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Boston Market Trends Spring 2020
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Table of Contents
Introduction 3 2019 Market Volume 5 About Engel & Völkers 7 Engel & Völkers EDGE 9 Beacon Hill 10 Back Bay 12 South End 14 South Boston 16 Seaport District 17 Midtown 18 Waterfront 20 North End 21 Charlestown 22 Cambridge 23 Mortgage Rates 24 Engel & Völkers Cares 26
boston.evrealestate.com ©2020 Engel & Völkers. All rights reserved. Each brokerage independently owned and operated. If your property is currently represented by a real estate broker, this is not an attempt to solicit your listing. Information about any property described was provided solely by seller(s) without verification by the broker(s) therefore broker(s) is/are not responsible for the accuracy of the information contained herein. Buyer should take any and all steps necessary to verify said information. Offerings are subject to prior sale, price change or withdrawal without notice. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principles of the Fair Housing Act. An Equal Opportunity Employer. Equal Housing Opportunity.
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Setting the tone for sophisticated real estate services
At Engel & Völkers Boston, we strive to embrace our city’s simple ethos — we work hard, and we play hard. Our real estate advisors work each deal with the same drive and intensity as if they were purchasing the property for themselves. Our advisors are not only the most successful in our area, they also share traits which align with Engel & Völkers’ culture, such as teamwork, passion, and competence. With our state-ofthe-art real estate tools and technology, premium brand rec-ognition, and unrivaled market knowledge, we are able to offer our clients first class service during the purchase or sale process.
We look forward to hearing from you soon and advising you on your next real estate deal.
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Charlestown
Cambridge
North End Beacon Hill
Waterfront
Midtown Back Bay
South End
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Seaport District
South Boston
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Sales by neighborhood 2019 Market Volume
2019 HOMES SALES BY NEIGHBORHOOD 782
Cambridge
655
South Boston
463
South End
345 331
Charlestown Back Bay
1
188
Beacon Hill Seaport District Waterfront Midtown
96 66
North End 0
156 121
200
400
600
Data per MLSPIN: including condos, single-family, & multi-family homes closed 1/1/2019 to 12/31/2019.
800
1000
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Engel & Völkers 895 offices in 33 countries
Engel & Völkers is one of the world’s leading service companies specialized in the brokerage of premium residential property, commercial real estate, yachts, and aircrafts. Based in almost 900 locations, Engel & Völkers offers both private and institutional clients a professionally tailored range of services.
Consultancy, sales, and leasing form the core competences of the staff of more than 11,000 advisors and employees. Engel & Völkers is currently operating in 33 countries on four continents. Intensive training from our in-house real estate Academy and the high level of quality assurance governing its systematically structured service provision are key factors that account for the Company’s success.
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46 Gloucester Street • Boston, MA • 02115 boston.evrealestate.com 617-936-4194
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is what you can & Völkers advisor
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ölkers advisors here and to around the world. Providing unprecedented reach of your property, Engel & Völkers offers the ers for the specific Global reach Domestic with boutique exclusive EDGE (Extensive & Global style is what you can expect when working with an Engel & Völkers advisor here and around the world. Exposure) platform designed to maximize online Providing unprecedented reach of your property, Engel & Völkers exposure of your listing to qualified buyers worldwide offers the exclusive EDGE (Extensive Domestic & Global Exposure) to sell your via ahome suite of highly trusteddesigned and strategic and platform toonline maximize online exposure of your listing to mobile marketing partners. But we don’t stop there. qualified buyers worldwide via a suite of highly trusted and strategic With a globalonline networkand of mobile more than 11,000 realpartners. But we don’t stop there. With marketing a global network more than 11,000 real estate professionals in estate professionals in more than 30of countries, we 30 countries, not only reachmore millionsthan of consumers, but arewe ablenot to only reach millions of consumers, but are able to collaborate with our fellow Engel & Völkers advisors to collaborate with our fellow Engel & Völkers advisors to strategically handpick and refer buyers for the specific properties strategically handpick and refer buyers for the specific they seek… like yours. properties they seek … like yours.
Let us provide the EDGE you need to sell your home and begin your adventure. Let us providenext the EDGE you need to sell your home and begin your next adventure.
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Beacon Hill Neighborhood Market Trends
Beacon Hill Neighborhood Statistics 2018 2019
Listings Sold
Days on Market
Average Sale Price
Ratio Sale to List Price
141 187
60 70
$1,904,403 $1,933,819
100% 99%
Data per MLSPIN
Brick rowhouses and sidewalks, beautiful doors and windowboxes all add to the charm that can only be found in Beacon Hill. Last year the number of homes/condos sold, average sales price, and days on market all increased. The ratio of sales to list price dropped slightly. Over the past four years the sale “price per square foot” has gone up 23%.
Beacon Hill condos Beacon price per Hill square foot 2016
$985 $1,161
2017 2018
$1,227
2019
$1,214 Price per square foot*
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Beacon Hill Featured Property 66 Revere Street
New listing coming soon! Enchanting single family home located in the heart of Beacon Hill. 66 Revere is beautifully updated and appointed throughout and features a well thoughtout floor plan designed for modern day living. Featuring gorgeous natural light throughout, crown moldings, numerous built-ins, multiple fireplaces, recessed lighting, and two private outdoor spaces, this one-of-a-kind home is not to be missed. All of this perfectly located just steps from the acclaimed shopping and restaurants of Charles Street, the Esplanade, MGH/ MEE, public transit and offering easy access to highways.
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Back Bay Neighborhood Market Trends
Back Bay Neighborhood Statistics 2018 2019
Listings Sold
Days on Market
Average Sale Price
Ratio Sale to List Price
352 329
63 63
$1,872,584 $1,869,624
99% 98%
Data per MLSPIN
From the rich history of the homes and buildings to the trendy vibe of the shops and restaurants, Back Bay is a place many people wish to call their home. Last year the number of homes/condos sold, average sales price, and the ratio of sales to list price all dropped slightly. Over the past four years the sale “price per square foot” has gone up 5%.
Back Bay condos Back price perBay square foot 2016 2017 2018
$950 $940 $960 $999
2019 Price per square foot
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Back Bay Featured Sale The W Boston, Unit 22B
We are pleased to announce this stunning unit was listed and sold by Engel & Vรถlkers. It has 2 bedroom, 2.5 baths, from floor to ceiling windows, built in office nook, master bedroom suite with double vanity and walk-in closet, and dramatic views from 3 exposures. Residents enjoy all of the amenities of The W hotel plus concierge, doorman, fitness center, Bliss Spa, and more. Fabulous location close to the Public Garden, Commons, fine dining and shopping, Theater District, highways and public transportation. One garage valet parking space included. Sold for $2,050,000 - 94% of asking price. Let us do the same for you!
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South End Neighborhood Market Trends
South End Neighborhood Statistics 2018 2019
Listings Sold
Days on Market
Average Sale Price
Ratio Sale to List Price
515 460
43 49
$1,369,314 $1,418,316
101% 99%
Data per MLSPIN
The South End is one of the most beloved and popular neighborhoods. Last year the number of homes/ condos and the ratio of sale to list price, this is the amount buyers can expect to pay, dropped slightly. The average sales price and days on market were up. Over the past four years the sale “price per square foot” has gone up 15% but has leveled off.
South End condos South End price per square foot 2016
$893 $985
2017
$1,044
2018
$1,032
2019 Price per square foot*
46 Gloucester Street • Boston, MA • 02115 boston.evrealestate.com 617-936-4194
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South End Featured Property 505 Tremont Street, Unit 604
Outstanding front-facing 2+ bedroom home at Atelier – the South End’s premier full-service building. Open plan features 2 bedrooms + study, 2½ baths, 2 private balconies, and a wall of south-facing floor to ceiling windows showcasing South End views. Spacious kitchen with SieMatic cabinetry, top of the line appliances, & walk-in pantry. Master bedroom suite has walk-in closet and en-suite bath. Includes garage parking. Atelier features 24-hour concierge and doorman; residents can enjoy fitness room, private library, landscaped terrace, & caterers’ kitchen. Just steps from restaurant row and the best of the South End. Offered at $2,700,000.
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South Boston Neighborhood Market Trends
South Boston Neighborhood Statistics 2018 2019
Listings Sold
Days on Market
Average Sale Price
Ratio Sale to List Price
744 657
38 52
$855,056 $883,249
100% 99%
Data per MLSPIN
South Boston is home to many young professionals and families who are drawn to the vibrant community & convenient location. Last year the number of homes/condos sold and the ratio of sale to list price dropped slightly. The average sales price and days on market were up. Over the past four years the sale “price per square foot” has gone up 22%.
South Boston condos South Boston price per square foot
$608
2016
$658
2017
$755
2018
$743
2019 Price per square foot*
46 Gloucester Street • Boston, MA • 02115 boston.evrealestate.com 617-936-4194
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Seaport District Neighborhood Market Trends
Seaport District Neighborhood Statistics 2018 2019
Listings Sold
Days on Market
Average Sale Price
Ratio Sale to List Price
89 158
65 44
$1,813,538 $2,486,502
98% 99%
Data per MLSPIN
The Seaport District is Boston’s newest neighborhood with an influx of new luxury buildings. Last year the number of homes/condos sold, average sale price, and the ratio of sale to list price, increased. The average days on market was down. Thanks to luxury buildings, the “price per square foot” has gone up 62% over the past four years.
Seaport District condos Seaport Seaport District District price per square foot 2016 2016 $1,008 $1,008 2017 2017 $882 $882 2018 2018 2019 2019
$1,230 $1,230 $1,633 $1,633
Price per square Price per foot* square foot*
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Midtown Neighborhood Market Trends
Midtown Neighborhood Statistics 2018 2019
Listings Sold
Days on Market
Average Sale Price
Ratio Sale to List Price
114 96
103 105
$1,654,149 $1,789,783
97% 96%
Data per MLSPIN
Boston’s Midtown is centrally located and home to many full-service buildings near the Boston Common. Last year the number of homes/condos sold and the ratio of sale to list price dropped slightly. The average sales price and days on market increased. Despite the rise in sale prices, over the past four years the “price per square foot” has dropped almost 13%.
Midtown condos Midtown Boston price per square foot
$1,385
2016
$1,316
2017 2018 2019
$1,206 $1,209 Price per square foot*
46 Gloucester Street • Boston, MA • 02115 boston.evrealestate.com 617-936-4194
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Midtown Featured Property Millennium Tower, Unit 4304
Spectacular corner 3 bedroom, 3 bathroom “Grand Residence” boasting breathtaking views from the 43rd floor of Millennium Tower. Floor-to-ceiling glass windows showcase panoramic views of Back Bay, Beacon Hill, the Charles River, Boston Harbor, and beyond. Enjoy cooking in the open gourmet chef’s kitchen and dining while overlooking the city. Upgraded hardwood floors throughout, gas fireplace, automatic window treatments, and 2 valet parking spaces complete this truly one-of-a-kind residence. Tower residents enjoy unparalleled 5-star amenities including concierge, private dining, 75’ lap pool, and fitness center. Offered at $4,295,000.
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Boston Waterfront Neighborhood Market Trends
Waterfront Neighborhood Statistics 2018 2019
Listings Sold
Days on Market
Average Sale Price
Ratio Sale to List Price
144 119
85 95
$1,309,409 $1,529,093
98% 97%
Data per MLSPIN
Boston’s Waterfront has a rich history and is home to many full service buildings, Harborwalk, and the Aquarium. Last year the number of homes/condos and the ratio of sale to list price dropped. The average sales price and days on market were up. Over the past four years the sale “price per square foot” has gone up almost 14%.
Waterfront condos Boston Waterfront price per square foot 2016 2017 2018
$946 $986 $1,013 $1,076
2019 Price per square foot*
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North End Neighborhood Market Trends
North End Neighborhood Statistics 2018 2019
Listings Sold
Days on Market
Average Sale Price
Ratio Sale to List Price
87 66
39 63
$892,432 $1,164,220
100% 98%
Data per MLSPIN
The North End is one of Boston’s most historic neighborhoods, famous for its narrow streets and amazing restaur-ants. Last year the number of homes/condos sold and the ratio of sale to list price, decreased. The average days on market and average sale price was up. The “price per square foot” has gone up 10% over the past four years and peaked at $970/sq.ft. last year.
North End condos North End price per square foot 2016 $833 2017
$889 $970
2018 2019
$913 Price per square foot*
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Charlestown Neighborhood Market Trends
Charlestown Neighborhood Statistics 2018 2019
Listings Sold
Days on Market
Average Sale Price
Ratio Sale to List Price
329 347
35 47
$854,133 $879,660
101% 100%
Data per MLSPIN
Charlestown is steeped in history with brick townhouses and clapboard triple deckers. Last year the number of homes/condos, days on market, and average sale price were all up. The ratio of sale to list price dropped to 100%. Over the past four years the “price per square foot” has gone up almost 13% and appears to have leveled off.
Charlestown condos Charlestown price per square foot 2016 $643 2017
$681
2018
$727
2019
$729 Price per square foot*
46 Gloucester Street • Boston, MA • 02115 boston.evrealestate.com 617-936-4194
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Cambridge Neighborhood Market Trends
Cambridge Neighborhood Statistics 2018 2019
Listings Sold
Days on Market
Average Sale Price
Ratio Sale to List Price
740 755
48 37
$1,157,323 $1,213,957
104% 102%
Data per MLSPIN
Cambridge is located directly across the Charles River from Boston. It is home to famous univeristies and highly rated public schools. Last year the number of homes/condos sold and average sale price were up. The days on market and sale to list price ratio was down. The “price per square foot” has gone up 17% over the past four years.
Cambridge condos Cambridge price per square foot 2016 2017
$704 $745 $800
2018
$825
2019 Price per square foot*
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Mortgage rates are at historic lows
As the below graph indicate rates are at historic lows an time to buy, sell, and invest i
Homeownership is really th way to build wealth and a drop in rates effectively mak priced house from a year ag 10% cheaper today in mont payments.
Average Interest Rate
18% 18% 16% 16% 14% 14% 12% 12% 10% 10%
8%8% 6%6% 2%2% 0%0%
1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994
4%4%
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es, mortgage nd it is a great in real estate.
he single best one percent kes the samego more than thly mortgage
The big question:
Should I buy a house? That is the question on Americans’ minds — literally, Google search data shows.
Since the beginning of March, Google users in the U.S. also searched “Mortgage loan” more than they did any month prior, double the rate of searches in February. The phrase “Mortgage rates today” also reached its alltime high last week on Google Trends.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Searches for “Should I buy a house” and “Mortgage rates today” peaked on March 3, and searches for “Mortgage loan” peaked on March 4, following the Federal Reserve’s sudden move to cut interest rates by 50 basis points to combat the economic impact of the coronavirus. The 30-year fixed mortgage rate fell to a record low of 3.29% last week, according to Freddie Mac.
1 Data per MLSPIN
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Engel & Völkers Cares
Engel & Völkers is a proud champion of Special Olympics, specifically focused on creating more inclusive communities through its Athlete Leadership and Play Unified programs. We are committed to giving back to and investing in the neighborhoods our clients desire because these too are the places in which we live, we play and we raise our families.
Special Olympics athletes contribute to our story. From them we learn to think differently and realize what we can accomplish. As individuals and local brokers, together and across time zones, it’s a common good that unites us. Every hour given, every dollar donated, every kind word spoken and every door opened creates opportunities for those who need it most. We believe that in order to lead, we must empower others to do the same. Ask how our shop specifically contributes to this amazing cause.
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Proud Champion of Special Olympics
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617-294-1103
617-936-4194
857-297-2000
Plus two new locations coming in 2020
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