This Spring, All Signs Point to a Seller’s Market in Eastern Massachusetts

Low supply, high demand.

Inventory Is Low

53,661
Number of single-family homes added to the market in 2016
↓ 3.3% from 2015

23,485
Number of condominiums added to the market in 2016
↓ 1.3% from 2015

And Homes Are Selling Fast

79
Average number of days on market for a single-family in 2016
↓ 9.2% from 2015

60
Average number of days on market for a condo in 2016
↓ 10.5% from 2015

Prices Are Climbing

Single-Family Homes:

Median price in 2016: $405,725
Increase over 2015: 4%
Priciest market (median price): Brookline ($1,635,000)

Condominiums:

Median price in 2016: $369,900
Increase over 2015: 5.4%
Priciest market (median price): Weston ($1,895,000)

$415,000
Median condo price in Eastie, the area’s biggest increase
↑ 30% from 2015

$781,375
Median single-family price in Essex, the area’s biggest increase
↑ 51% from 2015

And Mortgage Rates Are Rising, Too

3.99%
30-year fixed interest rate as of press time

3.67%
Interest rate in February 2016

“It’s an interesting market because there’s a lot of uncertainty politically. Many of our buyers are trying to get their offers accepted and lock a rate before the rates increase, as many are predicting will occur this year.”

—Ryan Wilson, real estate agent, Wilson Group/Keller Williams

 

Data from Eastern Massachusetts (Barnstable, Bristol, Essex, Middlesex, Norfolk, Plymouth, and Suffolk counties): MLS Property Information Network (except listings added to the market—Massachusetts Association of Realtors). Interest rates from bankrate.com

 


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