Here’s February 2018’s Monthly Indicators Report from the Greater Boston Association of Realtors® showing Boston real estate market trends.
February 2018 Greater Boston Real Estate Market Trends
Amid a short supply of homes for sale and rising mortgage rates, overall sales of single-family homes and condos softened in Greater Boston this February as compared to February 2017.
According to data issued from the Greater Boston Association of REALTORS® (GBAR). Sales of single-family detached homes saw a year-over-year decline of 5.5 percent in February as 481 homes were sold compared to the 509 homes sold in February 2017. This year’s sales total is the twelfth highest figure on record for the month of February, with the record of 665 homes sold in 2007. The condo market experienced a more modest decline in sales, falling 1.5 percent from 464 in February 2017 to 457 in February 2018. February’s condo sales total is the ninth highest on record for the month, with the record-high of 642 in 2007.
- February condo sales DOWN -1.5%
- Median prices UP +5.0% ($546,000)
- Active Listings DOWN -13.5% to 1,271
- Listings added to the market UP +14.8% over last year (985 from 858 in 2017)
- February single-family home sales DOWN -5.5%
- Median prices UP 8.9% ($549,000)
- Active Listings DOWN -16.2% to 1,786
- Listings added to the market UP +10.1% over last year (1,162 from 1,055 in 2017)
Interested In Specific Neighborhood / Area Real Estate Market Trend Data?
Virtual Home Staging: The Next Best Thing
Home staging is one of the most important steps in preparing your home for sale or rent. I can’t stress this enough. In cases where physical staging can’t be accommodated, whether it be due to time, tenants or budget constraints, virtual staging is the next best thing. Unit Realty Group offers our clients virtual home staging solutions. Virtual staging gives us the ability at all price points to creatively allow prospective buyers and renters to visualize what a space can be.
We can help set the stage and take away the guesswork for buyers and renters. We can showcase where the couch can go, what size bed can fit in the bedroom, what to do with that open entryway. Is the room perfect for an office, or maybe a nursery? Virtual home staging is very valuable to those looking to emotionally connect with a home and visualize themselves living there.
Virtual home staging can make the property stand out from the competition. We have impressed our clients with before and after photos. Take a look at some of the astonishing results below. We have taken a blank canvas, included the right furniture, lighting and artwork to create an inviting and entertaining space. We have also taken an extremely lived in property and shown how neat, spacious and functional it can actually be.
Virtual Home Staging Results: Before and After
Bottom Line: Home staging can fit into everyone’s budget thanks to virtual home staging. Let us know if we can help you.
02108 is it!
Covering parts of Back Bay, Downtown Crossing and Boston’s prestigious Beacon Hill neighborhood. 02108 is bursting with historic and upscale homes. Beacon Hill posted a $1,432,500 median sale price in 2017, a slight uptick from 2016 figures. The Suffolk County Zip climbed one position in Massachusetts rankings, while on a national level it rose two positions, becoming the #81 priciest Zip Code in the U.S.
It is no surprise that another Massachusetts Zip Code also ranks among the nation’s most expensive!
The second most expensive Zip in the region was 02481, which covers Wellesley Hills. The median there in 2017 was $1.4 million. Wellesley Hills is also the #97 most expensive Zip Code in the nation. 02481’s rise is thanks to a 9.6% increase in median sale price. Such prices placed both 02481 and 02108 among the 100 most expensive in the U.S. according to Property Shark research.
As the Massachusetts Association of Realtors® reports, price growth has been pushed to its highest levels in eight years due to demand and shortage of homes for sale. Prices rose over 5%, while inventory, days on the market, months of supply and new listings all fell.
Are you curious to see what homes are for sale in these Zip Codes? Visit 02108 and 02481.