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!

Oct. 5, 2021

Market Shift or Seasonal Shift?

September Sales = Mixed Message

$5 million dollar viewInventory in Boston Metroplex increases - but not everywhere.

The Greater Boston market continues to perplex market watchers. August sales usually slow with an increase in September. This year, half of Boston saw an increase in inventory in September... but not appreciably enough to pronounce that the market has finally shifted... especially since the other half of Boston experienced robust sales and a decrease in inventory. In fact, the forecast calls for continued strong sales at least through spring of 2022. We shall see.

Last month, 88% of the Boston area was enjoying a seller's market, much to the angst of buyers. This month, the number of markets still in a seller's market sits around 76%.

Only one neighborhood is now experiencing a buyer's market. Unfortunately for buyers, it is one of the more expensive areas to buy in. As I mentioned last month, it will still take an economic catastrophe at this point to prevent 2021 from becoming our best year ever when it comes to high prices and volume of sales. If you look at last month's market update, you will see that all the towns and neighborhoods have kept in lockstep with each other, such that the order of top-selling or slow-selling areas remains basically unchanged from last month:

Town Average Sold in Active on Current Historical
Neighborhood Y-T-D September 10/1/21 Supply (AR) AR
Melrose 34 31 28 0.9 0.2
Walpole 33 34 29 0.9 0.2
Weymouth 74 86 75 0.9 0.3
Revere 50 58 53 0.9 0.3
Sharon 28 26 33 1.3 0.3
Sudbury 27 29 39 1.3 0.4
Medfield 21 15 27 1.8 0.4
Medford 64 62 90 1.5 0.5
Sherborn 9 2 15 7.5 0.5
Wayland 21 25 12 0.5 0.6
Somerville 93 81 170 2.1 0.7
Ashland 25 29 18 0.6 0.7
Foxborough 20 18 14 0.8 0.7
West Roxbury 39 44 26 0.6 0.8
Arlington 55 77 45 0.6 0.9
Braintree 42 36 37 1.0 0.9
Winthrop 22 23 68 3.0 1.0
Needham 35 25 31 1.2 1.0
Dedham 36 27 35 1.3 1.0
Framingham 75 77 73 0.9 1.0
Lexington 43 40 39 1.0 1.0
Westwood 23 23 20 0.9 1.0
Norwood 35 36 32 0.9 1.1
Natick 54 44 56 1.3 1.2
Wellesley 35 29 40 1.4 1.2
Belmont 34 32 32 1.0 1.3
Chelsea 28 24 40 1.7 1.3
Malden 47 67 54 0.8 1.3
Lincoln 8 13 9 0.7 1.3
Waltham 63 60 71 1.2 1.3
Quincy 111 105 130 1.2 1.4
Hyde Park 24 22 30 1.4 1.4
Everett 35 31 43 1.4 1.5
Roslindale 42 24 47 2.0 1.5
Canton 42 26 52 2.0 1.5
Milton 35 25 45 1.8 1.6
Watertown 37 43 57 1.3 1.6
Newton 111 85 148 1.7 1.7
Jamaica Plain 67 49 91 1.9 1.8
Chestnut Hill 24 24 37 1.5 1.9
Dorchester 94 66 156 2.4 2.0
Cambridge 90 99 147 1.5 2.1
Charlestown 42 39 70 1.8 2.1
Mattapan 10 14 19 1.4 2.2
Brookline 70 55 120 2.2 2.2
Concord 23 23 28 1.2 2.3
Weston 19 10 37 3.7 2.3
Dover 8 11 20 1.8 2.4
North End 15 9 25 2.8 2.5
Fenway 20 14 35 2.5 3.2
Brighton 70 55 103 1.9 3.4
Mission Hill 6 5 14 2.8 3.4
East Boston 60 56 155 2.8 3.6
South Boston 100 62 169 2.7 3.6
South End 61 53 169 3.2 3.9
Allston 11 13 32 2.5 3.9
Seaport 14 15 47 3.1 4.2
Beacon Hill 21 18 66 3.7 4.4
Roxbury 18 13 64 4.9 4.4
Back Bay 32 26 113 4.3 4.5
Bay Village 3 1 11 11.0 4.8
West End 3 2 17 8.5 5.1
Chinatown 11 6 41 6.8 5.2
Downtown 5 4 40 10.0 8.1

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 Absorption Rate (AR) is greater than 4.5 months of inventory (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. The best place around Boston to buy today is in the neighborhood of Downtown. With all the inventory on the market, you should be able to negotiate yourself a deal here. This said, there are still often deals to be made most everywhere, because when sellers overprice their homes, they often come down lower than had they priced their homes correctly to begin with! 

You might also look at the numbers in the Current Supply column. Based upon the number of sales in September alone and the number of properties available on 10/1/21, things appear to be looking up for you. For example, Bay Village ended up with the worst record for September with 11 months of inventory on hand. 

SELLERS

Unlike buyers, you will find many areas of the greater Boston area favor sellers. Look, for example, at Concord where the supply of inventory at the end of September is 11 points lower than the historic supply of inventory on the market. Areas like this and others have outperformed the rest of the metroplex. Even in a changing market, a properly-priced home should sell very quickly in any of the areas where the Inventory Supply and the Historical AR are both 1 or less. The worst place around Boston to try and sell today is in the neighborhood of Downtown due to its low turnover rate.

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
Sept. 26, 2021

A Past Client Speaks His Mind

CLIENT TELLS ALL

Jim Kazakoff has worked with clients from all around the world who speak many different languages: Russian, Italian, Spanish, French, Chinese, Persian, Hebrew, Vietnamese, and even some English. One of my recent transactions involved both Chinese buyers and a Chinese seller. Here is what the Seller has to share with other Chinese nationals looking to buy or sell in Massachusetts - and written in Simplified Chinese. See translation below.

Satisfied Client房地产中介Jim Kazakoff推荐信 各位买房及卖房朋友,我是哈佛大学的一个前医学研究方面的小科室主任,目前我再深圳做外科医生。我以我最诚致的心给您强烈推荐介绍一位大波士顿地区的极其优秀的房地产中介Jim Kazakoff. Jim以他两次在极其困难的情况下替我买房和卖房的神奇成功经历,折服了我。 2017年6月,是中国内地客在美国买房最后一波热潮,房源相对竞相买房的人群,真可以说短缺。对我这种中产阶级在波士顿贷款买房极不容易。而我一个月时间内要买到心怡的房子就更为不容易。找房,选房,竞价..., 成了每天极其艰难的历程。我们找了10多家房子,都有各种各样复杂的问题。然而,Jim以他丰富的房地产资识和经验,一一排查每一房源,作出一个个精准判断和建议,最后,找到我性价比极为合适的房子 :15 Homewood Rd, West Roxbury, MA02132. 也是在他的推荐下,很快找到一家合适的贷款银行,终于如期买下这栋房子。 接着,在四年的时间里,Jim一直在房子的维护,出租交税方面提供了宝贵经验。 我要着重谈的,是我2021年8月卖房经历。具体说我遇到两个极其麻烦美国人租客,4月份通知他/她们我要卖房,但租客不愿意6月按租约按时出门。一直拖到近8月份。是我重新请了Jim,他以教会上帝般仁慈,犀利的英文善言,感化说服了那两个极其霸道的租客,终于做了Open House,使卖房从无望到如愿以比较合适的价位,于最关键的卖房时期2021年8月31日卖出房子。可以说没有Jim力挽狂澜,这个事我真是遇难了。 在美国买卖房子,真是需要一个得力而且忠诚的房地产中介。不然,事事都有可能是陷阱。Jim是我们华人的最好朋友,他绝对是我向你第一推荐的优秀房地产中介人。谢谢!此致 敬礼!

 

Real estate agent Jim Kazakoff letter of recommendation.

Dear friends who buy and sell houses, I am a former director of a small medical research department at Harvard University. Currently, I am working as a surgeon in Shenzhen city.

With my most sincere heart, I highly recommend to you an excellent real estate agent Jim Kazakoff in the Greater Boston area.

Jim impressed me with his miraculous success of buying and selling a house for me twice under extremely difficult circumstances.

June 2017 was the last wave of the mainland Chinese who were buying houses in the United States, and there was a real shortage of houses relative to those competing to buy houses.

It's not easy for a middle class man like me to get a loan and  buy a house in Boston.

It is even more difficult for me to buy a pleasant house within a month.

Looking for a house, choosing a house, and bidding have become an extremely difficult process every day.

We found more than 10 houses, all with all kinds of complicated problems.

However, with his rich real estate knowledge and experience, Jim inspected every house one by one, made accurate judgments and suggestions, and finally found my house with a very suitable price-to-quality ratio: 15 Homewood Rd, West Roxbury, MA02132.

Also under his recommendation, I quickly found a suitable loan bank and finally bought the house as scheduled.

 

Then, for four years, Jim provided valuable advice and suggestions in the house maintenance, rental of the house, and tax implications. 

What I want to focus on is my experience of selling the house in August 2021.

Specifically, I had two extremely troublesome (American) tenants and informed them in April that I was going to sell the house, but the tenant was unwilling to vacate on time according to the lease ending in June.

It was nearly August when I rehired Jim, who persuaded the two extremely overbearing tenants with his kind and yet, direct English words, and finally achieved holding an Open House, making it possible to sell the house from a hopeless situation to a suitable price at the most critical timeframe of selling the house within 30 days - by August 31st, 2021.

It can be said that without Jim there was no turning the tide. I was really in big trouble for this matter.

It is my experience that buying and selling houses in the United States really needs a capable and loyal real estate agent. Otherwise, everything could be a quagmire.

Jim is the best friend of our Chinese, and he is definitely the first excellent real estate agent I strongly recommend to you.

Thank you!

Salute!

Zhang Hengmin (Forrest Hengmin Zhang).

Email:hengminz16@qq.com.

 

Note: you are welcome to contact me by phone, SMS or email. Get details from Jim

Posted in Listing Your Home
Sept. 26, 2021

Success Against All Odds

CHOICES HAVE CONSEQUENCES

I assisted a client in the purchase of a house in 2017. Prior to closing, he said he had to leave the country for a year. I offered to manage the property for him in his absence. Unfortunately for him, he chose to hire someone else with whom he could not work and whom he fired. Instead of hiring me, he chose yet another. This manager did not know what he was doing and basically sat back collecting a management fee month after month and doing nothing to earn it. The decision to retain the services of this fellow was going to come back and bite the owner.

Owners depend upon property managers to explain the ins and outs of leasing and expectations of the manager, the owner and tenants. This guy did none of that. He had no business calling himself a property manager evidenced by how he managed my client's property. At the minimum, you would think anyone with common sense would know to raise the rent at least once in four years! But no, not this guy. At a 4% rate per year, he cost the owner over $3500 in lost income. It is not surprising, then, to see the owner contact me in April to tell me that he could no longer afford the payments.

I told the owner that April-May were the best time to sell and that I could sell it quickly for him. After spending hours communicating back and forth with him, sharing marketing strategies to maximize his equity, and the need to think twice about hiring a property manager to sell his house he said he had already hired his property manager because he was such a good guy.

Two months later I get another call from the owner. The house has not sold. I checked the MLS to see what was wrong. The nice guy had not even listed it on the MLS. Apparently his only strategy was to sell it to the tenants. Only problem was, the tenants were not interested in buying it. No wonder he could not produce a written offer from them in two months. 

The end of June the owner decides to hire me to sell his house. Meanwhile, the tenants have decided to not allow showings due to the way they were treated over the past 4 years. That "nice guy" was now possibly going to cost the seller more money on the sale price of the house. After a lot of negotiating with the tenants and over $3,000 more in lost income to the owner, we finally got the go ahead to have one weekend to sell it. And we did. We got the house under contract and to the closing table in less than 30 days.

In hindsight, my client regrets the choices he made because those choices cost him a lot of money. If you are needing to make a choice to buy or sell, use foresight and choose me first.

Posted in Listing Your Home
Sept. 3, 2021

Housing Inventory Continues to Shrink

Housing Shortage Worsens

Sold in a weekThis new-construction home in Roslindale (photo of similarly built) sold even before we broke ground!

Although I expected to begin this post with something similar to "August sales slow", this is not the case. Normally sales do slow in the summertime  and especially in August, but sales picked back up speed from a short respite in July and roared through August... and will likely continue through fall as well. Why do I say this? Because sales typically pick up in September and October after a summer hiatus.

This past month, we have seen slight, yet significant changes in market activity over last month. If you recall, inventory of housing increased in almost every area around the Boston "metroplex". However, in August, the exact opposite occurred. 77% of the communities I keep my eye on, improved in favor of sellers. In fact, 88% of towns and Boston neighborhoods are enjoying a seller's market.

Only one neighborhood is now experiencing a buyer's market. Unfortunately for buyers, it is one of the more expensive areas to buy in. It will take an economic catastrophe at this point to prevent 2021 from becoming our best year ever when it comes to high prices and volume of sales. If you look at last month's market update, you will see that all the towns and neighborhoods have kept in lockstep with each other, such that the order of top-selling or slow-selling areas remains basically unchanged from last month:

Town or Avg Sold in Active on Inventory Historical
Neighborhood YTD August 9/2/21 Supply AR
Melrose 35 26 13 0.5 0.1
Sudbury 27 25 21 0.8 0.2
Medfield 22 14 15 1.1 0.2
Weymouth 72 80 71 0.9 0.3
Revere 49 50 42 0.8 0.3
Walpole 33 52 35 0.7 0.3
Medford 64 61 62 1.0 0.3
Foxborough 20 18 6 0.3 0.3
Sharon 28 27 32 1.2 0.3
Sherborn 10 12 11 0.9 0.3
Winthrop 22 26 29 1.1 0.4
Ashland 25 30 11 0.4 0.4
Somerville 95 59 123 2.1 0.5
Needham 36 45 18 0.4 0.6
Wayland 21 26 11 0.4 0.6
Dedham 37 48 22 0.5 0.6
Norwood 35 45 23 0.5 0.8
Arlington 53 61 39 0.6 0.8
West Roxbury 38 50 26 0.5 0.8
Waltham 63 90 45 0.5 0.8
Malden 44 49 36 0.7 0.9
Lexington 43 35 34 1.0 0.9
Natick 55 58 42 0.7 0.9
Westwood 23 31 18 0.6 0.9
Hyde Park 25 34 20 0.6 0.9
Jamaica Plain 70 87 48 0.6 1.0
Roslindale 44 66 30 0.5 1.0
Framingham 75 89 69 0.8 1.0
Braintree 43 49 41 0.8 1.0
Chelsea 28 24 33 1.4 1.1
Wellesley 36 51 35 0.7 1.1
Everett 35 39 32 0.8 1.1
Charlestown 43 54 36 0.7 1.1
Newton 114 158 97 0.6 1.1
Lincoln 7 4 8 2.0 1.2
Belmont 34 24 30 1.3 1.2
Watertown 37 45 42 0.9 1.2
Canton 44 57 42 0.7 1.2
Milton 36 43 35 0.8 1.2
Quincy 112 121 118 1.0 1.3
Cambridge 88 132 93 0.7 1.3
Dorchester 97 90 131 1.5 1.6
Chestnut Hill 24 27 33 1.2 1.7
Brookline 71 91 101 1.1 1.9
North End 15 13 20 1.5 1.9
Dover 8 13 16 1.2 1.9
Concord 23 15 24 1.6 2.0
Bay Village 4 4 5 1.3 2.1
Weston 20 27 34 1.3 2.1
South Boston 105 111 101 0.9 2.2
Mission Hill 6 2 9 4.5 2.2
Mattapan 10 16 20 1.3 2.3
Brighton 71 91 80 0.9 2.6
East Boston 61 78 116 1.5 2.7
South End 62 73 120 1.6 2.7
Roxbury 19 21 43 2.0 2.9
Beacon Hill 22 17 45 2.6 3.0
Fenway 20 18 33 1.8 3.0
Allston 11 15 29 1.9 3.5
Seaport 14 22 41 1.9 3.7
Back Bay 32 31 96 3.1 3.8
West End 4 4 14 3.5 4.1
Chinatown 12 9 35 3.9 4.4
Downtown 6 9 37 4.1 7.4

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. The best place around Boston to buy today is in the neighborhood of Downtown. With all the inventory on the market, you should be able to negotiate yourself a deal here. This said, there are still often deals to be made most everywhere, because when sellers overprice their homes, they often come down lower than had they priced their homes correctly to begin with!

SELLERS

Unlike buyers, you will find most areas of the greater Boston area favor sellers. Look, for example, at Brighton where the number of supply of inventory at the end of August is 17 points lower than than the historic supply of inventory on the market. Areas like this and others have outperformed the rest of the metroplex. Even in a changing market, a properly-priced home should sell very quickly in any of the areas where the Inventory Supply and the Historical AR are both 1 or less. The worst place around Boston to try and sell today is in the neighborhood of Downtown due to its low turnover rate.

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
Aug. 9, 2021

Outlook for Boston Real Estate Market

Has Our Real Estate Market Peaked?

Sold in 2 days

This charming-looking home in West Roxbury sold after having an open house; but...

there was no bidding war and it sold for less than asking. Why?
The principal reason why most markets across the metroplex saw a decrease in sales and an increase in inventory in July can be attributed to the normal ebb and flow of real estate activity. Unlike what the general public thinks, summertime is not the best to sell. In fact, it is a good time to buy. Historically speaking, sales fall off in July and August around the metroplex and then pick up again in September-October. 
This past month, we have seen slight to significant changes in market activity. Whether this can be attributed to a normal summer hiatus or to the market having peaked. We will know more over the next couple of months. I am inclined to believe that the market has peaked because up until now, sales have been a constant high month after month, such that 2021 is positioned to be the best year ever for volume of sales and pricing. 
Considering that most of eastern Massachusetts is still a great place to be a selling one's home, it is easier to list those areas (just Boston neighborhoods) which favor buyers. You will notice that most towns and neighborhoods have kept in lockstep with each other, such that the order of top-selling or slow-selling areas remains basically unchanged from last month:
Town or Avg Sold in Active on Inventory Historical
Neighborhood YTD July 8/1/21 Supply AR
Melrose 32 19 16 0.8 0.1
Walpole 31 22 17 0.8 0.1
Sharon 28 12 15 1.3 0.2
Medford 64 57 35 0.6 0.2
Weymouth 66 55 50 0.9 0.2
Sudbury 28 16 23 1.4 0.2
Medfield 19 10 14 1.4 0.2
Winthrop 17 11 18 1.6 0.3
Revere 46 39 41 1.1 0.3
Ashland 22 15 7 0.5 0.3
Sherborn 8 5 10 2.0 0.3
Norwood 32 26 10 0.4 0.3
Wayland 22 12 7 0.6 0.4
Somerville 84 54 102 1.9 0.4
Natick 51 45 22 0.5 0.5
Framingham 60 36 34 0.9 0.5
Arlington 50 19 25 1.3 0.5
Malden 44 29 22 0.8 0.5
Dedham 36 14 20 1.4 0.6
Foxborough 21 16 11 0.7 0.6
Belmont 30 16 15 0.9 0.6
Needham 37 18 22 1.2 0.7
Waltham 58 38 36 0.9 0.7
Braintree 40 29 32 1.1 0.8
Mission Hill 8 5 4 0.8 0.9
Everett 37 32 26 0.8 0.9
West Roxbury 37 24 30 1.3 1.0
Jamaica Plain 79 49 51 1.0 1.0
Chelsea 31 20 32 1.6 1.0
Wellesley 36 22 34 1.5 1.0
Hyde Park 21 16 21 1.3 1.0
Watertown 31 22 35 1.6 1.1
Dorchester 104 67 87 1.3 1.1
Charlestown 45 30 38 1.3 1.1
Milton 27 16 30 1.9 1.2
Quincy 99 86 108 1.3 1.2
Westwood 25 13 25 1.9 1.3
Canton 43 36 44 1.2 1.3
Roslindale 44 29 41 1.4 1.3
Lexington 38 22 47 2.1 1.4
Newton 113 82 132 1.6 1.5
Lincoln 6 1 10 10.0 1.6
Cambridge 81 57 109 1.9 1.6
Concord 21 16 21 1.3 1.9
Mattapan 9 9 16 1.8 1.9
North End 17 6 22 3.7 2.0
Weston 19 9 34 3.8 2.1
Brighton 76 43 65 1.5 2.2
Roxbury 21 9 35 3.9 2.3
Dover 7 4 20 5.0 2.5
Brookline 76 43 146 3.4 2.6
Allston 10 5 22 4.4 2.8
Chestnut Hill 25 15 55 3.7 2.8
Bay Village 2 2 6 3.0 3.0
East Boston 42 43 119 2.8 3.1
South Boston 126 86 157 1.8 3.4
Beacon Hill 26 12 57 4.8 3.5
South End 68 35 162 4.6 3.6
West End 4 3 12 4.0 3.6
Seaport 13 7 42 6.0 3.9
Back Bay 36 16 106 6.6 4.1
Fenway 19 6 53 8.8 4.9
Waterfront 13 12 34 2.8 5.2
Chinatown 10 5 52 10.4 7.1
Downtown 6 3 43 14.3 8.7

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. The two best places around Boston to buy today are in the neighborhoods of Chinatown and Downtown. With all the inventory on the market, you should be able to negotiate yourself a deal here.

SELLERS

Unlike buyers, you will find most areas of the greater Boston area favor sellers. Look, for example, at Concord or South Boston where the number of supply of inventory at the end of July is lower than than the historic supply of inventory on the market. Areas like these two have outperformed the rest of the metroplex. Even in a changing market, a properly-priced home should sell very quickly in any of the areas where the Inventory Supply and the Historical AR are both 1 or less.

The two worst places around Boston to try and sell today are in the neighborhoods of Chinatown and Downtown.

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
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