The Pandemic Numbers, Winning in 2021
It's not news that last year had significant impacts on multiple global industries that are still resonating as we roll into the new year. It’s hard to remember that a year ago from right now Covid-19 had very little impact on our everyday lives. Our one-year anniversary for the pandemic on my calendar is March 16, 2020. Day 1 of lockdown.
Seeing as it has not yet been a full year, I’m provided an opportunity to analyze market data in January for the first time during a pandemic. While digging into some of the Newton numbers, I was able to uncover some interesting statistics.
The Greater Boston real estate markets are traditionally in sync with the changing of seasons. Inventory is typically light during the start of Q1, and the weather usually gets cold. When I pick apart Newton comparing single-family homes sold in January 2020 vs January 2021, a few meaningful statistics stand out in the chart below.
SINGLE FAMILY HOMES SELLING FAST
While single family listing prices remain remarkably similar to last year, the median sale price is up over 5%. More notably than the closing prices of these homes is the amount of time they lasted on the market and how long it took a buyer to make an offer. Homes that went under agreement in the fall and closed in January had over a 57% decrease in the days on market and just under a 70% decrease in days to an offer. Wow! A detailed report from the MLS can be found here: January Newton Single Family Homes
Reviewing the same data for condominium sales in Newton has also shown some shifting numbers in January as shown below.
CONDO SALE PRICES FALL
The median list and sale price of condominium has dropped by over 17% when compared to January 2020. Not only are the prices falling, but the same can be said for the amount time these listings are available on the market. While the drop is not as radicle as what I'm seeing in single family homes, it is notable that condos DTO and DOM have both dropped by over 14%. A detailed report from the MLS can be found here: JANUARY NEWTON CONDOMINIUMS
OPPORTUNITIES FOR BUYERS IN ALL SEGMENTS
When this information is unpacked, all signs indicate that if a home listed this spring is anything like last fall, buyers will be snapping them up quick. The median sale price of condos has dropped with an expectation that much more inventory will become available over the next 4-6 weeks.
I do not think these trends are unique to Newton. My prediction is this coming spring the greater Boston market will soften and no matter where you may be looking, the home for you will surface. While Newton is my specialty, I’m able to cover all of Metro West, North and South Shore as well as Boston itself.
Many of you know me from my time as a ski boot fitter. If you are in the market for a second ski home, I have a robust network of professional agents to find your ideal ski house or condo at any resort in New England! Spring will be here soon enough so dust off your boards and go carve some turns!