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CENTURY 21 Adams Market Report: First 3 Quarters 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 first three quarters 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 showing the in-depth analysis of the Boston real estate market during the first 3 quarters of 2020.Market trends in North Suburban Boston suggest that although fewer single-family homes were sold in the first three quarters of 2020 when compared to the same period in 2019, the average sale price increased and homes spent less time on the market. There were 2,043 total single-family homes sold in 2020, 287 less than the 2,330 homes sold in 2019. The average number of days on the market decreased by 6, from 37 to 31 in 2020. Furthermore, the average sale price of a home sold in Greater Boston increased by $69,378.17, with the first three quarters of 2020 having an average sale price of $1,172,468.17, compared to a $1,103,090.00 average sale price in 2019.

Some Notable Statistics: 

  • Cambridge had the highest-priced single-family home in the area, and prices have steadily increased year over year. In 2020, the highest-priced property was listed in Cambridge for $16,000,000. 2019 had the highest listing price of $7,000,000, a listing also in Cambridge. Both properties represent the highest priced properties in the region for their respective year, suggesting a trend of increasingly higher prices for this property type in Cambridge. 
  • Lexington saw a 15% increase in the number of single-family homes sold in Q3 of 2020 when compared to that period in 2019 (an increase from 239 to 276 single-family homes sold).
  • Needham saw its single-family homes spend less time on the market. The average number of days on the market for single-family homes in Needham decreased from 51 to 45 in 2020.

Condominiums:

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

Market reports focused on condos suggest a steady level of business in the North Suburban Boston region in 2020 when compared to the same time in 2019. On average, condos spend only 4 more days on the market than in 2019, with a slight decrease in the number of sold condos (1,894 total sold in 2020, compared to 2,095 total in 2019). With that said, the average sale price increased $60,082 in 2020 (an average sale price of $ 689,516 in 2019 had increased to $ 749,598 in 2020).  

Some Notable Statistics: 

  • Somerville is a key market for condominium properties, consistently having the most number of sales. The average sale price for condominiums in Somerville is higher than the average for the entire North Suburban Boston region, selling at $786,145, compared to a regional average of $826,824.
  • Arlington and Woburn saw a notable increase in the number of sales during Q1-Q3 of 2020, compared to that time in 2019. Arlington increased its number of sales from 155  to 171 condos sold, and Woburn increased from 113 to 147 condos sold. 
  • The town of Medford had 149 condo sales in Q1-Q3 of 2019, selling for an average of $550,176. Comparing that to the 153 condos sold for an average of $609,200 during the same period in 2020, condos are selling more often in Medford, and for more money. 

Belmont should be noted in this report for their increased number of condo sales and the decrease in average days their condos spent on the market. Belmont increased the total number of condo sales from 55 to 66 and decreased the average number of days on the market from 40 to 26 days.

Multi-Family Homes:

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

Multi-family homes in the North Suburban Boston region have seen a decline in demand during the first three-quarters of 2020 when compared to that time in 2019. Homes are spending more time on the market, and less are being sold. The 470 multi-family homes sold in Q1-Q3 of 2019 decreased to 363 in the same period in 2020. Those homes spent an average of 365 days on the market in 2019, which since increased to an average of 421 days in 2020. 

Some Notable Statistics: 

  • Multi-family homes sold much quicker in 2020 in the town of Somerville. With the total number of properties sold (114) and the list-to-sale percentage (98%) being identical year over year, the key trend is shown in the 54% decrease in time spent on the market (from 48 days to 22).
  • While Lexington had 0 sales in 2019, the town sold 3 multi-family homes this year. These 3 properties sold at an average amount of $789,650. This is a 104% sale-to-list percentage, the highest in the region. 
  • Watertown had the second most expensive property sale during this time in 2020, selling at $9,400,000. Interestingly, this was an impressive $7.5M increase in sale price when compared to the town’s highest price in 2019.

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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