2019 is in the rearview. So what did the real estate market do in Massachusetts?

Hi, I am Jeff Chubb and here is the 2019 Real Estate Review for some of the largest cities in the Bay State. We have the data we are sharing for all towns, so if you are specifically wondering how your town held up, then shoot me an email at [email protected]!

The Single-Family market in Massachusetts saw a .50% increase in the amount of homes sold to 52,999 units. The average sale price of $516,843 represented a 3.17% increase year over year. The biggest movement was related to inventory with the amount of Single-Family homes available to buyers decreasing 20.26% year over year to 6,993.

The Massachusetts condo market saw a decrease of .73% to 20,951 units sold. This was coupled with the 10.56% decrease in the number of condos available on the market year over year with 2,542 being available at the end of 2019. Prices for condos increased 4.13% to an average sale price of $521,744.

In Boston, both the Single Family and condo markets saw a decrease in the amount of sales, increase in the average sale price with a decrease in the amount of inventory available to buyers. The Single-Family market saw a 6.10% decrease in sales to 969 units sold in 2019 with an average sales price of $875,086. This accounts for a 5.73% increase in pricing. Inventory in 2019 decreased 28.43% to 73 Single-Family homes currently available.

The Boston condo market had 4,343 sales in 2019 which accounts for a 4.95% decrease in the amount of homes sold. Inventory in the condo market decreased 1.75% to 618 units with the average sales price for sold condos up 5% to $923,010.

In Cambridge, 567 condos sold in 2019 which represents a .18% increase in the amount of homes sold throughout the year. The average sale price actually ticked down a fraction to $935,897 which is a .64% decrease in pricing when comparing 2018 to 2019. Meanwhile inventory is down to 22 units in the entire Cambridge condo market which accounts for a 21.43% decrease in available inventory for home buyers.

Somerville saw a massive 39.76% decrease in inventory to 50 condos available at year end. Meanwhile sales were up 7.27% to 531 units with the average sale price up 1.33% to $788,015.

Quincy saw a decrease in the amount of Single-Family homes sold to 451 units which is an 8.70% decrease year over year. Inventory in the Single-Family market saw a sharp decrease of 25.53% to 35 units with the average sales price up 6.33% to $545,925.

The condo market actually saw an increase in the amount of sales to 429 condos sold representing a 3.37% increase. Inventory stayed unchanged with 49 condos available to potential home buyers while the average sales price increased to $417,109 which is a 4.11% increase year over year.

The Newton Single Family market had some slight changes in their market conditions year over year. We saw a one unit decrease in the amount of sales to 580 in 2019. Inventory increased slightly by 3 units to 59 which is a 5.36% year over year. Meanwhile the average sales price in Newton climbed to $1,462,913 which is an appreciation of 2.89% year over year.

Heading out to the Central part of the state and the second biggest city, the Worcester market continues to be one of the hottest markets in Massachusetts. The Worcester condo market saw a pull back of 7.40% to 288 units, but saw prices climb 15.45% to an average sale price of $182,917. Meanwhile inventory decreased 23.08% to 30 available condos currently on the market.

The Worcester Single Family market saw a 5.59% decline in the number of units sold to 1,198 units with the average sale price climbing 8.19% to $273,453. Meanwhile inventory fell an astounding 43.92% with 83 Single Family homes available to current home owners.

Real Estate is local. Some markets are performing better than others with other markets actually seeing dips in home prices. For the most part, the market in the Bay State is strong and this strength should continue as we go throughout 2020. There are (as always) some risks to the real estate market which include increasing interest rates, a softening economy and geo-political circumstances. It is my prediction that decreasing inventory will continue to put upward pressure on prices. 2020 will be another great year for Massachusetts Real Estate.

Again, I am Jeff Chubb with the Chubb Realty Group. Our philosophy is to Make Moving Easier. So should you have any questions about the current market conditions, or questions about your current home, or are thinking about buying a new one, then please do not hesitate reaching out at 617-480-2600 or by email at [email protected] . We are here to help in anyway possible.