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CENTURY 21 Adams Market Report: September 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 September of 2020, 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:

A chart with data from the 2020 Greater Boston real estate market report- single family homes: September 2020September is a busy month for real estate, and Northern Suburban Boston is no exception to this trend. A total of 309 single-family homes were sold among the towns in Northern Suburban Boston in September of 2020, which is 47% more than were sold a year ago (210 total sales in September of 2019). On average, the number of days single-family homes spent on the market decreased from 43 in 2019 to 31 in 2020. Furthermore, the average sale price for this property type increased from $1,025,060 to $1,152,634 in 2020. 

Some Notable Statistics: 

  • Single-family home sales increased significantly in the following towns: Newton 79% increase (from 33 to 59 sales), Arlington- 76% increase (from 17 to 30 sales), Lexington- 72% increase (from 18 to 31 sales), Belmont- 125% increase (from 8 to 18 sold)
  • Single-family home sales became more profitable in the following towns, based on the sale-to-list percentage: Arlington- 4% increase (from 100% to 104%), Medford- 4% increase (from 100% to 104%), Winchester- 4% increase (from 97% to 101%)
  • On average, single-family homes spent fewer days on the market in the following towns: Winchester- 24 fewer days on the market (from 65 to 41 days), Lexington- 16 fewer days on the market (from 58 to 42 days), Needham- 14 fewer days on the market (from 51 to 37 days), Arlington- 11 fewer days on the market (from 34 to 23 days), Woburn- 10 fewer days on the market (from 30 to 20 days) 

Condominiums: 

A chart with data from the 2020 Greater Boston real estate market report- condos, September 2020

A total of 274 condos were sold among the towns in Northern Suburban Boston in September of 2020, 41% more than were sold a year ago (194 total sales in September of 2019). On average, the number of days these condos spent on the market decreased slightly, from 36 in 2019 to 33 this year. The average sale price for this property type increased from $643,960 to $694,735 in 2020. The sale-to-list ratio remained at 101%, while the highest price paid for a condo in the region increased from $2,750,000 to $2,950,000. 

Some Notable Statistics: 

  • Condominium sales increased significantly in the following towns: Arlington- 116% increase (from 12 to 26 sales), Watertown- 66% increase (from 18 to 30 sales), Waltham- 61% increase (from 18 to 29 sales), Somerville 31% increase (from 32 to 42 sales)
  • Average sale price notably increased in the following towns: Cambridge- a $210,585 increase (from $808,953 to $1,019,538), Needham- a $160,530 increase (from $528,195 to $688,725), Woburn- a $180,581 increase (from $365,214 to $545,795)
  • Lexington saw a slight increase in condo sales, from 6 sold in September 2019 to 8 in 2020. Further, the amount of time those condos were on the market decreased from 26 days on average to 17 in 2020

Multi-Family Homes: 

A chart with data from the 2020 Greater Boston real estate market report- multi-family homes, September 2020Multi-family home sales in September have increased by 18% year-over-year, from 53 sold in 2019 to 63 in 2020. These multi-family homes have spent an average of 3 days longer on the market (from 26 to 29), but the average sale price increased by $62,338 (average sale price in September 2019 was $898,590, compared to $960,928 in 2020). Multi-family homes have historically been sold under their listing price, with an 82% sale-to-list percentage. This has since increased to a 92% sale-to-list percentage in September 2020, indicating multi-family homes are trending towards receiving their listing price in full.  

Some Notable Statistics: 

  • A total of 17 multi-family homes were sold in Somerville this September, a 88% increase from the 9 sold in September of 2019. 
  • Cambridge had a significant drop in the average sale price of their multi-family homes, decreasing from $2,509,600 to $1,731,808 this year. On average, this resulted in fewer days spent on the market, decreasing from 36 to 23 days. This also increased the number of sales from 5 to 8 in September 2020 
  • On average, multi-family homes spent fewer days on the market in the following towns: Cambridge: 13 fewer days on the market (from 36 to 23 days), Somerville: 22 fewer days on the market (from 52 to 30 days) 

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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