2018 Summer Market Update
The summer real estate market is in full swing! Here is an update on the market and an overview of the trends we are seeing so far.
How has the housing market done so far this year?
- The second quarter was relatively quiet, with fewer homes sold compared to the same period last year.
- Prices for both single-family homes and condominiums rose slightly in most markets and inventory was up slightly as well.
How does the data compare to 2017?
- The number of both homes and condominiums sold was down between 5% and 30% in each of our target communities (Newton, Needham, Brookline, and Cambridge) compared to Q2 of last year.
- Average single family home selling prices rose 8.3% in Newton, rose 12.9% in Needham, fell 8.4% in Brookline, and rose 14% in Cambridge compared to the second quarter of last year. Average condominium prices varied across the condominium markets – Down 3.8% in Newton, up 30.4% in Needham, up 11.2% in Brookline, and flat in Cambridge.
- As we exit the busy spring home buying season, rising inventory levels leave sellers in an uncertain position. The market is not uniform, however, and among more affordable homes and homes in certain locations, we continue to see extremely low inventory and competitive bidding for homes.
- Rising interest rates and the new tax law create an uncertain environment for both buyers and sellers. As a professional architect and experienced broker, I have expertise in helping Boston-Area clients position their properties for sale. If you have any inquiries about buying or selling property, local market dynamics in general, or about how the new tax law may affect the value of your home, please reach out to me at [email protected]