19 15 0.8 0.1
Milton 16 16 16 1.0 0.7
Mission Hill 5 5 6 1.2 1.6
Natick 45 45 31 0.7 0.7
Needham 18 18 30 1.7 1.1
Newton 82 82 91 1.1 1.1
North End 6 6 31 5.2 3.9
Norwood 26 26 11 0.4 0.4
Quincy 86 86 104 1.2 1.2
Revere 39 39 47 1.2 0.3
Roslindale 29 29 21 0.7 0.8
Roxbury 9 9 30 3.3 2.5
Seaport 7 7 38 5.4 4.1
Sharon 12 12 32 2.7 0.4
Sherborn 5 5 5 1.0 0.2
Somerville 54 54 99 1.8 0.4
South End 35 35 111 3.2 3.0
South Boston 86 86 153 1.8 3.3
Sudbury 16 16 13 0.8 0.1
Walpole 22 22 17 0.8 0.1
Waltham 38 38 43 1.1 0.9
Waterfront 12 12 28 2.3 4.4
Watertown 22 22 21 1.0 0.7
Wayland 12 12 10 0.8 0.6
Wellesley 22 22 28 1.3 1.0
West End 3 3 12 4.0 3.7
West Roxbury 24 24 20 0.8 0.7
Weston 9 9 37 4.1 2.8
Westwood 13 13 17 1.3 1.0
Weymouth 55 55 38 0.7 0.1
Winthrop 11 11 20 1.8 0.3
Posted in Market Updates
Feb. 2, 2021

Complacency Will Cost Sellers

Buyers and Sellers Be Aware!

What's going on with Boston's real estate market?

Sellers in metropolitan Boston have been enjoying a seller's market of bidding wars and rising prices for several years. In fact, it has been going on so long that buyers and sellers alike believe it will continue indefinitely. This reason why the seller's market has lasted so long is because interest rates have continued to remain low with no increase in sight. Although this has benefited many who have been able to qualify to purchase a home or refinance their mortgages, the spending binge which we can expect politicians in Washington to go on this year will likely cause a sharp market correction. Based upon the rhetoric of pre-election days, we can likely expect the economy to change within the next 18 months. This is the window of time in which homeowners who are thinking of selling should get their homes on the market. Buyers, on the other hand, can afford to put off buying as prices will come down over the next several years. Mind you, as prices fall, interest rates will rise. Although most areas of metropolitan Boston are still seeing low inventories, several neighborhoods in Boston are already in a buyer's market of dropping prices. 

Posted in Market Updates
Jan. 3, 2021

Visual Graphic of Boston's Real Estate Market

This New Year is bringing mixed feelings for Boston area buyers and sellers. Although 2020 was a rough year for many due to layoffs and pitiful help from the government which had caused the shuttering of many businesses and accompanying layoffs, there were bright spots here and there in the economy and in Boston's real estate market. It is true that home sales outside Boston really exploded in 2020. Where buyers would think they could pick up a cheap home in the outlying regions, they instead found themselves in bidding wars and escalating prices in the unlikeliest of places. Myself, I had a buyer looking out west in the Leominster area. I told my client that houses in the area in good condition were going about $100,000 over their assessed values. My client is now a proud owner of a Leominster home. So, when I say I will serve my clients anywhere in eastern Massachusetts, you know I'm telling the truth!Visual graphic of the state Boston's real estate market

Homeowners in Boston have enjoyed a great, seller's market. In fact, some parts of Boston have enjoyed a lengthier seller's market with terrific appreciation thanks to bidding wars (multiple offers) within days of their listings coming on the market. However, there's a saying, "All good things must come to an end". Although several neighborhoods of Boston are still experiencing a seller's market where listings are still in short supply, other areas are in a balanced market where the number of available listings (supply) and buyers (demand) are considered to be in balance. On the other hand, the flight of city office workers now getting to work remotely from home has increased the number of homes for sale in Boston to a level that has pushed the other half of Boston's neighborhoods into a buyer's market with downward pressure on prices. For sellers who have bought in the past couple of years and wanting/needing to sell, they are already looking at losing money. What this means for all sellers is that now is still the time to list their homes on the market at a reasonable price because even those who are already having to price lower than desired will see their prices drop even further as time moves on. Those who have waited for 2020 or 2021 are now feeling the financial pain of waiting too long to sell. Fortunately are those whose seller's market has extended even through 2020! But they, too, should count their blessings and sell NOW before they find themselves trying to sell in a buyer's market of downward spiraling prices.

The graph included here shows how real estate markets are cyclical. Prices and activity topped out by 2005-2006 which is illustrated by the high numbers of homes that failed to sell in 2006. On the other hand, prices began to rise 2010-2012 as inventory began to dry up. Generally speaking, 2014-2018 were good years for sellers. But as you can see from the graph, homes that are not selling are on the rise again. This means one thing only... Boston is heading into a buyer's market.

Posted in Market Updates
Jan. 3, 2021

January 2021 Best Towns/Neighborhoods for Sellers

Sellers labor under the false impression that the best time to sell is in June when schools close for the summer. Some believe more correctly that spring is the better time to sell. However, for most areas around Boston, the best time is January. In many communities, March is the month where most homes sell. For others it might be April or May. Typically, sales begin to falter come June. Of course, each area is different and weird things can happen to throw things out of kilter like a pandemic, but I prefer to let statistics (the science!) show the way.

November and December present a unique challenge statistically. You would think that fewer homes sell with holiday making occupying most people's thoughts, but even though December sales are ofttimes few and far between, the same time a year earlier or a year later can astonish you!

Normally there are specific areas in or around Boston that are especially great for sellers or great for buyers. Due to the time of year, almost every town or neighborhood is looking good for sellers. The only three areas experiencing a buyer's market are in Boston proper - the neighborhoods of Downtown, Chinatown, and West End. A flood of new listings in the next few weeks should turn the tables back to where they were in October and clearly defined buyer's and seller's markets will reappear!

Please CLICK HERE to see a list of over 60 towns/neighborhoods and how they rank based upon end-of-year statistics. Remember, these statistics should change drastically in the near future. Therefore, sellers should put their homes on the market now and take advantage of current market conditions. Buyers might do better to wait until the dust settles in March!

Posted in Market Updates