The Greater Boston real estate market remained strong in 2018. The following is a brief summary of real estate trends and market statistics comparing 2018 to 2017.
Median Sales Price:
In Cambridge and Brookline, the median sales price for single family homes (SF) dropped in 2018, a trend that we first identified in our “Market Snapshot for Q1 2018.” (See our blog http://osnatlevy.com/market_trends/market-report-q1-2018/). In Newton and Lexington, the median sales price did not change, while in Arlington, Needham, Natick and Wellesley it increased.
The median sales price of condominiums increased in almost all towns and cities that we looked at with the exception of Natick (-10%) and Newton (-2.4%).
In the city of Boston the median sales price continued to rise across all neighborhoods and property types including condos, single, and multi-family homes. See the table below.
Total Properties Sold:
In most cities and towns, there was a decrease in the number of sold properties, both single family and condos, from 2017 to 2018. However, the demand for condos continues and it seems like the market cannot provide enough to satisfy the demand.
Days to Offer:
During 2018 there was a decrease in the number of days to an offer, which indicates that inventory was low and properties were priced competitively.
Overall, 2018 was a very strong year, especially taking into consideration the increase in interest rates from an average of 4% (for 30 years) to close to 5% at year end.
What will the Real Estate Market look like in 2019?
There are predictions that interest rates will continue to rise, but 2018 showed us that the market was able to bear increased rates and rising home prices.
Should inventory remain low, especially condos in Boston, Cambridge and Brookline, I believe we’ll continue to see a rise in median selling prices.
The real estate trends of 2018 compared to 2017 show that if you are a seller, it is a good time to sell (and I believe winter time is a great time to sell). If you are a buyer, be patient but don’t wait too long as the increase in interest rates might affect your buying power. Be ready to act and know what you want.
If you wish to hear a more detailed analysis of the real estate trends and market in your community, don’t hesitate to email me at: firstname.lastname@example.org or call: 617-833-1055.
I’m looking forward to serving you, your friends and family in 2019.