The Boston Real Estate Market 2019

Will the real estate market gains hold out as we go into the last month of 2019?

Hi, I am Jeff Chubb and I wanted to share with you the market stats for the first 11 months of 2019 for a couple markets throughout Massachusetts. Today we are going to look at MA as a whole, Brockton, Canton, Dorchester, Framingham, Quincy, Reading, Cohasset, Hingham, Hull, and Scituate.  

All of MA Real Estate Q4 2019

Decreasing inventory is the story to be told through the Bay State. With Condos continuing the trend and now down 8.43% year over year. Meanwhile Inventory for Single Families continued to shrink and is now down 15.14%.

Sales are down in both the Condo and Single-Family segments with condos down 2.46% year over year and the Single-Family market now down 0.85% when comparing the first 11 months of sales for 2018 vs. 2019.

Home prices continue to be up year over year with the average sale price of a condo at $521,276 which represents a 3.84% increase and the average sales price for Single Families up 2.89% to $517,921.  

Recap: Inventory is down. Sales are down. Prices are up.

Brockton Real Estate

Inventory in Brockton has been down by a significant amount pretty much all year, however we saw a small surge of new properties hit the market. Inventory is now down 2.70% year over year with 108 Single Family homes currently on the market at the end of November.

The decline in sales also continued in November with now 759 units closed for the first 11 months of the year. This represents a 7.33% decline in the amount of homes sold year over year.

The great news is that the average home price continued to climb to $318,996 which represents a 6.38% increase in the average price appreciation.

Recap: Inventory is down. Sales are down. Prices are up.

Canton Real Estate

Inventory in Canton is now down 22.73% year over year with 34 homes currently on the market.

Meanwhile sales are down 15.10% year over year to 163 closed units for the first 11 months of 2019. This is compared to the 192 closings we saw from January to end of November in 2018.

The average sales price continued to climb to $623,766 which represents a 5.44% increase year over year.

Recap:  Inventory is down. Sales are down. Prices are up.  

Dorchester Real Estate

The Dorchester condo market has seen a 23.91% decrease in the amount of condos that are currently on the market with 70 units currently available to buyers.

Meanwhile sales are pretty much flat with one additional unit sold in 2019 vs. 2018. The 407 units sold in 2019 represent a point .25% increase in sales activity.

Condo prices in Dorchester are up to $515,397 for the first 11 months of 2019 which represents a 2.07% increase in the average sales price.

Recap: Inventory is down. Sales are flat. Prices are up.

Framingham Real Estate

Inventory in Framingham is up to 61 units to a 15.09% increase year over year.

Meanwhile sales are up a significant 5.57% with 550 units sold in the first 11 months of the year.

The average sales price is up slightly to $487,693 which is a .67% increase year over year.

Recap: Inventory is up. Sales are up. Prices are up slightly.

Quincy Real Estate

The Quincy Condo and Single-Family market are now registering inventory decreases with a 11.27% decrease to 63 Condos currently on the market and there currently being 57 Single Family Homes on the market representing a 19.72% decrease in the amount of inventory available to buyers.

Condo sale in Quincy are up 2.08% to 392 units with sales for Single Family homes down 12.69% to 399 closed units for 2019.

In both the condo market and Single Family market we have seen appreciation gains. The average sales price for a condo is $415,399 which is a 3.15% increase in prices year over year vs. $548,783 for the Single Family market which is a 5.78% increase in the average sales price for 2019.

Recap: Inventory is down in both Single Family & Condo Market. Sales are up for condos and down for single families. Prices are up for both segments.

Reading Real Estate

Inventory in Reading is down 36.36% year over year with only 21 Single Family homes currently available to buyers.

Sales in Reading have increased to 240 units representing an 18.18% increase year over year with the average sales price also up 1.98% at $668,754.

Recap: Inventory is Way down. Sales are up. Prices are up.

What does December have in store for the market and how will the year end? A very large factor will be the weather. If we don’t see a lot of snow then we will most likely end the year strong.

Cohasset Real Estate

Inventory continued to increase year over year with there now being 22.92% more inventory at the end of November this year then compared to the same time last year.

Sales are down slightly at 2.56%, but this only represents a 3 unit difference with 114 sales in the first 11 months of 2019 vs. the first 11 months of 2018.

The average sales price in Cohasset did take a little bit of a nose dive in November. For the first 10 months of 2019 we had seen point 2 percent decrease in the average sales price. With November in the books, Cohasset is currently seeing a -5.46% decrease year over year. The median home price looks even worse as it is down 7.93% year over year.

Hingham Real Estate

Inventory in Hingham is now down 1.32%, but this only represents a one unit difference with 75 homes on the market at the end of November in 2019 vs. 76 in 2018.

Sales in November were stronger then compared to the same period last year. In the month of November we saw 29 homes close in Hingham which is compared to last November where we saw only 18 units close. With 250 closed homes in 2019, currently sales in Hingham is 5.30% behind where they were at the end of November in 2018.

Home prices for the first 11 months in Hingham are up 2.18% to $985,242.

Hull Real Estate

The decline in inventory for Hull stayed about constant being down 34.04% year over year with 31 single family homes currently on the market. Meanwhile sales continued to increase in November with 148 units closed for the first 11 months of 2019 which represents an 18.40% increase year over year.

Prices are now up 4.87% year over in Hull for an average sale price of $512,678.

Scituate Real Estate

Inventory in Scituate is still up for the year, however we did see a slight pullback to 10.67% with 83 single family homes currently available to buyers.

The decrease in sales for Scituate continued to widen in the month of November as with 11 months in the books we currently have 263 closed units which represents a 6.07% decrease in the amount of sales this time last year.

The great news is that the average sale price continues to be strong and actually grew in November pushing the average to $729,688 for sales up to November which represents a 7.64% increase in the average sale price.

What does December have in store for the market and how will the year end? A very large factor will be the weather. If we don’t see a lot of snow then we will most likely end the year strong.

Again, I am Jeff Chubb with the Chubb Realty Group. Our philosophy is to Make Moving Easier so should you have any questions about your home or any of the current market conditions, 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. 

Boston Real Estate Market is Setting Records in 2019 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. 2019 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 could be the best year to be a property owner in the Greater Boston Area.

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.

Single Family Homes

Massachusetts Real Estate Market 2019 Q4

In Massachusetts as a whole, we now have inventory up 1.64% for condos year over year. This is a large swing of nearly 9% considering last month we were looking at a 10.24% increase in inventory. Meanwhile in the Single-Family market inventory continued to tighten about 3% to 12.09% less inventory on the market then this time last year.

Meanwhile sales in both the Single Family and Condo market continued to build. Sales for Single Families are now up .24% year over year to 44,170 units sold while Condo sales are down 1.64% to 17,550 sales, this however is again an improvement from the -2.47% we saw last month.

Prices in Massachusetts continue to be up with the Condo market up 4.65% year over year and the Single Family up 2.89% year over year.

Quincy Real Estate Market October 2019

Quincy will be the only market that we look at that happens to have an increase in the amount of homes currently on the market. However in the condo segment we saw a big tightening month over month. Last month we had 34.69% increase in inventory yoy vs. the 16.13% we have this month. Meanwhile we did see inventory grow to 18.18% increase year over year in the Quincy Single Family segment.

Sales are up 4.64% at 316 units for the Quincy Condo market while showing a 4.67% average price appreciation to $412,562. Meanwhile sales for Single Families are down 11.03% to 371 units with a 5.78% average price appreciation to $546,665.

Norwood Real Estate Market October 2019

In Norwood we have seen inventory decrease 13.04% to 20 units while sales are up 2.15% to 190 sales in the first 10 months of 2019. Year over year, prices are up .64% to $497,285.

Norwell Real Estate Market October 2019

In Norwell the amount of homes currently on the market is down 13.64% year over year to 57 single family homes currently for sale. Sales are up 1.43% to 142 units with an average sale price of $738,810 which is a 5.52% increase.

Brockton Real Estate Market October 2019

The Brockton Single Family market currently has 121 homes on the market which represents a -14.18% decrease while sales are down 6.74% to 692 units in 2019. The great news is that they have seen an average sales price increase of 6.19% to $317,797 year over year.

West Roxbury Real Estate Market October 2019

In West Roxbury we have seen a -41.18% decrease in the amount of homes that are available to buyers. Most likely due to this significant decline it has led to a decline of 15.85% in the amount of sales to 154 units. The average sales price meanwhile is up slightly .44% to $672,370.

Hull Real Estate Market October 2019

Hull continues to see inventory decrease with it now having 40 homes on the market which represents a 35.48% decrease in the amount of properties available to prospective buyers. Sales continue to be strong with a 17.80% year over year gain representing 139 closed units. This however is a pullback from the 24.24% increase that we had seen last month. A reason for this could very well be due to the limited inventory.

Hingham Real Estate Market October 2019

In Hingham we have seen inventory for single families dip 4.21% year over year with 91 homes currently for sale. Meanwhile sales in Hingham are down year over year by 10.16% with 221 homes sold in 2019. This slowdown in sales increased this month when we compare it to last months -9.29%. Home prices in Hingham however continue to be strong with a 6.51% increase in the average sales price to $1,022,501.

Cohasset Real Estate Market October 2019

The town of Cohasset saw inventory grow to 14.06% with 73 homes on the market. This is compared to the 11.94% increase in inventory that we had seen last month. In the first 10 months of 2019, we have had 104 units close which represents a 4.59% pullback. With inventory up and sales down, we have seen a very slight decrease in the average sales price of -.20%

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 (especially when looking at homes for sale in South Boston) as at the end of 2015 there were 11,946 Single Family Homes on the market.

Condominiums

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.

Looking for More Information on Boston Real Estate?

Massachusetts Real Estate Market 2019 Q4

In Massachusetts as a whole, we now have inventory up 1.64% for condos year over year. This is a large swing of nearly 9% considering last month we were looking at a 10.24% increase in inventory. Meanwhile in the Single-Family market inventory continued to tighten about 3% to 12.09% less inventory on the market then this time last year.

Meanwhile sales in both the Single Family and Condo market continued to build. Sales for Single Families are now up .24% year over year to 44,170 units sold while Condo sales are down 1.64% to 17,550 sales, this however is again an improvement from the -2.47% we saw last month.

Prices in Massachusetts continue to be up with the Condo market up 4.65% year over year and the Single Family up 2.89% year over year.

Quincy Real Estate Market October 2019

Quincy will be the only market that we look at that happens to have an increase in the amount of homes currently on the market. However in the condo segment we saw a big tightening month over month. Last month we had 34.69% increase in inventory yoy vs. the 16.13% we have this month. Meanwhile we did see inventory grow to 18.18% increase year over year in the Quincy Single Family segment.

Sales are up 4.64% at 316 units for the Quincy Condo market while showing a 4.67% average price appreciation to $412,562. Meanwhile sales for Single Families are down 11.03% to 371 units with a 5.78% average price appreciation to $546,665.

Norwood Real Estate Market October 2019

In Norwood we have seen inventory decrease 13.04% to 20 units while sales are up 2.15% to 190 sales in the first 10 months of 2019. Year over year, prices are up .64% to $497,285.

Norwell Real Estate Market October 2019

In Norwell the amount of homes currently on the market is down 13.64% year over year to 57 single family homes currently for sale. Sales are up 1.43% to 142 units with an average sale price of $738,810 which is a 5.52% increase.

Brockton Real Estate Market October 2019

The Brockton Single Family market currently has 121 homes on the market which represents a -14.18% decrease while sales are down 6.74% to 692 units in 2019. The great news is that they have seen an average sales price increase of 6.19% to $317,797 year over year.

West Roxbury Real Estate Market October 2019

In West Roxbury we have seen a -41.18% decrease in the amount of homes that are available to buyers. Most likely due to this significant decline it has led to a decline of 15.85% in the amount of sales to 154 units. The average sales price meanwhile is up slightly .44% to $672,370.

Hull Real Estate Market October 2019

Hull continues to see inventory decrease with it now having 40 homes on the market which represents a 35.48% decrease in the amount of properties available to prospective buyers. Sales continue to be strong with a 17.80% year over year gain representing 139 closed units. This however is a pullback from the 24.24% increase that we had seen last month. A reason for this could very well be due to the limited inventory.

Hingham Real Estate Market October 2019

In Hingham we have seen inventory for single families dip 4.21% year over year with 91 homes currently for sale. Meanwhile sales in Hingham are down year over year by 10.16% with 221 homes sold in 2019. This slowdown in sales increased this month when we compare it to last months -9.29%. Home prices in Hingham however continue to be strong with a 6.51% increase in the average sales price to $1,022,501.

Cohasset Real Estate Market October 2019

The town of Cohasset saw inventory grow to 14.06% with 73 homes on the market. This is compared to the 11.94% increase in inventory that we had seen last month. In the first 10 months of 2019, we have had 104 units close which represents a 4.59% pullback. With inventory up and sales down, we have seen a very slight decrease in the average sales price of -.20%.