Greater Boston Continues To Be One Hot Market With Price Increases And Low Inventory
All across the United States, a severe lack of inventory continues to produce record activity at the residential level. On the Eastern Seaboard, Massachusetts has been operating at levels not seen since 2006, according to the January 2022 Bassick Report covering the Boston, Weston, Wellesley, Cape Cod, Martha’s Vineyard and Nantucket areas.
The median sales price climbed another 7.9% in January, with closing transactions averaging 98% of the original listing price. On Nantucket, inventory for single-family homes fell 42.3% from January 2021.
Here are several offerings in Wellesley and Concord, two of the most exclusive suburbs of Boston.
Currently listed at $3.595 million in Wellesley is a newly constructed home designed in a contemporary-Colonial style. Set on half an acre, the home features walls of glass along the back that provide unobstructed wooded views. A chef’s kitchen, an oversized primary suite and a finished basement with a great room make this a home for modern living.
In Concord, a historic estate with seven bedrooms, seven baths and a separate guest house is on the market for $4.3 million. Refined luxury includes a mahogany-floored reception hall and expansive living room. For equestrians, there is a stable for two horses and a tack room.
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Catherine Bassick of Boston-based Bassick Realty Advisors has over 20 years of experience in the luxury market both in California and Massachusetts. Bassick shares some insider updates on the in-demand Greater Boston Market.
EP: Describe the current market dynamics in the Greater Boston area?
CB: Dynamic is the right word for the market currently in the Boston region. With limited inventory continuing from the last 18 months, and in some areas even getting worse, agents and their buyers are leaping on available properties and, in almost every case, paying over the listed price. For the agents with the listings, it is more important than ever to study the data and price the property just right, so as to create those multiple offer situations.
EP: What market changes have you seen so far in 2022?
CB: This year has come right out of the gate looking like a spring market in the dead of winter. Buyers are plentiful, and potential sellers realize they are in a powerful position. I wish more would come forward more quickly, but hey, it’s our job to show them just what a strong position they hold and why it’s such a great time to sell.
EP: What potential changes do you forecast for the first half of 2022?
CB: As we head into spring 2022, I believe we will see a sizable increase in sellers coming out to play. It is already happening in the multi-family market. It’s still a seller’s market, but I believe more properties will be coming that will provide some inventory relief.
EP: How will an influx of inventory impact market conditions?
CB: In my opinion, we will begin to see some price stabilization. Maybe not as fast as we would like for the buyers’ sake, but I think we will see properties selling for more appropriate prices than what they have been selling thus far.
With Bassick’s deep market knowledge, that’s the first good news for buyers we’ve heard in a long time.