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Boston Market Trends Spring 2021
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Recently Sold by Engel & Völkers Boston
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Table of Contents
53 Crowninshield Rd I $4,000,000
4 Introduction 5 2021 Q1 Market Volume 7 About Engel & Völkers 9 Engel & Völkers EDGE 10 Beacon Hill 12 Back Bay 14 South End 16 South Boston 17 Seaport District 18 Midtown 20 Waterfront 21 North End 22 Charlestown 23 Cambridge 24 Meridian Realty Group 26 Shop and Dine Local Engel & Völkers Cares 27 boston.evrealestate.com
20 Fayette St, #1 I $1,200,000 46 Gloucester Street • Boston, MA • 02115 boston.evrealestate.com 617-936-4194
120 Fulton St, #4B I $1,795,000
©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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Sales by neighborhood 2021 Q1 Market Volume
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 recognition, 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.
46 Gloucester Street • Boston, MA • 02115 boston.evrealestate.com 617-936-4194
2021 Q1 HOME SALES BY NEIGHBORHOOD Cambridge
143
South Boston
156
South End
76
Charlestown
75
Back Bay
67
Beacon Hill 38 Seaport District Waterfront Midtown North End
48 36
17 16
Data per MLSPIN: including condos, single-family, & multi-family homes closed 1/1/2021 to 3/31/2021
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Engel & Völkers 955 offices in 33 countries Global marketing support
Fully dedicated team of experts Engel & Völkers manages a global marketing
Engel & Völkers marketing strategies and offerings
infrastructure out of our corporate headquarters
are rooted in data and research for optimal results
in Hamburg, Germany that supports our shops
--- at every level. By identifying the unique qualities of
and advisors worldwide. This support adds to the
a property and placing it in the context of current and
targeted marketing strategies delivered by our
trending market conditions, we then identify target
Americas headquarters in Manhattan to support the
market groups and create campaigns to provide
local markets served by our Engel & Völkers advisors.
maximum exposure of the property alongside
Each local shop then leverages the brands national
messaging and branding to attract the most qualified
and international resources and reach through its
buyers. Our creative approach is also backed by
dedicated marketing specialist who works with
consumer data and testing to ensure we highlight
each advisor to create customized, multi- channel
your property in the best light.
campaigns for each property we market.
46 Gloucester Street • Boston, MA • 02115 boston.evrealestate.com 617-936-4194
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The world deserves to see it. You deserve to sell it. Smart marketing. Extensive exposure.
Giving you the EDGE. Global reach with boutique style is what you can expect when working with an Engel & Völkers advisor here and around the world. Providing unprecedented reach of your property, Engel & Völkers offers the exclusive EDGE (Extensive Domestic & Global Exposure) platform designed to maximize online exposure of your listing to qualified buyers worldwide via a suite of highly trusted and strategic online and mobile marketing partners. But we don’t stop there. With a global network of more than 11,000 real estate professionals in more than 30 countries, we not only reach millions of consumers, but are able to collaborate with our fellow Engel & Völkers advisors to strategically handpick and refer buyers for the specific properties they seek … like yours. Let us provide the EDGE you need to sell your home and begin your next adventure.
46 Gloucester Street • Boston, MA • 02115 boston.evrealestate.com 617-936-4194
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Beacon Hill Neighborhood Market Trends
Beacon Hill Featured Property 66 Revere Street
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 during the first quarter, the number of homes/condos sold and the number of days on market both increased. However, the average sale price dropped due to less new construction inventory in the neighborhood. The ratio of sales to list price stayed steady. 46 Gloucester Street • Boston, MA • 02115 boston.evrealestate.com 617-936-4194
Beacon Hill condos Average price per square foot (Q1) 2018
$1,489
2019
$1,239
2020
$1,230
2021
$1,221
This enchanting brick single family sits on picturesque Revere St in the heart of Beacon Hill. Greeted by the cherry-red door, you immediately know you’ve arrived home. From the sunny and gracious foyer to the dining room with custom millwork cabinetry and an original fireplace to the fully appointed gourmet chef’s kitchen with direct access to a private, outdoor patio, this home is filled with high-quality finishes and innumerable updates. Bright and spacious, the double living room is highlighted by front to back windows, numerous built-ins, a stunning fireplace, and a private study. And there’s a glorious roof deck ideal for entertaining or just relaxing and a ground floor den/bedroom with its own bathroom and private entrance, just perfect for an au pair or guests. This one-of-a-kind, rarely available home is not to be missed, and all of this perfectly located just steps from the acclaimed shopping and restaurants of Charles St, the Esplanade, MGH/MEE, public transit, and easy highway access.
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Back Bay Neighborhood Market Trends
Back Bay Featured Sales 160 Commonwealth Ave, The Vendome
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. Our own offices are located in the heart of Back Bay, and we are certainly happy to call it home! Last year the number of homes/condos sold was the same year over year for the first quarter. The average sales price and the ratio of sales to list price did drop, but the Spring market is picking up. The current average list price for a condo in Back Bay is $3,432,053. 46 Gloucester Street • Boston, MA • 02115 boston.evrealestate.com 617-936-4194
Back Bay condos Average price per square foot (Q1) 2018 2019 2020 2021
$1,183 $1,201 $1,345 $1,242
Unit 708 - UAG $1,499,900
Unit 413 - SOLD $1,005,000
We are pleased to announce these fabulous units were listed and sold by Engel & Völkers. Stunning penthouse, unit 708, features 3 beds, 2 baths with breathtaking city views and great storage. Front facing, unit 413, features gorgeous views overlooking the Comm Ave mall and high ceilings throughout. The Vendome is an iconic elevator building featuring 24-hour concierge, on-site management, and a gorgeous lobby. Situated on the corner of Dartmouth and Commonwealth Ave, it is optimally located in the heart of Back Bay and just steps to Copley, numerous T stations, and the best shopping and restaurants/eateries that the city has to offer.
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South End Neighborhood Market Trends
Recently Sold In Your Neighborhood
505 Tremont St #604 I $2,387,500
Data per MLSPIN
The South End is one of the most beloved and popular neighborhoods. The number of homes/condos and days on market increased in the first quarter. The average sales price has dipped a bit. The ratio of sale to list price, this is the amount buyers can expect to pay, stayed the same. Over the past four years the sale price per square foot has remained steady. There are currently 129 condos on the market with an average list price of $1,552,512. 46 Gloucester Street • Boston, MA • 02115 boston.evrealestate.com 617-936-4194
South End condos Average price per square foot (Q1) 2018
$993
2019
$992
2020 2021
$1,015 $1,005 28 Rutland Sq #3 I $2,010,000
748 Tremont St #604 I $810,000
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South Boston Neighborhood Market Trends
Seaport District Neighborhood Market Trends
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 increased by 38%. Meanwhile, the average sales price and days on market were down from last year. Come visit us at our South Boston location anytime- 493 E Broadway! 46 Gloucester Street • Boston, MA • 02115 boston.evrealestate.com 617-936-4194
Data per MLSPIN
South Boston condos Average price per square foot (Q1) 2018 2019
$692 $723
2020 2021
$741 $717
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, days on market, and the ratio of sale to list price, decreased. Many units at The Echelon sold the first quarter of 2020, which is reflected in the higher average sale price. Thanks to luxury buildings, the “price per square foot” has gone up quite drastically over the past years.
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Seaport condos Average price per square foot (Q1) 2018
$1,126
2019
$992
2020 2021
$1,609 $1,547
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Midtown Neighborhood Market Trends
Midtown Featured Properties Millennium Tower
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 dropped drastically, due to the pandemic. It looks like we are heading into a strong Spring market in the full service market in the Midtown neighborhood. 46 Gloucester Street • Boston, MA • 02115 boston.evrealestate.com 617-936-4194
Midtown condos Average price per square foot (Q1) 2018 2019
$1,316 $1,142
2020 2021
$1,315 $1,023
Spectacular corner three bedroom, three bathroom “Grand Residence” boasting breathtaking views from the forty third 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 two valet parking spaces complete this truly one-of-a-kind residence. Tower residents enjoy unparalleled 5-star amenities including concierge, private dining, seventy five foot lap pool, and fitness center. Offered at $4,295,000.
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Boston Waterfront Neighborhood Market Trends
North End Neighborhood Market Trends
Data per MLSPIN
Boston’s Waterfront has a rich history and is home to many full service buildings, Harborwalk, and the Aquarium. The number of listings increased a bit in the first quarter of 2021. The ratio of sale to list price and average sales price remained steady. There are currently 30 units under agreement in the Waterfront, the Spring market is in full swing here already. 46 Gloucester Street • Boston, MA • 02115 boston.evrealestate.com 617-936-4194
Data per MLSPIN
Waterfront condos Average price per square foot (Q1) 2018 2019 2020 2021
$936 $1,094 $1,039 $952
The North End is one of Boston’s most historic neighborhoods, famous for its narrow streets and amazing restaurants. The number of listings sold stayed the same. The average days on market was up, while the average sale price was down. We are excited to be opening our 5th location in your neighborhood on Hanover St- keep your eyes out for our grand opening.
North End condos Average price per square foot (Q1) 2018
$1,036
2019 2020 2021
$898 $867 $813
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Charlestown Neighborhood Market Trends
Cambridge Neighborhood Market Trends
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 98%. Over the past four years the “price per square foot” has remained steady.
46 Gloucester Street • Boston, MA • 02115 boston.evrealestate.com 617-936-4194
Data per MLSPIN
Charlestown condos Average price per square foot (Q1) 2018 2019 2020 2021
$719 $711 $748 $726
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 days on market were up. The average sales price was down. A handful of single families sold in the first quarter of 2020 for $5M+ adjusting the average sales price a bit. With students and professionals alike heading back to the Cambridge market, we are sure to see a strong Spring in your neighborhood.
Cambridge condos Average price per square foot (Q1) 2018 2019 2020 2021
$777 $828 $843 $838
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Meridian Realty Group Full Service Property Management Selling pretty condos isn’t our only goal. Keeping them pretty is part of our service.
24/7 Full Service Property Management Division
Condo Maintenance Guide Preventive maintenance is the regular inspection and repair of equipment and facilities to prevent extensive, costly damage from occurring over time. Preventive maintenance can go a long way toward reducing the overall cost of your condominiums, as large expenditures for repairs and replacements can often be avoided by a careful attention to detail. Following a thorough condominium preventive maintenance checklist can help you to increase the attractiveness of your property. Landscaping Landscaping not only adds value, but can increase the enjoyment of your home. Whether it be in the common or private areas of your association, picking the right plantings and materials is important to maximize enjoyment for all. Building Overview Now is a great time to make your front entrance welcoming. Whether it is a fresh coat of paint or a new set of planters, it’s the small inexpensive things that can make a world of difference. Don’t forget to review your vendors from last year. Were you happy with the snow removal, leak repairs, heating, management company responsiveness, etc.? If not, make a couple of calls to see who else might better fit your needs. Inspections Perform regular inspections on all equipment and facilities that are subject to damage or normal wear and tear. Inspect such things as roofs, insulation, ventilation systems and appliances to ensure that they are operating safely and efficiently.
As part of Engel & Völkers service to our clients, we are able to provide 24/7 full service property management through our sister company, Meridian Realty Group (MRG). Meridian Realty Group offers a wide range of resources to provide hands-on management for owners, investors, residents and their properties. We specialize in associations from three to 100+ units. State-of-the-art management and property accounting systems are in place to electronically pay condo fees, submit work orders, track rental activity for multifamily owners, and provide online access to building documents and monthly financials. We work closely with associations, condominium boards, and single and multifamily owners to establish and implement policies that will enhance the quality and value of your property or complex. Meridian Realty Group utilizes a unique team approach in offering comprehensive residential and multifamily property management services. Our senior principals have over 100 years of combined experience in property management; creating programs and services tailored for each individual client. Email us today for a free on-site consultation at info@mrgproperty.com 46 Gloucester Street • Boston, MA • 02115 boston.evrealestate.com 617-936-4194
Cleaning Stick to a regular cleaning schedule for fixtures such as air ducts and exterior siding to ensure that dirt, mildew and other buildup does not cause any damage. Clean and replace filters in heating and air conditioning units, as well as appliances such as washing machines and dryers, to prevent fire damage. New or cleaned filters also help to keep electricity costs down, as the appliances can operate more efficiently with an unrestricted flow of air. Pest Control Bring pest control specialists into your condominiums at least once per year. Common pests can increase their populations rapidly and can quickly infest an entire property, causing extensive damage to interiors and electrical infrastructure. Act proactively to ensure that pests do not gain a foothold in your properties, and respond quickly to any pest complaints. Testing Test emergency equipment such as sprinkler systems, smoke alarms and fire extinguishers to ensure that they remain in working order. Properly maintained safety equipment can prevent a small mishap from becoming a major disaster. Fire escapes need to be certified every 5 years per the Commonwealth of Massachusetts. Elevators need state inspections on a scheduled basis. Sealants Reapply all sealants before a problem occurs. Sealants on steps, decks, bricks, exterior paint and window caulking can corrode over time, exposing your property to the risk of internal damage. Keeping on top of these items not only helps to keep your structure strong, it can also cut down on energy, assessments, and repair bills in the future.
Special Olympics
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Support our Local Restaurants and Businesses Krasi- Meze and Wine Bar 48 Gloucester St, Boston 02115 Krasi is love. Krasi is life. Krasi means wine, literally. Krasi is about conversations and the people immersed in them. It’s about new friends, old friends, and turning strangers into friends. Krasi is Greek, differently. La Voile- Authentic French Brasserie 261Newbury St, Boston 02116 La Voile, “the sail” in French, is an authentic French brasserie and an import from the South of France. The cuisine is evidently French and authentic, with some “Méridional” dishes from the Mediterranean. Be aware this might inspire you to discover our country, well known for its perfect balance of enjoying time, food, art of any kind. The Bittersweet Shoppe- Gourmet Coffee 257 Newbury St, Boston 02116 Charming, vintage-modern atmosphere and sun drenched outdoor patio, it is our desire to give you a place to feel welcomed, comfortable, inspired, and happy! We hope we’ve created a memorable experience while leaving a lasting impression. Please join us often, and we’d love it if you spread the joy and the love! Gifted Boston - Handmade Gifts 2 Dartmouth St, Boston 02116 Artist owned, artist run boutique. Gifted is an independent, woman-owned gift boutique in Boston’s beautiful South End. We feature works by more than 75 U.S. artists/makers, as well as beautiful items from around the world. We offer the area’s largest selection of greeting cards printed in the USA! 46 Gloucester Street • Boston, MA • 02115 boston.evrealestate.com 617-936-4194
Engel & Völkers Engel & Völkers Cares Cares Engel & Völkers is a proud champion of Special Special Olympics, specifically Olympics focused on creating more
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brokerages and together across time zones and borders—it’s a common good that unites us. Every
inclusive communities through its Athlete Leadership
hour given, every dollar donated, every kind word
and Play Unified programs. We are committed to
spoken and every door opened creates opportunities
giving back to and investing in the neighborhoods
for those who need it most. We believe that in order
Engel & Völkers is a proud champion of Special
brokerages and together across time zones and
in whichinclusive we live,communities we play and we raise our Leadership families. through its Athlete
hour given, every dollar donated, every kind word
our clients desirespecifically because these the places Olympics, focusedtoo on are creating more and Play Unified programs. We are committed to back to and investing in the neighborhoods Special giving Olympics athletes contribute to our story. our clients desire because these too are the places
From them we learn, we think differently and realize
to lead, we must empower to Every do the same. borders—it’s a common good that others unites us. spoken every opened creates opportunities Ask and how ourdoor shop specifically contributes to this for those who need it most. We believe that in order
amazing cause.
to lead, we must empower others to do the same.
in which we live, we play and we raise our families.
what we can accomplish as individuals, as local Special Olympics athletes contribute to our story. From them we learn, we think differently and realize what we can accomplish as individuals, as local
Ask how our shop specifically contributes to this amazing cause.
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VISIT US ONLINE OR AT ONE OF OUR SHOPS Engel & Völkers S. Boston/Seaport 493 E. Broadway Boston, MA 02127
Engel & Völkers Back Bay 46 Gloucester Street Boston, MA 02115
Engel & Völkers Newton 77 Union Street Newton, MA 02459
Engel & Völkers Watertown 63 Mount Auburn St Watertown , MA 02472
617-294-1103
617-936-4194
857-297-2000
617-936-4194
North End/ Waterfront location Coming Soon! 46 Gloucester Street • Boston, MA • 02115 boston.evrealestate.com boston.evrealestate.com 617-936-4194