This Spring, All Signs Point to a Seller’s Market in Eastern Massachusetts
Inventory Is Low
53,661
Number of single-family homes added to the market in 2016
↓ 3.3% from 2015
23,485
Number of condominiums added to the market in 2016
↓ 1.3% from 2015
And Homes Are Selling Fast
79
Average number of days on market for a single-family in 2016
↓ 9.2% from 2015
60
Average number of days on market for a condo in 2016
↓ 10.5% from 2015
Prices Are Climbing
Single-Family Homes:
Median price in 2016: $405,725
Increase over 2015: 4%
Priciest market (median price): Brookline ($1,635,000)
Condominiums:
Median price in 2016: $369,900
Increase over 2015: 5.4%
Priciest market (median price): Weston ($1,895,000)
$415,000
Median condo price in Eastie, the area’s biggest increase
↑ 30% from 2015
$781,375
Median single-family price in Essex, the area’s biggest increase
↑ 51% from 2015
And Mortgage Rates Are Rising, Too
3.99%
30-year fixed interest rate as of press time
3.67%
Interest rate in February 2016
“It’s an interesting market because there’s a lot of uncertainty politically. Many of our buyers are trying to get their offers accepted and lock a rate before the rates increase, as many are predicting will occur this year.”
—Ryan Wilson, real estate agent, Wilson Group/Keller Williams
Data from Eastern Massachusetts (Barnstable, Bristol, Essex, Middlesex, Norfolk, Plymouth, and Suffolk counties): MLS Property Information Network (except listings added to the market—Massachusetts Association of Realtors). Interest rates from bankrate.com
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