This document contains real estate market reports for 14 cities in Massachusetts for the month of July. It summarizes median home sale price increases since January, current housing market conditions, inventory levels, and demand trends in different price ranges for each city. Overall, most markets continue to favor sellers with low inventory, high demand, and homes selling above asking price through bidding wars. However, some higher price point markets are seeing more inventory and longer days on market.
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RE/MAX Leading Edge Real Estate Market Report July 2014
1. 15.0% Increase
in Median Sale Price since
January!
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Arlington remains to be one of the
most competitive markets in the
Commonwealth, especially in the
entry-level price range of $400-700K.
Many properties sell with bidding
wars $50-100K over asking price with
buyers waiving all contingencies in
their offers.
RE/MAX LEADING EDGE
MONTHLY REAL ESTATE REPORT
JULY REAL ESTATE MARKET REPORT
Arlington
Seller’s!
Market!
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Buyers!
Market
Source: Absorption rate data extracted on (7/2/14) via imaxwebsolutions.com!
Prior Period: 1/1/13-6/30/13 Current Period: 1/1/14 - 6/30/14
2. 4.6% Decrease
in Median Sale Price since January
!
The condo market in the Back
Bay remains a seller's market
despite the decrease in median
sale price due to the small sample.
Usually activity slows once the
medical residents/doctors start
their residencies and new
internships on July 1st, but we
don't see it having a drastic effect
on the overall market.!
RE/MAX LEADING EDGE
MONTHLY REAL ESTATE REPORT
JULY REAL ESTATE MARKET REPORT
Back Bay
Seller’s!
Market!
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Market!
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Buyers!
Market
Source: Absorption rate data extracted on (7/2/14) via imaxwebsolutions.com!
Prior Period: 1/1/13-6/30/13 Current Period: 1/1/14 - 6/30/14
3. 28.6% Increase
in Median Sale Price Since
January!
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For the first time in history, the median
sale price in Lexington is over
$1,000,000. Demand remains strong in
the price ranges under $1,500,000 and
inventory remains low. Homes priced
$1,500,000+, have seen an increase in
inventory since the Spring, leading to
longer days on the market as buyers
have more homes from which to
choose.
RE/MAX LEADING EDGE
MONTHLY REAL ESTATE REPORT
JULY REAL ESTATE MARKET REPORT
Lexington
Seller’s!
Market!
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Even!
Market!
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Buyers!
Market
Source: Absorption rate data extracted on (7/2/14) via imaxwebsolutions.com!
Prior Period: 1/1/13-6/30/13 Current Period: 1/1/14 - 6/30/14
4. 4.0% Increase
in Median Sale Price since
January!
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Houses are coming on the market
with more regularity than in early
Spring. As long as they are priced
right, they sell quickly. We’re
seeing no signs of the market
slowing down at all.
RE/MAX LEADING EDGE
MONTHLY REAL ESTATE REPORT
JULY REAL ESTATE MARKET REPORT
Lynnfield
Seller’s!
Market!
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Even!
Market!
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Buyers!
Market
Source: Absorption rate data extracted on (7/2/14) via imaxwebsolutions.com!
Prior Period: 1/1/13-6/30/13 Current Period: 1/1/14 - 6/30/14
5. 18.3% Increase
in Median Sale Price since
January!
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We're still experiencing a thriving seller's
market with record price appreciation,
however, many more homes are available
now compared to April and May. Nicely
appointed homes in the $350,000-
$500,000 are still seeing frenzied activity
with double-digit bidding wars while
trade-up homes priced in the $500s-
$800s sell very quickly with multiple
offers if they're priced right and are
more turn key.
RE/MAX LEADING EDGE
MONTHLY REAL ESTATE REPORT
JULY REAL ESTATE MARKET REPORT
Melrose
Seller’s!
Market!
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Market!
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Buyers!
Market
Source: Absorption rate data extracted on (7/2/14) via imaxwebsolutions.com!
Prior Period: 1/1/13-6/30/13 Current Period: 1/1/14 - 6/30/14
6. 11.6% Increase
in Median Sale Price since
January!
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Inventory is still low with high
demand in the entry to mid
level price points of $500,000-
$700,000. The $1,000,000+
market seems to have slowed
down a bit as well as homes
priced over $2,000,000.
RE/MAX LEADING EDGE
MONTHLY REAL ESTATE REPORT
JULY REAL ESTATE MARKET REPORT
Newton
Seller’s!
Market!
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Market!
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Buyers!
Market
Source: Absorption rate data extracted on (7/2/14) via imaxwebsolutions.com!
Prior Period: 1/1/13-6/30/13 Current Period: 1/1/14 - 6/30/14
7. 3.3% Increase
in Median Sale Price since January
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Developers and ‘flippers’ have
purchased an abnormally high
amount of lower priced homes in the
$300,000 range which has brought the
median sale price down. The overall
market still remains active but we
expect the usual Summer slow down
as buyers focus more on the beach
than buying a home. We anticipate
the Fall season will bring more
focused buyers after Labor Day.
RE/MAX LEADING EDGE
MONTHLY REAL ESTATE REPORT
JULY REAL ESTATE MARKET REPORT
North Reading
Seller’s!
Market!
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Market!
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Buyers!
Market
Source: Absorption rate data extracted on (7/2/14) via imaxwebsolutions.com!
Prior Period: 1/1/13-6/30/13 Current Period: 1/1/14 - 6/30/14
8. 3.3% Increase
in the Median Sale Price since
January!
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We're still experiencing a seller's market
with price appreciation, however, many
more homes are available now compared
to April and May. Nicely appointed
homes in the $350,000-$500,000 are still
seeing bidding wars while trade-up homes
priced in the $500s-$800s sell very quickly
with multiple offers if they're priced right
and are more turn key.
RE/MAX LEADING EDGE
MONTHLY REAL ESTATE REPORT
JULY REAL ESTATE MARKET REPORT
Reading
Seller’s!
Market!
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Market!
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Buyers!
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Source: Absorption rate data extracted on (7/2/14) via imaxwebsolutions.com!
Prior Period: 1/1/13-6/30/13 Current Period: 1/1/14 - 6/30/14
9. 17.9% Increase
in Median Sale Price since
January!
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Although still a seller's market, the
mindset of condo buyers has shifted.
Many are less eager to engage in a
'bidding war' and are now choosing not
to participate in hopes of a slower
Summer market. However, properly
priced properties still sell quickly with
1-3 offers (compared to 8-10 they may
have had in the early Spring).
RE/MAX LEADING EDGE
MONTHLY REAL ESTATE REPORT
JULY REAL ESTATE MARKET REPORT
Somerville
Seller’s!
Market!
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Market!
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Buyers!
Market
Source: Absorption rate data extracted on (7/2/14) via imaxwebsolutions.com!
Prior Period: 1/1/13-6/30/13 Current Period: 1/1/14 - 6/30/14
10. 5.7% Increase
in Median Sale Price since
January!
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We're still experiencing a seller's market
however, many more homes are available
now compared to April and May. Nicely
appointed homes in the $350,000-
$500,000 are still seeing bidding wars
while trade-up homes priced in the
$500s-$800s sell very quickly with
multiple offers if they're priced right and
are more turn key.
RE/MAX LEADING EDGE
MONTHLY REAL ESTATE REPORT
JULY REAL ESTATE MARKET REPORT
Wakefield
Seller’s!
Market!
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Market!
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Buyers!
Market
Source: Absorption rate data extracted on (7/2/14) via imaxwebsolutions.com!
Prior Period: 1/1/13-6/30/13 Current Period: 1/1/14 - 6/30/14
11. 16.1% Increase
in Median Sale Prices since
January!
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The market remains active with
extremely low levels of
inventory. Sellers who price
their home correctly sell
quickly with multiple offers.
RE/MAX LEADING EDGE
MONTHLY REAL ESTATE REPORT
JULY REAL ESTATE MARKET REPORT
Watertown
Seller’s!
Market!
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Even!
Market!
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Buyers!
Market
Source: Absorption rate data extracted on (7/2/14) via imaxwebsolutions.com!
Prior Period: 1/1/13-6/30/13 Current Period: 1/1/14 - 6/30/14
12. 7.5% Increase
in Median Sale Price since
January!
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The Winchester market is still
extremely active, favoring sellers
who price their homes correctly.
Inventory remains extremely low
with many buyers eliminating
inspection and financing
contingency terms to win bidding
wars.
RE/MAX LEADING EDGE
MONTHLY REAL ESTATE REPORT
JULY REAL ESTATE MARKET REPORT
Winchester
Seller’s!
Market!
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Even!
Market!
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Buyers!
Market
Source: Absorption rate data extracted on (7/2/14) via imaxwebsolutions.com!
Prior Period: 1/1/13-6/30/13 Current Period: 1/1/14 - 6/30/14
