BOSTON REAL ESTATE MARKET ACTIVITY: CORE DOWNTOWN NEIGHBORHOODS
*Core downtown neighborhoods as defined for the purpose of this report: Back Bay, Beacon Hill, South End, Midtown/Downtown, Seaport, Waterfront, Leather District, Charlestown, South Boston, Fenway, West End, Bay Village, Chinatown.
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Condos and Single-Family Homes Going Under Agreement from December 15 vs. Supply on January 15
1/15/2023: The chart to the left compares the number of units going under agreement in the most recent 30 day period (12/15/22 to 1/15//23) with the number of available listings at the end of that period (1/15/2023).
Sales activity in the downtown Boston real estate market is down 48.70% from last year at this time.
Listings are down 1.26% from last year at this time.
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Condominiums going under agreement (MLS-PIN)
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Median Boston condo and home prices (LINK)
In thousands
You can see periodic spikes in median price. These are due to closings at large luxury buildings. You see a rise in mid-September to mid-October of 2021 due to 28 closings at Echelon, 6 at The Archer in Beacon Hill, as well as some other smaller high end projects.
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Boston Condominium Absorption Rate
This comparison between number of properties (condos and single families) available and number of properties going under agreement in the last 30 days is called an "absorption rate." It's expressed in "months of supply." This is the way we determine whether there is upward or downward pressure on prices. Most analysts consider a 4+- month supply to be a balanced market. Above that, there is downward pressure on prices, and below that there is upward pressure.
As I mentioned, there are more units on the market in the core downtown neighborhoods at present, but activity has also picked up (see neighborhood absorption charts).
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1/15/2016
2.46 Months |
1/15/2017
3.80 Months |
1/15//2018
3.80 Months |
1/15/2019
4.32 Months |
1/15/2020
4.16 Months |
1/15/2021
4.20 Months |
1/15/2022
2.58 Months |
1/15/2023
4.97 Months |
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Days on Market (Condos, single family, all price ranges):
Thru 1/21/2022
68 Days
Thru 1/21/2023
43 Days
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Median sales prices (Condos, single family, all price ranges):
Thru 1/21/2022
$896,000
Thru 1/21/2023
$980,000
Change
+ 9.38%
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Number of closed sales (Condos, single family, all price ranges):
Thru 1/21/2022
263
Thru 1/21/2023
147
Change
- 44.11%
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$ per square foot (Condos, single family, all price ranges):
Thru 1/21/2022
$1,077/SF
Thru 1/21/2023
$1,127/SF
Change
+ 4.64%
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Number of closed sales (Condominiums, single family homes) $2m+ :
Thru 1/21/2022
52
Thru 1/21/2023
31
Change
- 40.38%
*Also due to the closings of the aforementioned large buildings last year.
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Number of closed sales (Condominiums, single family homes) $4m+ :
Thru 1/21/2022
20
Thru 1/21/2023
11
Change
- 45.00%
See above commentary. More luxury property market details.
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Greater Boston Unemployment Rate:
As of January 23, 2023, the latest month for which figures are available for Boston is November 2022
November 2021
4.4%
November 2022
2.9%
Change
- 1.5%
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Interest Rate (APR) as of 1/23/2023:
30 yr. fixed conventional
6.250% APR (0 points; $403 upfront costs)
Based upon a $550k purchase
30 YR. fixed jumbo
6.250% APR (0 points; $403 upfront costs)
Based on a $1m purchase
5/1 jumbo ARM
5.000% APR (0 points; $497 upfront costs)
Based on a $1m purchase
All based on a 740+ credit score, with 20% down.
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For condos & single family homes sold annually, metro Boston:
*Boston, Newton, Brookline, Cambridge, Somerville, Arlington, Watertown
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Metro Boston: Properties Sold (per year)
Source: MLS-PIN
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Metro Boston: Median Selling Price (per year)
Source: MLS-PIN
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Metro Boston: Days to Accepted Offer (per year)
Source: MLS-PIN
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Metro Boston: Asking/Selling Ratio (per year)
Source: MLS-PIN
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