Change in the Real Estate Market During 2016 compared to 2015
The Greater Boston real estate market was still booming all throughout 2016!
Below is a summary of some of Greater Boston communities’ real estate market trends in 2016 compared to 2015:
Newton, Brookline, Cambridge and Lexington the sold median price for single family homes (SF) were over the $1M mark. In Cambridge and Lexington, the Median price went up 8% and 7%, while in Brookline and Newton, there was a very small change.
Looking at the past seven years, market trend shows a continued increase in the median price for homes all across the greater Boston.
The Median prices of Condos went up (5%-12%) in almost all towns and cities we looked at.
In most towns, there was a decrease in the number of sold SF. The number of condos sold during 2016 compared to 2015 has increased.
Looking at the market trend for the past seven years show that the biggest increase in the median sold price occurred between 2013 and 2015.
2016 was a strong year. The main question is how the Real Estate market will be during 2017.
With interest rates going up in the past few months, we might see home prices level. In the past few years, it has been a strong seller’s market. 2017 market might be less competitive and easier for buyers. However, the inventory is still very low and the demand is high. It might not affect the prices as soon as we might want to see it.
In conclusion: 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, don’t wait too long as the increase in the interest rate might affect your buying power.
If you wish to hear a more detailed analysis of the market in your community, don’t hesitate to email me at email@example.com or call 617-833-1055.
We are looking forward to serving you, your friends and family in 2017.
Happy New Year,
Osnat Levy Team.