Here are snapshots of real estate activity in selected Greater Boston Area communities for 2018: Newton, Needham, Roslindale, and West Roxbury. You can see how some key indicators in 2018 compare to 2017 activity. Specifically, there are graphs that show the number of houses sold for each of the two years, the average sale price, and the average days on market, We’ll also take a quick peek – before we close – at anticipated activity in 2019.
Number of Houses Sold in 2017 vs 2018
Roslindale had the most significant change in number of homes sold…up 13%. The number of home listed (not shown in graphs) went up almost 12%. The increase in number of homes available to buy probably accounts for the increased number of sales. The other town in our highlights had modest increases, and one even had a decrease in number of sales (Needham).
Average Sale Price 2017 vs 2018
The average sale price for houses went up in all communities we highlighted. The most significant increase was in Needham – with an increase of almost 13% in 2018.
Average Days on Market 2017 vs 2018
Finally, we have a graph for average days on market, which means how long it took for new listings to go to contract. As opposed to the sale price and number of units sold – which both go up as a market gets stronger, the number of days on market goes down in stronger market. Things sell more quickly in a hotter market. The only significant change was again in Needham, where days on market went down by almost 13%. It makes sense the city with the highest percentage price increase also had the biggest reduction in days on market.
Boston Area Real Estate Current and Future Trend
The strong market of recent years in the Boston Area real estate market, continued in 2018 in the areas we highlighted. Overall, there was some increase in the strength of the market. Of course the naysayers expect it can’t go on and the ‘bubble will burst”. But what do the experts at realtor.com – the national realtor associations – say? The did an analysis of the top 100 metropolitan areas and “looked at the number of sales of existing homes and their prices, along with the amount of new home construction in the 100 largest markets.” The also “analyzed the local economies of each area, along with population trends, unemployment rates, median household incomes, and other factors.” Although they predict that nationally sales will decrease by 2.5%, they pinpointed 10 major metropolitan areas where the real estate market will continue to go up. And Boston was one of the ten! For the greater Boston metropolitan area, they predict an increase in number of sales of 3.6% and an increase in prices of 4.6%.
If you want more data about any of the markets highlighted above, or if you need data for any area within Greater Boston, contact Chris at 857- 829-0282 or email him at Chris@Isellmass.com