How’s our Boston market looking as 2019 progresses?
I recently did a presentation that covered this same topic with Deb Taylor, founder and owner of LINK, a company that tracks all the sales data in Boston, and I’ll share some of the same city-wide numbers from 2018 that we discussed.
First of all, price appreciation was up throughout 2018, and our total dollar volume of residential sales reached a record high—just under $4.5 billion. This is very encouraging, and it means we’re seeing a lot of residents from the surrounding suburbs who want to move to the city and take advantage of the benefits of living here.
Second, the percentage of units that sold over asking price dropped down to 29%. By comparison, this number was nearly 40% in 2015—a brutal number if you were a buyer during that time. This means we’re still in a seller’s market, but buyers aren’t having nearly as tough of a time now as they’ve had in the past.
Next, the annual average and median sale price both continued to climb, as they’ve been doing since 2015, and ended the year at $1.16 million and $850,000, respectively. In other words, units are holding their value.
Lastly, the average price per square foot reached $1,013, which is higher than any of the previous four years by a comfortable margin.
In short, these numbers mean we have a strong, healthy real estate market, and we expect that to continue in 2019.
If you have any questions about our market or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d love to help you.