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2020 Mid Year Market Report

The following reports from Gibson Sotheby's International Realty show how regional markets such as Greater Boston and MetroWest have been impacted by the pandemic. It looks at data from January - August 2019 versus January - August 2020. Consistent themes are low inventory and homes selling quickly. 

What is interesting to consider as it related to this data - and particular to Arlington, Medford and similar communities - is our varied housing stock. Like a diversified portfolio, we have an array of single-family homes, condos, and multi-family homes. In a time when people want more space, yards, and office space, places like downtown Boston and the Seaport have felt the impact of Covid-19 more significantly because of the number of condos in large buildings and high-rises. 

There are many condos in Arlington/Medford etc., but most of these are in converted multi-family homes or townhomes, making them much more appealing than the larger buildings in Boston and Cambridge. Also, condos in Greater Boston offer buyers a price point that could be more affordable that of a single-family home.

Overall, the Greater Boston and MetroWest housing markets are strong, and a diversity in housing demonstrates the resiliency of these markets in difficult times - time and again. 

 

Greater Boston Mid Year Report

The Greater Boston market has soldered through the Covid-19 pandemic thus far. While the state was under lockdown, fewer properties went on the market and, therefore, fewer properties sold. Prices dropped for two months, but have already begun to rebound, and the average Days on Market (DOM) have remained low.

The urban condo markets in Boston and Cambridge, particularly large buildings, have experienced the greatest impact and are experiencing longer Days on Market. Condominiums, in general, have not seen the kinds of gains in demand that single family homes have seen. Anecdotal reports are that buyers would like more interior and exterior space than most condos have to offer. However, the available condo inventory is below 3 months in Cambridge and below 5 months in Boston. Also, the percentage of asking price for sold property remains above 101% in Cambridge and 99% in Boston

Greater Boston Mid Year Report

Source: MLS Pin. For the purpose of this report, Greater Boston includes Arlington, Belmont, Boston, Brookline, Cambridge, Concord, Lexington, Milton, Newton, Somerville, Watertown.

 

The MetroWest communities have seen a significant increase in Average Sale Price this year. These communities tend to have many more single family homes, as opposed to condominiums. With spiking demand for amenities like home offices and outdoor spaces, there have been a higher percentage of properties going Under Agreement compared to the number of Listings Taken.

MetroWest Mid Year Report

Source: MLS Pin. For the purpose of this report, MetroWest includes Ashland, Dover, Framingham, Holliston, Hopkinton, Medfield, Medway, Millis, Natick, Needham, Sherborn, Sudbury, Wellesley, Weston.

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