Late July in Boston has a rhythm to it. The Sox are playing almost every night, the trade deadline chatter is everywhere, and half the city is trying to squeeze in one more beach day before the calendar flips. Whatever the standings look like by the time you read this, the summer version of this city is hard to beat.
The market has its own late summer rhythm right now, and it is worth a minute of your time. Inventory is rebuilding in a real way, buyers have more to choose from than they did a year ago, and prices are still climbing anyway. That combination does not show up often. Here is where the numbers stand as of July 28.
MARKET UPDATE
Boston Condo Market
Closed sales are down slightly year to date, 2,026 this year versus 2,100 last year, a drop of 3.5%. The bigger story is supply. There are 1,424 condos on the market right now compared to 1,247 a year ago, up 14.2%, and months of supply has moved from 4.15 to 4.95. Even with all that added competition, prices are up. The average sale price is $1,175,782, up 5.7% from $1,112,101, and price per square foot is $927.55, up 2.7% from $902.91. Homes are taking a touch longer to sell, 55 days on market versus 53 last year, and sellers are getting 98.91% of list price compared to 99.13% a year ago.
What This Means for Buyers: You have more options and more room to think than you did last summer. Nearly five months of supply is the closest this market has been to balanced in years, and the extra 177 listings mean you are less likely to be the fourth offer on the same unit. That said, sellers are still getting almost 99% of asking, so the well-priced places in good buildings are not sitting around. Get pre-approved, know your number, and be ready to move when the right one shows up.
What This Means for Sellers: Prices are up almost 6% year over year, so the equity story is a good one. The harder truth is that you have 14% more competition than a seller had last July, and buyers are taking their time. Pricing to the actual comps on day one is the whole game right now. Overpricing buys you a longer listing period and a price cut in September, and the market has already shown it will not chase.
Massachusetts Single-Family Homes
Statewide, closed sales are down 3%, 19,814 this year versus 20,425 last year. Inventory is up meaningfully, 6,975 homes on the market versus 6,017 a year ago, an increase of 15.9%, with months of supply moving from 1.87 to 2.17. Prices continue to grind higher. The average sale price is $880,120, up 2.1% from $862,295, and price per square foot is $399.86, up 1.7% from $393.16. Days on market stretched from 37 to 42, and sellers are still averaging 101.43% of list price, down slightly from 101.90%.
What This Means for Buyers: Just over two months of supply is still a seller's market by any historical measure, and the average home is still selling above asking. But the direction of travel is in your favor. Almost 1,000 more homes are available than last July, and the extra five days on market means you are not always making a decision in a weekend. Move quickly on the right house, and do not be afraid to negotiate on the one that has been sitting.
What This Means for Sellers: You are still operating in a strong market. Homes are selling for more than list price on average and values are up over 2% from last year. The shift is that buyers now have alternatives, and a house that misses on price gets skipped rather than bid up. Price it right, get it looking sharp before it goes live, and you will still see the multiple-offer outcome. Aim too high and you will spend the fall chasing the market down.
If you are thinking about a move this fall, now is the time to start the conversation. Reply to this email or call us directly and we will talk through what your specific situation looks like.
