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CENTURY 21 Adams Market Report: Q3 of 2020

CENTURY 21 Adams is committed to providing the highest quality real estate services in the marketplace. Understanding the market is key to making informed decisions in real estate, and we’re here to help.

For your consideration, here is a breakdown of the data and trends during the third quarter of 2020 (July-September), compared to the same period in 2019. The data suggests regional trends and shows a more granular analysis of specific towns, as outlined below.

Single Family Homes:

The total number of single-family homes sold in the Northern Suburban Boston region in Q3 of 2020 increased 7% when compared to Q3 of the year prior, increasing from 966 to 1,034 sold. The average number of days those single-family homes spent on the market decreased from 35 in 2019 to 31 in 2020, showing a 13% decrease in time spent on the market. The regional average sale-to-list percentage slightly increased, from 101% to 102%.

A chart with data from the 2020 Greater Boston real estate market report- Single-family homes, Q3 of 2020

Some Notable Statistics: 

  • Boston Family HomeA total of 30 single-family homes were sold in Cambridge, 4 less than were sold the year before during the same period. Interestingly, homes were on the market for less time (26 days in 2020, compared to 32 in 2019), and were sold at a higher average sale price ($2,084,097 in 2020, compared to $1,882,538 in 2019).
  • Homes are being sold for more than their list price across the region. Notably, the cities of  Woburn and Somerville had a 106% sale-to-list percentage in Q3 of 2020, a 5% increase for Woburn, and a 2% increase for Somerville.
  • On average, single-family homes are spending less time on the market, as shown in Cambridge (from 32 days in 2019 to 26 days in 2020), Medford (from 29 days in 2019 to 19 days in 2020), and Woburn (from 36 days in 2019 to 25 days in 2020) 

Condominiums: 

A chart with data from the 2020 Greater Boston real estate market report- Condos, Q3 of 2020

The total number of condos sold in the Northern Suburban Boston region in Q3 of 2020 increased 4% when compared to Q3 of the year prior, increasing from 802 to 835 total condominium sales. When comparing Q3 of 2020 to that of 2019, there was no change in data when looking at the average number of days spent on the market (35), and the sale-to-list percentage (101%). 

Some Notable Statistics:

  • Arlington saw a significant increase in the number of condominium units sold, increasing from 53 to 87 in 2020
  • The average sale price of a multi-family home in Arlington increased from $652,259 in Q3 of 2019 to $719,437 during the same period in 2020. 
  • The high demand for condominium units in Needham was shown in the average number of days on the market cut almost in half, and the average sale price increasing. On average, condos were on the market for 26 days in Q3 of 2020, compared to 50 days during the same period in 2019. The average sale price increased from $769,272 in 2019 to $785,855 in Q3 this year. The data suggest that condos in Needham were selling quicker at higher prices. 

Multi-Family Homes: 

A chart with data from the 2020 Greater Boston real estate market report- Multi-family homes, Q3 of 2020

Data trends focused on multi-family homes showed room for improvement. The towns in and around Northern Suburban Boston had 33 fewer multi-family homes sold in Q3 of 2020, compared to the same period in 2019 (a decrease from 185 sold to 152). On average, multi-family homes spent more time on the market. Figures show multi-family homes spent an average of 25 days on the market in Q3 of 2019, and 34 days in that same period in 2020.  For towns that had at least one multi-family home sale in Q3 of 2020, the sale-to-list percentage steadily fluctuated around 100% indicating that these properties commonly sell for the list price. 

Some Notable Statistics:

  • Medford and Somerville are responsible for a large percentage of the region’s total number of sales. They sold a combined 44% of the multi-family homes in the region in Q3 of 2019 (81 of the 185 sold), and 43% for the same period in 2020 (66 of the 152 sold)
  • The following towns had a notably higher sale-to-list percentage in Q3 of 2020 when compared to the regional average of 92%: Lexington- 103% sale-to-list ratio, 11% higher than average, Arlington- 102% sale-to-list ratio, 10% higher than average, Belmont-  102% sale-to-list ratio, 10% higher than average, Woburn- 102% sale-to-list ratio, 10% higher than average

Please visit our community information page for further details on the areas mentioned above. We welcome you to contact us if you have any questions or would like clarification on the data presented. 
 

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