Here’s December 2018’s Monthly Indicators Report from the Greater Boston Association of Realtors® showing Boston real estate market trends.
December 2018 Greater Boston Real Estate Market Trends
Sales of single-family detached homes and condominiums softened in December as higher mortgage rates, instability in the financial markets, and a seasonal decline in the supply of homes for sale led to reduced buyer demand according to data issued by the Greater Boston Association of REALTORS® (GBAR).
In December, a total of 965 single-family detached homes were sold in metropolitan Boston which is an 8.4 percent decline from the 1,053 homes sold in December 2017. The condo market took a similar path, as it experienced an 11.5 percent decline on an annual basis, dropping from 826 units sold in December 2017 to 731 this December.
For year-end totals, 13,568 homes were sold in a Greater Boston in 2018, a 2.2 percent decrease from the 13,867 homes sold in 2017. The condo market experienced a similar decline of 1.7 percent from 11,025 unites sold in 2017 to 10,837 in 2018.
- December condo sales DOWN -11.5%
- Median prices 0.0% ($539,900)
- Active Listings UP +22.0% to 1,476
- Listings added to the market DOWN -3.4% over last year (345 from 357 in 2017)
- December single-family home sales UP -8.4%
- Median prices UP +0.2% ($590,000)
- Active Listings UP -2.6% to 1,677
- Listings added to the market UP +3.9% over last year (422 from 406 in 2017)
Interested In Specific Neighborhood / Area Real Estate Market Trend Data?
Boston housing market as 2019 gets underway
According to an analysis from real estate research site NeighborhoodX, average asking prices for market-rate homes at the more expensive end of the Boston market (Back Bay, Beacon Hill, and other parts of downtown) heading into 2019 converge at around $1,200 to $1,300 a square foot. The same is the case in less expensive areas such as Mattapan, Roxbury, and Hyde Park, although, there, the convergence is around $300 a foot.
Overall prices at the end of December ranged from a low of $159 a square foot in Mattapan to a high $3,857 a foot in Back Bay.
NeighborhoodX broke down both range and price per-square-foot to offer a different lens through which to analyze the market. At the lower end, this gives a sense of where (or whether) bargains can be found, or what the entry level price might be. At the upper end, especially with emerging neighborhoods, it gives a sense of where the neighborhood may be heading.
Check out the graph below to see a portion of the average consolidated neighborhood prices. Click here to review NeighborhoodX interactive breakdown of the full average, high and low prices per neighborhood.
Learn the differences between these types of urban row houses.
Did you catch the mistake Remodelista made in their instagram post? They got quite a bit of flack from their followers for calling a brick row house a brownstone. I have to say, that is one of my pet peeves. What are the architectural differences between the two? Let me give you the low down, so you don’t have to make the mistake.
Brownstone was a popular form in Northeast cities during the 19th century, named for its façade cladding of brown or red-brown sandstone. Brownstones are almost always multiple stories tall and frequently feature flat roofs. The distinct feature about brownstones is the nearly seamless line between one townhouse to the next. Brownstone materials blend together smoothly, and a series of brownstone townhouses can often look like a single building with several doors and windows instead of individual residences. Brownstone was plentiful and inexpensive in the 19th century. The image of this style is forever associated with New York City, but can be found in other urban areas. By the 1840s, it was a popular choice for townhouse facades and retains its charm today, as a signifier of both sophistication and neighborhood appeal.
Brick Row Houses:
On the other hand Boston and Philadelphia are famous for streets lined with brick masonry row houses. Specifically the brick Federalist architectural style for houses prevailed between the Revolutionary War and about 1835. The federal row house was modest in scale and restrained in ornament. The front of the house was usually clad in red brick, typically laid in what is known as a Flemish bond (a style of bricklaying with each row of brick laid in alternating headers and stretchers – the short and long sides of the brick). Brick row houses are usually two or three stories and often have half-story attics with dormers. The brick Federal architecture is an adaptation of Georgian elements, with an American twist. We can thank Boston native Charles Bulfinch for this style influence throughout our neighborhoods.
Distinctive Architectural Illustration by Rob Leanna