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Q2 2017 BOSTON MARKET REPORT
Transcript of Q 2 BOSTON MARKET REPORT...4 5 Q2 2017 GREATER BOSTON MARKET REPORT 01 Compass created Compass...
Q 2
2 0 1 7
B O S T O N
M A R K E T
R E P O R T
4 5
Q2 2017
GREATER BOSTON MARKET REPORT
01
Compass created Compass Markets, a mobile application that analyzes real estate markets in real time,
because we believe in transparency and the importance of real-time information in the marketplace.
Highlighted in this report are several key trends observed from our Compass Markets app during the
second quarter.
The Metropolitan Boston market saw a 14.4% increase in listing inventory this quarter compared to
Q2 2016. The median asking price for Boston condos also rose by 14.1%. The number of closed sales in
Q2 2017 decreased by 5.7% year-over-year. The two likely contributing factors for this decline are: a
delayed seasonal listing market and more inventory remaining on the market over $2M+. South Boston
had the highest number of condo sales with 206 units this quarter, accounting for 15.8% of all condo
sales in Boston. Demand for four-bedroom condos was strong, as the number of sales increased 33.8%
year-over-year. Median sale price rose across all bedroom types year-over-year with the exception of the
studio segment, which fell 9.9% year-over-year to $388K. The overall median days on market for condos
dropped to 17 days from 19 days in Q2 2016. Negotiability, which represents the average percentage
variance between the sale prices for every closed transaction and their respective last asking prices,
was +2.8% this quarter for the condo market, which means closing prices were 2.8% higher than the last
asking prices on average.
The single family market in Metropolitan Boston experienced an increase in both the number of
available units and sales this quarter compared to Q2 2016. Available listings increased by 20.9% year-
over-year to 741 homes, while the number of sales increased by 6.1% year-over-year to 348. The growth
in the number of sales was driven by strong buy side demand and increased availability of listings in
the high end. An example of this was the 38.1% year-over-year increase in listings valued at $3M+. The
city of Newton had a total of 175 homes sold in Q2 2017, accounting for 50.3% of all single family sales.
Median asking price for all Metropolitan Boston increased 15.6% year-over-year to $1.38M. However,
median sale price remained flat year-over-year at $1.20M. The overall median days on market was 18
days, 4 days shorter than the second quarter last year. Negotiability was +1.5% for the single family
market, which means closing prices were 1.5% higher than the last asking prices on average.
Introducing the Compass Q2 2017 Greater Boston Market Report
Map of Coverage Area
Single Family Overview
Condo Overview
Time on Market & Negotiability
Neighborhood Summary
Back Bay/Beacon Hill
Charlestown
Downtown Boston
East Boston
North End/Waterfront
Page 3
Page 2
Page 17
Page 5
Page 18
Page 7
Page 19
Page 8
Page 12
Page 11
Page 13
Page 14
Page 15
Page 16 Page 20
Page 10
Seaport District
South Boston
South End/Bay Village
West End
Page 21
Page 22
Brookline
Cambridge
Newton
Somerville
6 7
Q2 2017 GREATER BOSTON MARKET REPORT
Map of Coverage Area
Compass’ Q2 2017 Boston Market Report is an analysis of the
13 neighborhoods highlighted on this map. Please note that all
references to Boston overall refer solely to the collection of these
neighborhoods and exclude all other areas and neighborhoods of
Boston; all references to Downtown Boston refer to the collection
of neighborhoods including Chinatown, Downtown Boston,
Financial District, Leather District, and Midtown.
02
Newton Brookline
CambridgeEast Boston
South Boston
Charlestown
Seaport
Back BayBeacon Hill
Bay VillageSouth End
West End
North EndWaterfront
Downtown Boston
East Boston
North End Waterfront
Downtown Boston
Seaport
South Boston
South End Bay Village
Back Bay Beacon Hill
Cambridge
Somerville
Charlestown
West End
Brookline
Newton
08 09
Q2 2017
GREATER BOSTON MARKET REPORT
03
Single Family Overview
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET NEGOTIABILITY
SINGLE FAMILY
613
$1,189,000
328
$1,200,000
$467
22
1.3%
418
$1,400,000
148
$1,150,000
$463
40
-2.0%
77.3%
-1.8%
135.1%
4.3%
3.8%
-54.4%
20.9%
15.6%
6.1%
0.0%
2.9%
-18.2%
The Boston single family market exhibited higher number
of available listings and closed sales in the second quarter
compared to the same quarter of 2016. There were 741 homes
on the market and 348 homes sold, up 20.9% and 6.1%
year-over-year, respectively. Median sale price remained
steady year-over-year at $1.20M, while median PPSF
increased 2.9% year-over-year to $480. Median days on
market dropped to 18 days from the prior year second quarter.
Negotiability, which represents the average percentage
variance between the sale prices for every closed transaction
and their respective last asking prices, remained virtually
unchanged at 1.5% compared to 1.3% in Q2 2016.
741
$1,375,000
348
$1,200,000
$480
18
1.5%
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GREATER BOSTON MARKET REPORT
The year-over-year increase in the number of single family
sales was primarily driven by the listings closed at $3M+
(up 38.1% Y-o-Y to 29 units) and $1M-$2M (up 9.2% Y-o-Y
to 142 units). Properties below $500K saw a drop in sales
volume by 16.7% year-over-year. Median sale prices increased
across all pricing brackets with the exception of those listings
valued below $500K. The single family market below $500K
continues to shrink as the list price of these homes pushes
into the next price band.
04
Single Family Overview
Sales by Price Point
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
$500K- $500K-$1M $1M-$2M $2M-$3M $3M+
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
$500K- $500K-$1M $1M-$2M $2M-$3M $3M+
NUMBER OF SALES
MEDIAN SALE PRICE
151181424429
181141304521
-16.7% 3.5% 9.2% -2.2% 38.1%
654581713
150.0%118.5%144.8%158.8%123.1%
$400,000$791,000$1,353,500$2,350,000$3,672,000
$455,000$766,500$1,304,000$2,320,000$3,600,000
-12.1% 3.2% 3.8% 1.3% 2.0%
$445,000$795,000$1,440,000$2,350,000$3,515,000
-10.1% -0.5% -6.0% 0.0% 4.5%
012 013
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05
Condo Overview
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET NEGOTIABILITY
CONDO
2,222
$699,999
1,376
$703,500
$666
19
2.8%
1,778
$799,000
787
$698,000
$654
26
0.3%
42.9%
0.0%
64.9%
7.6%
10.3%
-34.6%
14.4%
14.1%
-5.7%
6.8%
8.4%
-10.5%
The Boston condo market continues to experience double-
digit year-over-year increases in the number of available
listings and median asking price of 14.4% and 14.1%,
respectively. The number of sales decreased 5.7% year-over-
year, primarily due to limited inventory in the low end price
bracket below $500K, which decreased 10.6% compared to
2Q 2016. Median sale price increased 6.8% year-over-year
to $751K, achieving an all-time high price on record. The
median PPSF increased by 8.4% to $722/SF, an 8.4% increase
from Q2 2016. The overall median days on market dropped
2 days compared to Q2 2016.
2,541
$799,000
1,298
$751,000
$722
17
2.8%
014 015
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The 1,298 condo sales this quarter were primarily
composed of two-bedrooms, which made up 48.8%
of all sales. The market for 4+ bedroom condos
was strong, as the number of sales increased 33.8%
year-over-year. The number of 1 bedroom condo
sales remained flat whereas studios, 2 bedrooms and
3 bedrooms experienced year-over-year decline of
12.0%, 9.3% and 11.0% respectively. The median sale
price increased for 1, 2 and 3 bedroom condos while it
decreased by 9.9% for studios and remained flat for 4+
bedrooms at $1.30M.
06
Condo Overview
Sales by Bedroom Type
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
STUDIO 1BR 2BR 3BR 4BR+
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
STUDIO 1BR 2BR 3BR 4BR+
NUMBER OF SALES
MEDIAN SALE PRICE
2230563325187
2530669828265
-12.0% -0.3% -9.3%-11.0% 33.8%
917139517438
144.4% 78.4% 60.3% 44.3%128.9%
$387,500$580,000$750,000$1,025,000$1,300,000
$430,000$537,600$705,250$970,000$1,290,000
-9.9% 7.9% 6.3% 5.7% 0.8%
$415,000$567,000$680,000$957,500$1,277,450
-6.6% 2.3%10.3% 7.0% 1.8%
016 017
Q2 2017
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07
Time on Market & Negotiability
The second quarter experienced shorter median days on market for both condo and single family properties compared to Q2 2016, as 75.9% of all condos
and 67.2% of all single families entered contracts within the first month. Only 1.3% of condo listings spent more than 6 months on market. Negotiability,
which represents the average percentage variance between the sale prices for every closed transaction and their respective last asking prices, was +4.3%
for both condos and single family homes sold in less than 30 days. The positive negotiability interestingly indicates listings that stayed on market for a
shorter time period gain premium on closings prices. While the negotiability percentages for listings in in the other four time on market categories were
negative, meaning the listings were sold below the asking price on average.
018 019
Q2 2017
GREATER BOSTON MARKET REPORT
08
Neighborhood Summary
Single Family
LISTING INVENTORY
MEDIAN ASKING PRICE
YOY% YOY%# OF SALES
BACK BAY/BEACON HILL
CHARLESTOWN
DOWNTOWN BOSTON*
EAST BOSTON
NORTH END/WATERFRONT
SEAPORT DISTRICT
SOUTH BOSTON
SOUTH END/BAY VILLAGE
WEST END
BROOKLINE
CAMBRIDGE
NEWTON
SOMERVILLE
OVERALL
23
46
0
22
2
0
24
23
0
105
56
388
52
741
10
16
0
12
2
0
13
11
0
50
28
175
31
348
15.0%
119.0%
-100.0%
37.5%
-
-
-33.3%
35.3%
-
0.0%
12.0%
33.8%
-8.8%
20.9%
50.8%
-7.0%
-
9.7%
-
-
16.9%
-21.9%
-
4.8%
-0.2%
25.6%
-19.0%
15.6%
$5,900,000
$1,200,000
NA
$449,000
$1,147,000
NA
$829,000
$2,695,000
NA
$2,149,000
$1,496,500
$1,375,000
$687,500
$1,375,000
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
YOY% YOY% YOY% YOY%
82
15
NA
24
46
NA
18
22
NA
15
18
18
19
18
100.0%
33.3%
-
71.4%
-
-
-27.8%
-35.3%
-
4.2%
3.7%
0.0%
63.2%
6.1%
73.3%
5.9%
-
-1.5%
-
-
10.0%
4.0%
-
-0.2%
-14.9%
7.8%
-1.0%
0.0%
5.3%
5.5%
-
26.9%
-
-
-9.3%
-1.1%
-
16.6%
9.2%
3.7%
2.6%
2.9%
-47.4%
-32.6%
-
-48.9%
-
-
-33.3%
0.0%
-
-30.2%
25.0%
-10.0%
-17.4%
-18.2%
$3,725,000
$1,165,000
NA
$394,062
$962,500
NA
$770,000
$2,600,000
NA
$1,805,000
$1,277,500
$1,240,000
$673,000
$1,200,000
$1,083
$561
NA
$327
$700
NA
$387
$974
NA
$579
$694
$444
$480
$480
NUMBER OF SALES
YOY%MEDIAN ASKING
PRICEYOY%
LISTING INVENTORY
This page provides a snapshot of Q2 2017 market conditions by neighborhood for single family
homes. Please note that Downtown Boston refers to the collection of neighborhoods including
Chinatown, Downtown Boston, Financial District, Leather District, and Midtown.
Overall, Boston single family median sale price saw no change year-over-year. However, significant
percentage changes did occur in Back Bay/Beacon Hill (up 73.3% to $3.73M), Cambridge (down
14.9% to $1.28M), and South Boston (up 10.0% to $770K). The number of single family sales in
Boston increased 6.1% year-over-year to 348 homes, primarily led by 100.0% year-over-year
increase in Back Bay/Beacon Hill, 71.4% year-over-year increase in East Boston, and 63.2% year-
over-year increase in Somerville.
020 021
Q2 2017
GREATER BOSTON MARKET REPORT
09
Neighborhood Summary
LISTING INVENTORY
MEDIAN ASKING PRICE
YOY% YOY%# OF SALES
BACK BAY/BEACON HILL
CHARLESTOWN
DOWNTOWN BOSTON*
EAST BOSTON
NORTH END/WATERFRONT
SEAPORT DISTRICT
SOUTH BOSTON
SOUTH END/BAY VILLAGE
WEST END
BROOKLINE
CAMBRIDGE
NEWTON
SOMERVILLE
OVERALL
292
143
157
126
86
32
432
299
32
246
308
153
235
2,541
127
77
57
70
37
13
206
157
7
157
185
92
113
1,298
15.9%
-0.7%
48.1%
88.1%
-14.9%
68.4%
52.1%
17.7%
52.4%
0.8%
-1.9%
-2.5%
-9.3%
14.4%
4.5%
14.3%
1.3%
2.2%
-1.4%
100.7%
16.8%
6.5%
19.2%
17.8%
16.1%
14.4%
8.5%
14.1%
$1,357,500
$719,000
$1,395,000
$459,000
$827,500
$1,944,950
$759,450
$950,000
$709,000
$854,000
$754,500
$799,999
$649,997
$799,000
Condo
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
YOY% YOY% YOY% YOY%
21
16
17
22
20
18
18
15
23
14
13
17
14
17
-13.0%
-4.9%
16.3%
125.8%
-37.3%
0.0%
19.8%
-17.4%
-36.4%
0.6%
-10.2%
-15.6%
-26.1%
-5.7%
11.9%
24.2%
11.1%
0.2%
17.1%
-51.4%
5.2%
-2.8%
-20.7%
6.0%
9.1%
18.1%
7.5%
6.8%
9.8%
6.2%
26.4%
8.6%
10.6%
-17.8%
14.8%
9.0%
12.1%
7.1%
14.0%
-0.5%
5.8%
8.4%
-19.2%
-20.0%
-26.1%
0.0%
-25.9%
-30.8%
-18.2%
-16.7%
53.3%
0.0%
-7.1%
-19.0%
-12.5%
-10.5%
$1,175,000
$760,000
$1,055,000
$429,950
$820,000
$875,000
$662,500
$830,000
$456,000
$835,000
$764,000
$785,500
$645,000
$751,000
$1,141
$670
$1,112
$459
$909
$770
$674
$992
$693
$668
$773
$401
$557
$722
This page provides a snapshot of Q2 2017 market conditions by neighborhood for
condominiums. Please note that Downtown Boston refers to the collections of neighborhoods
including Chinatown, Downtown Boston, Financial District, Leather District and Midtown.
Boston condo median sale price increased by 6.8% year-over-year, driven by double-digit
percentage increases occurring in Back Bay/Beacon Hill, Charlestown, Downtown Boston,
North End/Waterfront and Newton. The number of condo sales decreased in Q2 2017
(down 5.7% Y-o-Y) despite a notable increase in East Boston (up 125.8% Y-o-Y to 70 units).
NUMBER OF SALES
YOY%MEDIAN ASKING PRICE
YOY%LISTING INVENTORY
022 023
Q2 2017
GREATER BOSTON MARKET REPORT
10
Back Bay/Beacon Hill
SINGLE FAMILY
CONDO
The single family market in Back Bay/Beacon Hill
experienced a strong quarter, with the number of
sales increasing to 10 homes (up 100% Y-o-Y), and
an increase in median sale price to $3.73M (up 73.3%
Y-o-Y). The most expensive single family sale this
quarter was located at 39 Beacon Street in the Back
Bay/Beacon Hill neighborhood ($15.3M). Median days
on market decreased by nearly 50% year-over-year to
82 days while the median PPSF increased slightly by
5.3% to $1,083/SF.
Condo inventory increased by 15.9% year-over-year
in the Back Bay/Beacon Hill market as median asking
price increased slightly by 4.5% year-over-year.
Number of condo sales were down 13.0% compared
to the second quarter of 2016, but median sale price
increased 11.9% from Q2 2016 to $1.18M. Median days
on market decreased to 21 days from 26 days in Q2 2016.
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
20
$3,912,500
5
$2,150,000
$1,029
156
252
$1,299,500
146
$1,050,000
$1,040
26
16
$4,245,000
4
$2,635,000
$1,043
143
196
$1,722,500
79
$1,300,000
$1,109
36
43.8%
39.0%
150.0%
41.4%
3.9%
-42.7%
49.0%
-21.2%
60.8%
-9.6%
2.9%
-41.7%
15.0%
50.8%
100.0%
73.3%
5.3%
-47.4%
15.9%
4.5%
-13.0%
11.9%
9.8%
-19.2%
23
$5,900,000
10
$3,725,000
$1,083
82
292
$1,357,500
127
$1,175,000
$1,141
21
024 025
Q2 2017
GREATER BOSTON MARKET REPORT
11
Charlestown
SINGLE FAMILY
CONDO
Single family inventory increased significantly in Charlestown by 119.0% year-over-year while the median asking price dropped 7.0% to $1.20M. The number of sales increased 33.3% year-over-year to 16 closings. Median sale price increased 5.9% from the second quarter in 2016 to $1.17M. Median days on market decreased to 15 days from 22 days in the same quarter last year.
Available condo listings in Charlestown remain flat at 143 units as compared to 144 units in the second quarter of 2016. The 77 sales in Q2 2017 decreased only 4.9% year-over-year, with a significant increase of 24.2% in median sale price from $612K to $760K. Median days on market decreased to 16 days from 20 days both quarter-over-quarter and year-over-year.
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
21
$1,290,000
12
$1,100,000
$532
22
144
$629,000
81
$612,000
$631
20
16
$1,225,000
11
$950,000
$579
21
99
$739,900
49
$650,000
$666
20
187.5%
-2.0%
45.5%
22.6%
-3.1%
-31.0%
44.4%
-2.8%
57.1%
16.9%
0.6%
-20.0%
119.0%
-7.0%
33.3%
5.9%
5.5%
-32.6%
-0.7%
14.3%
-4.9%
24.2%
6.2%
-20.0%
46
$1,200,000
16
$1,165,000
$561
15
143
$719,000
77
$760,000
$670
16
026 027
Q2 2017
GREATER BOSTON MARKET REPORT
12
Downtown Boston
SINGLE FAMILY
CONDO
There was no single family activity this quarter in Downtown Boston, due to no existing inventory.
The Downtown Boston condo market followed a solid first quarter with a strong second quarter of 2017, primarily driven by the Millennium Tower at 1 Franklin Street. There were 157 condos on market in Q2 2017, up 48.1% year-over-year. The number of sales increased 16.3% year-over-year to 57 units. Median sale price increased 11.1% year-over-year to $1.06M, however this is down from $1.32M in the previous quarter due to a large proportion of sales closing at lower prices. Median days on market was down 6 days to 17 days since Q2 2016.
Please note that Downtown Boston refer to the collection of neighborhoods including Chinatown, Downtown Boston, Financial District, Leather District, and Midtown.
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY 0
MEDIAN ASKING PRICE NA
NUMBER OF SALES 0
MEDIAN SALE PRICE NA
MEDIAN SALE PPSF NA
DAYS ON MARKET NA
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
1
$1,395,000
0
NA
NA
NA
106
$1,377,500
49
$950,000
$880
23
0
NA
0
NA
NA
NA
134
$1,597,000
43
$1,320,000
$1,128
48
-
-
-
-
-
-
17.2%
-12.6%
32.6%
-20.1%
-1.3%
-64.6%
100%
-
-
-
-
-
48.1%
1.3%
16.3%
11.1%
26.4%
-26.1%
157
$1,395,000
57
$1,055,000
$1,112
17
028 029
Q2 2017
GREATER BOSTON MARKET REPORT
13
East Boston
SINGLE FAMILY
CONDO
East Boston single family inventory rose 37.5% year-over-year to 22 available homes in the second quarter, with a 9.7% year-over-year increase in median asking price. The market also saw a strong growth of 71.4% in the sales volume this quarter compared to the same quarter a year ago, primarily driven by the conversion at 214 E. Eagle Street and active resales at 156 Porter Street. Median sales price decreased slightly by 1.5% year-over-year to $395K. The median PPSF jumped by 26.9% year-over-year to $327/SF. Median days on market was 24 days in Q2 2017.
The condo market in East Boston had another strong quarter due to more supply with relatively lower pricing among neighborhoods. Inventory increased 88.1% year-over-year to 126 available units. The number of sales also increased significantly by 125.8% year-over-year to 70 transactions. Median sale price remained steady at $430K, only up 0.2% year-over-year. Median days on market year-over-year remained the same as Q2 2016 at 22 days.
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
16
$409,450
7
$399,900
$257
46
67
$449,000
31
$429,000
$464
22
14
$394,900
7
$470,000
$302
50
57.1%
13.7%
71.4%
-16.2%
8.2%
-53.0%
11.5%
2.0%
40.0%
-8.5%
9.7%
-46.3%
37.5%
9.7%
71.4%
-1.5%
26.9%
-48.9%
22
$449,000
12
$394,062
$327
24
126
$459,000
70
$429,950
$504
22
88.1%
2.2%
125.8%
0.2%
8.6%
0.0%
113
$449,900
50
$470,000
$459
40
030 031
Q2 2017
GREATER BOSTON MARKET REPORT
14
North End/Waterfront
SINGLE FAMILY
CONDO
The only two single family homes listed in Q1 were sold this quarter. With a median asking price of $1.15M, they closed at a median of $963K after spending a median of 46 days on market.
Condo inventory in North End/Waterfront decreased 14.9% year-over-year from 101 to 86 available listings. Median asking price decreased slightly by 1.4% year-over-year to $828K. The 37 condo sales represented a 37.3% year-over-year decrease. Median sale price increased to $820K, up 17.1% compared to the same quarter in 2016. Median days on market decreased to 20 days from 27 days in the same quarter last year.
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
0
NA
0
NA
NA
NA
101
$839,000
59
$700,000
$822
27
2
$1,147,000
0
NA
NA
NA
66
$1,112,000
29
$1,065,000
$925
59
0.0%
0.0%
-
-
-
-
30.3%
-25.6%
27.6%
-23.0%
-1.8%
-66.1%
-
-
-
-
-
-
-14.9%
-1.4%
-37.3%
17.1%
10.6%
-25.9%
2
$1,147,000
2
$962,500
$700
46
86
$827,500
37
$820,000
$909
20
032 033
Q2 2017
GREATER BOSTON MARKET REPORT
15
Seaport District
SINGLE FAMILY
CONDO
There has been no available single family inventory in the Seaport District market since 2014.
Condo inventory in Seaport District went up by 68.4% year-over-year to 32 units, while median asking price increased by a significant 100.7% year-over-year to $1.94M, primarily due to new developments such as 20 Liberty, 50 Liberty and 10 Farnsworth. The number of sales remained flat year-over-year at 13 closings, with a 51.4% year-over-year decrease of median sale price to $875K. This significant price decline was primarily due to a shift towards sales at lower price points this quarter. Median days on market decreased 8 days to only 18 days compared to Q2 2016.
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY 0
MEDIAN ASKING PRICE NA
NUMBER OF SALES 0
MEDIAN SALE PRICE NA
MEDIAN SALE PPSF NA
DAYS ON MARKET NA
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
0
NA
0
NA
NA
NA
19
$969,000
13
$1,800,000
$937
26
0
NA
0
NA
NA
NA
22
$1,010,000
3
$830,000
$806
5
-
-
-
-
-
-
45.5%
92.6%
333.3%
5.4%
-4.5%
260.0%
-
-
-
-
-
-
68.4%
100.7%
0.0%
-51.4%
-17.8%
-30.8%
32
$1,944,950
13
$875,000
$770
18
034 035
Q2 2017
GREATER BOSTON MARKET REPORT
16
South Boston
SINGLE FAMILY
CONDO
There were 24 available single family listings this quarter in South Boston, a 33.3% decrease from Q2 of 2016. Median asking price increased 16.9% year-over-year to $829K. Demand was not as strong as the same quarter last year. There was a 27.8% year-over-year decrease in the number of sales to 13 homes, accompanied by a 10% year-over-year rise in median sale price to $770K. Median days on market decreased to 18 days from 27 days in Q2 2016.
The condo market in South Boston was active this quarter. Inventory increased 52.1% year-over-year to 432 units, while median asking price jumped 16.8% to $759K. The number of sales increased by 19.8% year-over-year to 206 units, with a median sale price of $663K, up 5.2% year-over-year. The strong sales activity was primarily driven by new developments at The Collins Mansion Condominiums and 584 E. 3rd Street. Median days on market decreased to 18 days from 22 days in Q2 2016.
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
284
$650,000
172
$629,500
$587
22
301
$749,999
111
$630,000
$626
32
43.5%
1.3%
85.6%
5.2%
7.6%
-48.3%
52.1%
16.8%
19.8%
5.2%
14.8%
-18.2%
36
$709,000
18
$700,000
$426
27
16
$914,000
13
$875,000
$520
34
50.0%
-9.3%
0.0%
-12.0%
-25.6%
-47.1%
-33.3%
16.9%
-27.8%
10.0%
-9.3%
-33.3%
24
$829,000
13
$770,000
$387
18
432
$759,450
206
$662,500
$674
18
036 037
Q2 2017
GREATER BOSTON MARKET REPORT
17
South End/Bay Village
SINGLE FAMILY
CONDO
The single family market in South End/Bay Village
experienced a 35.3% year-over-year increase in the
available inventory, with a 21.9% year-over-year
decrease in median asking price. The number of
closings dropped 35.3% year-over-year, with a median
sale price of $2.60M (up 4.0% year-over-year). Median
days on market stayed flat at 22 days compared to the
second quarter last year.
The condo market in South End/Bay Village decreased
17.4% year-over-year to 157 sales, but almost doubled
the number of closings quarter-over-quarter (up
103.9%). The median sale price dropped to $830K,
down 2.8% year-over-year. Median days on market
decreased 3 days from Q2 2016 to 15 days.
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
17
$3,450,000
17
$2,500,000
$985
22
23
$2,695,000
11
$2,600,000
$974
22
254
$892,000
190
$853,800
$910
18
299
$950,000
157
$830,000
$992
15
12
$2,745,000
4
$3,047,500
$849
106
178
$899,000
77
$885,000
$968
19
91.7%
-1.8%
175.0%
-14.7%
14.8%
-79.1%
68.0%
5.7%
103.9%
-6.2%
2.5%
-21.1%
35.3%
-21.9%
-35.3%
4.0%
-1.1%
0.0%
17.7%
6.5%
-17.4%
-2.8%
9.0%
-16.7%
038 039
Q2 2017
GREATER BOSTON MARKET REPORT
18
West End
SINGLE FAMILY
CONDO
There has been no available single family inventory in the West End market since 2008. Number of available condo units increased 52.4% year-over-year to 32 units. Median asking price increased 19.2% to $709K. The number of sales declined year-over-year to 7 units, with a median sale price of $456K, down 20.7% year-over-year. Median days on market increased to 23 days from 15 days in Q2 2016.
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY 0
MEDIAN ASKING PRICE NA
NUMBER OF SALES 0
MEDIAN SALE PRICE NA
MEDIAN SALE PPSF NA
DAYS ON MARKET NA
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
0
NA
0
NA
NA
NA
21
$595,000
11
$575,000
$618
15
32
$709,000
7
$456,000
$693
23
0
NA
0
NA
NA
NA
36
$744,000
5
$523,000
$595
38
-
-
-
-
-
-
-11.1%
-4.7%
40.0%
-12.8%
16.5%
-39.5%
-
-
-
-
-
-
52.4%
19.2%
-36.4%
-20.7%
12.1%
53.3%
040 041
Q2 2017
GREATER BOSTON MARKET REPORT
19
Brookline
SINGLE FAMILY
CONDO
The number of available single family homes in Brookline this quarter remained the same as Q2 2016, with a median asking price increase of 4.8% year-over-year to $2.15M. The number of sales increased 4.2% year-over-year to 50 homes, while median sale price remained flat at $1.81M. Median days on market dropped from 22 days in Q2 2016 to 15 days.
Brookline condo inventory remained consistent year-over-year at a 0.8% increase, with a 17.8% year-over-year increase in median asking price. The number of sales was also flat with an increase of 0.6% year-over-year. Median sale price increased by 6.0% to $835K. Median days on market remained flat year-over-year at 14 days.
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
105
$2,050,000
48
$1,809,250
$497
22
105
$2,149,000
50
$1,805,000
$579
15
244
$725,000
156
$787,500
$624
14
246
$854,000
157
$835,000
$668
14
60
$2,047,500
21
$2,150,000
$565
62
180
$849,000
74
$758,500
$656
19
75.0%
5.0%
138.1%
-16.0%
2.5%
-75.8%
36.7%
0.6%
112.2%
10.1%
1.9%
-26.3%
0.0%
4.8%
4.2%
-0.2%
16.6%
-30.2%
0.8%
17.8%
0.6%
6.0%
7.1%
0.0%
042 043
Q2 2017
GREATER BOSTON MARKET REPORT
20
Cambridge
SINGLE FAMILY
CONDO
Available single family inventory in Cambridge increased 12% year-over-year, with an unchanged median asking price of $1.50M compared to Q2 2016. The number of single family sales jumped to 28 units in Q2 versus 10 in Q1, typical of the Spring Market. However, median sale price dipped 14.9% year-over-year to $1.23M, due to a lack of inventory in the $2M+ price range. Median days on market increased to 18 days compared to 14 days in Q2 2016.
In the Cambridge condo market, inventory decreased slightly by 1.9% to 308 units, while the number of sales also decreased 10.2% to 185 units year-over-year. The median asking price increased by 16.1% year-over-year, from $650K to $755K. Median sale price increased 9.1% year-over-year to $764K. Median days on market decreased slightly to 13 days from 14 days in the second quarter of 2016.
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
50
$1,499,000
27
$1,501,000
$636
14
56
$1,496,500
28
$1,277,500
$694
18
314
$649,950
206
$700,000
$678
14
308
$754,500
185
$764,000
$773
13
31
$1,565,000
10
$1,862,500
$598
36
156
$718,500
91
$669,000
$659
19
80.6%
-4.4%
180.0%
-31.4%
16.2%
-51.4%
97.4%
5.0%
103.3%
14.2%
17.3%
-31.6%
12.0%
-0.2%
3.7%
-14.9%
9.2%
25.0%
-1.9%
16.1%
-10.2%
9.1%
14.0%
-7.1%
044 045
Q2 2017
GREATER BOSTON MARKET REPORT
21
Newton
SINGLE FAMILY
CONDO
Single family inventory in Newton increased 33.8% year-over-year to 388 homes, along with a 25.6% increase in the median asking price to $1.38M. The number of sales remained constant year-over-year at 175 homes while median sale price increased 7.8% year-over-year to $1.24M. Days on market dropped 10.0% year-over-year to 18 days. The number of available condos in Newton this quarter declined slightly by 2.5% year-over-year to 153 units. Median asking price increased 14.4% year-over-year to $800K. There was a 15.6% decrease in the number of sales to 92 units from Q2 2016. Median sale price rose 18.1% to 786K. Median days on market decreased to 17 days from 21 days in the second quarter of 2016.
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
290
$1,095,000
175
$1,150,000
$428
20
388
$1,375,000
175
$1,240,000
$444
18
157
$699,000
109
$665,000
$403
21
153
$799,999
92
$785,500
$401
17
223
$1,399,000
71
$1,175,000
$395
41
135
$848,800
95
$730,000
$398
23
74.0%
-1.7%
146.5%
5.5%
12.5%
-56.1%
13.3%
-5.7%
-3.2%
7.6%
0.7%
-26.1%
33.8%
25.6%
0.0%
7.8%
3.7%
-10.0%
-2.5%
14.4%
-15.6%
18.1%
-0.5%
-19.0%
046 047
Q2 2017
GREATER BOSTON MARKET REPORT
22
Somerville
SINGLE FAMILY
CONDO
The single family market in Somerville experienced a strong quarter with decreased supply and increased demand. Available number of homes in Somerville decreased 8.8% year-over-year to 52 listings. The number of sales jumped significantly by 63.2% year-over-year from 19 to 31 closings. Median sale price dipped slightly by 1.0% year-over-year to $673K. Median days on market decreased from 23 days in Q2 2016 to 19 days. Negotiability, which represents the average percentage variance between the sale prices for every closed transaction and their respective last asking prices, was +3.0% this quarter. All the above mentioned statistics were consistent with the previous quarter, which indicated a very competitive market.
The number of available condos decreased to 235 units this quarter compared to 259 units a year ago. Median asking price rose 8.5% to $650K. The number of sales dropped 26.1% year-over-year, with a 7.5% year-over-year increase in median sale price of $645K. Median days on market decreased from 16 in 2Q 2016 to 14 days.
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
Q2 2017 Q2 2016 YOY% Q1 2017 QOQ%
LISTING INVENTORY
MEDIAN ASKING PRICE
NUMBER OF SALES
MEDIAN SALE PRICE
MEDIAN SALE PPSF
DAYS ON MARKET
57
$849,000
19
$680,000
$468
23
52
$687,500
31
$673,000
$480
19
259
$599,000
153
$600,000
$526
16
235
$649,997
113
$645,000
$557
14
28
$714,950
7
$701,000
$434
22
162
$674,450
81
$649,900
$523
31
85.7%
-3.8%
342.9%
-4.0%
10.5%
-13.6%
45.1%
-3.6%
39.5%
-0.8%
6.5%
-58.4%
-8.8%
-19.0%
63.2%
-1.0%
2.6%
-17.4%
-9.3%
8.5%
-26.1%
7.5%
5.8%
-12.5%
048 049
Compass makes no representations or warranties, express or implied, with respect to future market conditions or prices of residential product at the time the subject property or any competitive property is complete and ready for occupancy or with respect to any report, study, finding, recommendation or other information provided by Compass herein. Moreover, no warranty, express or implied, is made or should be assumed regarding the accuracy, adequacy, completeness, legality, reliability, merchantability or fitness for a particular purpose of any information, in part or whole, contained herein. All material is presented with the understanding that Compass shall not be deemed to provide legal, accounting or other professional services. This is not intended to solicit the purchase or sale of any property. Any and all such warranties are hereby expressly disclaimed. Equal Housing Opportunity.
(c) Compass. All Rights Reserved. This information may not be copied, used or distributed without Compass’ consent.
