BOSTON REAL ESTATE MARKET IS SETTING RECORDS IN 2018

Boston Real Estate Market is Setting Records in 2018 Despite Low Inventory Levels

Single-family properties and condos in Cohasset, Medford, and Boston homes for sale are going like hotcakes due to the lack of inventory in the local real estate market. 2018 is something like a carbon copy of last year with single homes selling for a median of over $900,000 says the Boston Globe.

This figure is a record for this home type in the area. Condos and Brownstones saw increases in median sales too, but these numbers are likely a direct result of fewer properties for sale. Several new developments in downtown Boston and Cambridge will help ease the strain on buyers, but for now, the market is a seller’s paradise with multiple offers and higher asking prices becoming the trend. The city is growing and expanding with more people settling in neighborhoods around the city like Winthrop and Brookline to work at the new Amazon headquarters.

Boston Real Estate Market

A vital statistic in the overall health of a real estate market is how much inventory is currently on the market. Keeping track of inventory levels and comparing it to historical inventory levels helps us gauge the overall health of the marketplace.

1st Quarter 2018 Update for Massachusetts Single Family Homes

In the First quarter of 2018, we saw a decrease of 25.13% in the homes currently on the market and available to buyers. In 2018 there were 7,629 homes on the market compared to 9,546 at the end of the first quarter in 2017. Inventory continues to be tight with no signs of easing.

4th Quarter 2017 Update for Massachusetts Single Family Homes

Year over year, the continued down of available homes pushes forward. At the end of 2017, there were 15.96% less Single Family homes available to buyers. On 12/31/2017 there were 7,786 Single homes available compared to the 9,029 on 12/31/2016.

3rd Quarter 2017 Update for Massachusetts Single Family Homes

At the end of the 3rd Quarter in 2016, there were 14,481 Single Family homes on the market. This is compared to the 12,457 homes on the market at the end of the 3rd Quarter in 2017. This equates to a year over year decrease in inventory of 16.25%.

2nd Quarter 2017 Update for Massachusetts Single Family Homes

Year over year we saw another decrease in available Single Family homes on the market of 21.88%. At the end of the 2nd quarter in 2017, homebuyers in Massachusetts had 11,921 Single Family Homes to consider compared to the 14,529 in 2016.

1st Quarter 2017 Update for Massachusetts Single Family Homes

This quarter we saw another large decrease in the amount of homes available to a buyer year over year. Following last quarters 34.42% drop, we saw a decrease of 25.61% year over year drop for the end of the 1st quarter in 2017. At the end of March in 2017, we had 9,546 homes on the market compared to the 12,832 in 2016.

4th Quarter 2016 Update for Massachusetts Single Family Homes

At the end of 2016 we had 9,029 Single Family homes on the market in Massachusetts. This is a 32.31% decrease in the available inventory currently on the market for a Massachusetts buyer to purchase. This is a significant drop in the amount of available homes for a buyer to choose as at the end of 2015 there were 11,946 Single Family Homes on the market.

1st Quarter 2018 Update for Massachusetts Condos

The year over year trend of a significantly larger decrease in the amount of condos on the market continues. At the end of the first quarter in 2018, we saw a year over year decrease of 25.16% with 2,325 condos available to a homebuyer throughout Massachusetts. This is compared to the 2,910 units in 2017.

4th Quarter 2017 Update for Massachusetts Condos

As we closed out the end of the year, we saw a 17.27% decrease in available condos on the market when compared to the end of 2016. Closing out 2017, we had 2,247 condos on the market which is compared to the 2,635 that we had in 2016.

3rd Quarter 2017 Update for Massachusetts Condos

The downward trend continues, but has started to slow. At the end of this quarter we saw a 10.53% decrease in the amount of condos available to a homeowner with 3,591 units available. This is compared to the 3,969 at the end of the 3rd quarter in 2016.

2nd Quarter 2017 Update for Massachusetts Single Family Homes

There was an 12.48% decrease in the available condos on the market in Massachusetts when comparing year over year. At the end of the 2nd quarter of 2017 there were 3,278 condos on the market in Massachusetts which is compared to 3,687 in 2016.

1st Quarter 2017 Update for Massachusetts Single Family Homes

We saw an incredible 24.81% decrease in the amount of condos on the market year over. At the end of 2017, a home buyer in Massachusetts had 2,910 condos to consider versus the 3,632 at the end of the first quarter in 2016.

4th Quarter 2016 Update for Massachusetts Single Family Homes

In 2016, we close out the year with a decrease of 20.38% of available condos on the market. There were 2,635 condos on the market at the end of 2016 compared to the 3,172 at the end of 2015. This substantial decrease in inventory comes on the heals of inventory actually growing 6.91% in the first quarter of the year.

Boston Real Estate Trends

Real estate agents in Hingham, MA find that homes are not staying on the market

The Boston Globe says that with under 10,000 single family homes available for purchase, they are seeing condos selling ten days faster than usual and homes for one family going nine days faster. With fewer properties available for purchase, many sellers see top dollar offers for properties quickly after they list homes for sale in Weymouth and Medford, for instance.

The U.S. Census Bureau says that there were nearly 60,000 more residents in the Boston area in 2016 versus 2010. The more people gravitate to the city, the fewer homes, apartments, and condos there are to purchase. This fact means that sellers see the most benefits when putting up Quincy MA homes for sale.

Buying Milton MA real estate gives homeowners access to top jobs in Boston

The top three employment sectors in Boston are in healthcare, finance, and education says Boston Plans. Massachusetts General Hospital is the largest employer near homes for sale Quincy MA. Doctors, nurses, patient care technicians, and specialty providers have plenty of opportunities with the Children’s Hospital and Brigham and

Women’s Hospital in the area as well. Wynn Resorts is buying up several properties worth more than 70 million dollars for expanding the resort at the casino meaning many more job openings near real estate Milton MA.

Other top employers near homes for sale in Cohasset

  • Northeastern University
  • John Hancock
  • Harvard University
  • Fidelity
  • State Street Bank and Trust Company
  • Boston University

New residential construction projects near homes for sale in Quincy MA

The largest housing project on the skyline is the Four Seasons Hotel and Private Residences that is due to be complete by the end of 2018. The building is more than 700 feet tall and will house over 150 luxury condominiums.

The hotel will have more than 200 rooms for guests to reserve. A project at Mass and Main will erect three new apartment buildings with more than 300 units. People looking for a multi family property to rent or buy for renting units may find a nice opportunity in the area. Condo lovers will be happy to know that the Bulfinch Crossing area is adding 55 new condominiums to the Government Center Garage.

Median home price changes in Boston and the surrounding areas in the past year

The Boston Globe reports that the Massachusetts Association of Realtors says that median home prices for a single unit property were up four percent to almost $370,000. The median price of condo homes for sale Milton MA rose as much as six percent to more than $350,000. So, even though the availability of homes went down, the median price for selling homes still rose giving sellers the best benefits in the Boston market for another year. The 2018 year is seeing the same trends as 2017, and all the major factors show that sellers can make top dollar when putting up Weymouth homes for sale this year.

Help for buyers that need to stay within a tight budget

With the chance for multiple bids on a property, many potential home buyers are finding it challenging to shop for homes for sale in Hingham MA. Often, buyers lose out on a dream property because they cannot go over the asking price when another buyer comes in with a higher offer.

Real estate agents in Quincy find that many buyers have to act fast when finding a property that speaks to them. They say that homes are not on the market for very long and that buyers have to strike while the iron is hot or risk the property selling before they make an offer.

Biz Journals reports that Senate President Harriette Chandler with the Massachusetts Senate is working on a bill to help relieve pressure on home buyers and renters with affordable housing legislation and equal housing opportunities.

Tips for those looking for a home for sale in Quincy MA

Whether you want to purchase a multi family unit to rent, or you are looking for Milton MA homes for sale, Boston has a tight selection of places in the current market. New properties under construction will be ready for tenants later this year like the Suffolk Downs property bought by HYM Investments. The company says that the site is going to be a mix of commercial and residential properties adding more housing opportunities in the coming years.

Condo growth is steady sailing in Boston

Clippership Wharf sold out an 80-unit condominium complex on Lewis Street in just eight weeks after listing. The old Hodge Boiler Works is under construction to soon house 119 condos and a massive public parking zone for bicycle riders.

On Border Street in Boston East, owners are pre-leasing 200 condos. There are a variety of units going in from studio to three bedroom properties along with several lofts. K & K Development is ready to begin construction on the Everett Street Residences which will house two affordable housing units in the 19 unit property. They are adding a parking space for each home as well.

While the housing market is extremely tight, there are projects in the works to expand the available properties in Cohasset, Milton, Quincy, Medford, Hingham, Winthrop, Brookline, and Waltham areas. South Boston homes are expected to increase in value also because of development in housing, employment, and transportation venues expanding over the next couple of years.

For now, sellers will continue to see higher offer amounts, more interest, and less time on the market. The market looks to remain consistent for the next year.