Your Greater Boston Real Estate Connection

July is here and summer is in full swing! Whether you are enjoying the many outdoor dining options around town or heading off to the Cape, I hope you are staying healthy and having a wonderful time. As far as real estate goes, the market is trending just like the weather! With our economy more open and new cases remaining lower in Massachusetts, we have seen an increase in inventory but demand is still outpacing supply.

I have been asked a lot about the Boston real estate market and what we can expect in the second half of 2020. While I don't have a crystal ball, all indicators point to Boston making one of the strongest recoveries in the country. According to the Boston Housing Recovery Index, the cities with the strongest recoveries are Denver, Boston, Seattle, San Francisco, and San Diego. This is being driven by the presence of tech hubs and strong job markets going into the pandemic. Below is a recovery graph index, with a baseline set to 100, it is a composite graph including four main factors: demand, list price, supply, and days on market. 

This graph depicts that we are almost at the levels we were experiencing in February. It is important to note we had a very warm winter this year and the market was busier than seasons past. I also took a look at some Boston-specific market data and noticed some interesting stats including:

• There are 210 more Boston condos on the market right now than this time last year, an increase of 20.17%
• The average sale price of single families in Boston increased by 5.25% from 2019 to $947,418.
• The median sales price YTD of Boston condos from last year increased by 17.68% to $865,500

You will notice below some more graphs from our website, I will feature a different market every month!

Want more information about your specific neighborhood or area? Reach out to me and I am happy to send you customized information. You can also request a market report using the link below. 

Stay safe and enjoy the summer!

Ben Resnicow
Owner/Broker