Q1 2021 Massachusetts Market Report

Q1 2021 Massachusetts Market Report

MAS SACHUS E T TS

Q1 2021 Market Report

Compass Offices

B O S TO N 126 Newbury Street, Floor 2 617.206.3333

H I N G H A M 18 Shipyard Drive, Suite 3C 781.285.8028

C A M B R I D G E 1100 Massachusetts Avenue 1073 Massachusetts Avenue 617.303.0067

L E X I N G TO N 7 Muzzey Street, Lexington 781.386.0624

WE L L E S L E Y 161 Linden Street, Suite 102 781.365.9954

C A P E CO D 877 Main Street, Osterville 734.203.7601

WE S TO N 450 Boston Post Road 781.739.2640

C H E S T N U T H I L L 1330 Boylston Street, Floor 2 617.752.6845

W I N C H E S T E R 41 Thompson Street 781.219.0313

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COMPASS IS A LICENSED REAL ESTATE BROKER AND ABIDES BY EQUAL HOUSING OPPORTUNITY LAWS.

As we close out the first quarter of 2021, Greater Boston is seeing one of the strongest seller’s markets in history. Driven by a lack of single-family home inventory, very low interest rates, and pent-up buyer demand, those looking to change their living situation based on their at-home experiences over the past year are entering a very competitive buyer pool. Single-family inventory remains at historically low levels throughout the region, which is driving multiple offers and higher prices for properties. The inventory of condos in Boston, Cambridge, and Brookline — all markets with a high percentage of condos — remains elevated but is slowly starting to decrease. For buyers, it’s important to work closely with their agent to present themselves as a strong, qualified buyer by getting pre-approved and being ready to pounce on the home of their dreams the moment they see it. Buyers can also benefit from reevaluating their expectations and setting realistic

goals, with the understanding that they may need to look in a lower price point so they have the ability to go beyond the asking price when submitting an offer. For those sellers who have decided that this is their year to sell, the best thing they can do is get their property on the market as soon as possible in order to take advantage of the current environment and maximize the value of their home. Looking ahead to Q2, as vaccination rates rise and businesses reopen, renewed interest in city living will continue and the pace of the market should remain brisk. Record low mortgage rates, pent-up demand, and plenty of choices in the condo market could fuel an early and robust selling season. The challenges of a strong seller’s market in the single-family home category could lead buyers to seek alternatives, such as larger condos and townhouses, or withdraw from the market until additional inventory becomes available.

Looking Back, Looking Ahead

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This Spring, Maximize the Value of Your Home

Sell your home faster and at a higher price with Compass Concierge. From painting to flooring, Concierge helps you make the home improvements that appeal most to today's buyer – improving your bottom line when your home hits the market.

FRESH PA I NT

STRATEG I C STAG I NG

Find out more at compass.com/concierge

UPDATED F LOOR I NG

This information is provided for informational purposes only and is not a solicitation, recommendation, offer or promise to provide services. Compass is not offering legal, financial or other professional advice. Compass reserves the right to refuse, reject, or cancel the program for any reason at any time without liability. Compass offers no guarantee or warranty of results. Subject to additional terms and conditions. Individual results may vary. Testimonials are not intended to guarantee the same or similar results.

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Bridge the Gap Between the Home You Have and the Home You Want

When you sell your home with a Compass agent, you’ll have access to competitive rates and dedicated support from industry-leading lenders, with the exclusive option to get up to six months of your loan payments fronted using Compass Bridge Loans.

Learn more at compass.com/bridge-loan-services

Information regarding lenders which offer short-term Bridge Loan financing is provided for informational purposes only and does not constitute an endorsement of the particular lenders referenced. Compass cannot guarantee that these institutions will be able to assist and does not assume any responsibility as to the performance of services to be provided by these institutions. There are no requirements that you participate in the Compass Bridge Loan Services or obtain a loan from these providers to participate in any other Compass programs (such as Compass Concierge). Speak to your Bridge Loan lender about all the costs you may be responsible for in connection with your Bridge Loan.

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DAY S O N M A R K E T ( D OM ) Days on market is defined as the total number of days a listing is active before an offer is accepted or the listing is pulled off the market. MO N T H LY S U P P LY An estimated time it would take to sell all current active listings based on the trailing 12-month sales rate. % L I S T P R I C E TO C LO S E D P R I C E Also known as the “Sale-to-List Ratio.” This is the ratio of the final sale price of a home to its list price or asking price. The ratio is an indication of whether homes are selling above, at, or below list prices. Figuring out this ratio is a simple two- step process: divide the selling price by the asking price, then multiply the result by 100 to make it a percentage. M A R K E T AC T I O N I N D E X T M Developed by Altos Research, this is an at-a-glance measurement of market conditions. The index compares rate of sales to inventory to determine if it is a buyer’s market or seller’s market.

Glossary

S I N G L E FA M I LY A standalone house is a free-standing residential building. It is sometimes referred to as a single- family home, as opposed to a multi-family residential dwelling. CO N D O A condominium, often shortened to condo, is a type of living space similar to an apartment but independently sellable and therefore regarded as real estate. C LO S E D S A L E S Figures for the current quarter are based on known closings recorded at the time the report is prepared. AV E R AG E S A L E P R I C E The sum of all prices divided by the total number of properties.

QUA R T E R S Q1 January 1 – March 31 Q2 April 1 – June 30 Q4 July 1 – September 30 Q4 October 1 – December 31

1 1

TAB L E OF CONT ENTS

1 4 1 8 2 2 2 6 3 0

3 4 3 8 4 2 4 6 5 0

5 4 5 8 62 6 6 70

74 78 8 2 8 6 9 0

94 98

1 1 4 1 1 8 1 2 2 1 2 6 1 3 0

1 3 4 1 3 8 1 4 2 1 4 6 1 5 0

ANDOVER ARLINGTON BACK BAY BARNSTABLE BEACON HILL

BROOKLINE CAMBRIDGE CANTON CHATHAM COHASSET

CONCORD DENNIS DOVER FALMOUTH HINGHAM

JAMAICA PLAIN LEXINGTON LYNNFIELD MELROSE MILTON

NATICK NEEDHAM NEWTON ORLEANS OSTERVILLE

QUINCY SANDWICH SHERBORN SOMERVILLE SOUTH BOSTON

SOUTH END WAYLAND WELLESLEY WESTON WINCHESTER

1 0 2 1 0 6 1 1 0

1 3

4 2 . 6 5 8 4 , - 7 1 . 1 3 70

Andover

Situated 25 miles north of Boston, Andover is full of historical charm. Residents enjoy a peaceful atmosphere, including a picturesque downtown center with quaint shops, while remaining within easy commuting distance from the city.

1 5

ANDOVER

P OP U LAT I ON

AV E R AG E I NC OM E

3 6 , 3 5 6

$ 1 5 1 , 3 3 4

Single Family

51

49

-3.9%

Q 1 2 0 2 0 S A L E S

Q 1 2 0 2 1 S A L E S

% C H A N G E

$758,298

$921,184

21.5%

Q 1 2 0 2 0 AV E R A G E S A L E S P R I C E

Q 1 2 0 2 1 AV E R A G E S A L E S P R I C E

% C H A N G E

68

34

-50.0%

Q 1 2 0 2 0 D O M

Q 1 2 0 2 1 D O M

% C H A N G E

S I N G L E F A M I L Y

* Graph Legend

Q 1 M A R K E T

68

Buyer’s Market (Supply > Demand)

A C T I O N I N D E X T M *

0

30

100

Buyers

Sellers

Seller’s Market (Demand > Supply)

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