Boston Area Boomtowns – Chelsea, Lowell, Everett, Newton, Watertown
We look at the “Boomtowns” in the third installment of comparing the towns that Boston Magazine lists as the Top Places to Live Around Boston Right now in its March 2019 issue.
I think some additional gray hairs came in with this 5-way grudge match. But none the less, let's take dive into the numbers and see what town is performing better in the current real estate climate. To keep as apples to apples as we can, we will examine the market type that has the most sales.
As an example, in Chelsea there were 133 condos that sold in 2018 vs. the 28 Single Family Homes. In this case, we will be examining the condo market in Chelsea as the larger data set will give us a better idea of the current market conditions.
As we dive into 5 different towns throughout Massachusetts, it is important to remember that year over year the amount of Single Family Homes currently on the market in Massachusetts has grown by 15.96%.
Meanwhile year over year in the Massachusetts Condo Market we have seen an increase in the available inventory of 32.84%. These numbers will help us in creating a better baseline for the performance of these 5 individual towns.
For the Beach Bum
Hull vs. Manchester by the Sea
In the March 2019 issue of the Boston Magazine, they looked at different towns for the home buyer looking for city alternatives.
For the ‘Beach Bum’ buyer, Boston Magazine put up Hull, MA and Manchester by the Sea as two towns for a buyer to put on their list. Comparing the two towns is like comparing an apple to an orange, but none the less Boston Magazine put them up as two choices for the beach bum category… So let’s dig into the numbers!
Hull MA Real Estate Statistics
The Hull Real Estate Market is shifting quicker than the Manchester market. Year over year we have seen an increase of inventory throughout the state of Massachusetts by 15.96%. This represents an increase of 1,330 Single Family homes. On April 10th, 2018 there were 8,334 homes on the market compared to 9,664 on the same day in 2019.
The Single-Family market in Hull has increased far above the rate we have seen for Massachusetts as a whole. Today we have 42 Hull Single Family Homes on the market vs. the 20 homes in 2018. This represents a 110% increase year...
Home Sales Rebound In February, 2019
A report by the National Association of Realtors (NAR) shows existing-home sales rebounded strongly in February 2019 with the largest month-over-month gain experienced since December 2015. The report showed that the completed transactions for single-family homes, town-houses, and condominiums, increased by 11.8 percent over January.
This was an adjustment in the seasonal annual rate of 5.51 million in February. Completed home loan transactions continue to remain 1.8 percent below sales figures from a year ago when the adjusted annual rate was 5.61 million for February 2018.
NAR's chief economist, Lawrence Yun, believes that there are several aspects that contributed to the increase in home sales February, 2019. "A powerful combination of lower mortgage rates, more inventory, rising income, and higher consumer confidence is driving the sales rebound."
Lawrence Yun believes the market could greatly benefit in 2019 with additional new housing.
An Increase In Existing Home Prices
In February the median existing-home price across all housing types was $249,500,...