2020 MID YEAR
Market Report
Letter From Our Owners
Boston’s Performance in Economic Shifts
These are unprecedented times. Our world continues to battle a global pandemic,
The onset of Covid-19 has brought substantial changes to all areas of our lives, including
with some of the economic impacts being felt by our neighbors and friends. We have
the current state of the real estate industry. So much of Massachusetts’ economy
experienced losses this year that have both broken our hearts and brought us closer
and real estate market is tied to Boston. Therefore, we took a look at how Boston has
together. Our thoughts remain with all who have been gravely impacted during this
weathered challenges in the last two decades.
difficult time. LINK, Boston’s longtime MLS service, recently shared a historical view of Boston’s price It would be difficult to count how many ways we have had to adapt how we work.
recovery from the last two downturns; the 2002 DotCom Bust and the 2008 Financial
Our agents and our staff have gone above and beyond in their efforts to offer the
Recession. In both cases, the price dips were both short and shallow. This gives local
highest level of service this year. We continue to lean on and improve our digital
experts reason to believe that this crisis will also have a short recovery time.
offerings to provide a convenient, fast, and touchless portfolio of services to our clients. For that we are incredibly grateful to and proud of our team. We are also grateful that our housing market continues to outperform early expectations, as you
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will see in the following reports. As of the writing of this letter, our company has sold and put under contract over $2 billion in real estate in 2020. We find ourselves in the very lucky position of being in a region that has performed well in past economic shifts
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and, so far, this remains to be true for the challenges we are facing today. We are a locally owned and operated business. Our agents and employees are family to us. Our communities are extensions of that family. We look forward to a time when
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the pandemic is behind us and we can return to a sense of normalcy. Until then, we wish you and your loved ones health and happiness. 100
Yours Truly,
‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20
Citywide Twenty Year Price Index (Appreciation Rate) Source: MLSpin
Larry Rideout
Paul McGann
2020 MID YEAR MARKET REPORT
Average Sale Price $700,000
$525,000
2019
$350,000
2020
$175,000
$0 JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
Number of Transactions JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
2019
330
257
454
431
590
728
677
585
2020
361
308
418
418
377
524
662
551
Under Agreement
South Shore The South Shore communities have seen a marked increase in Average Sale Price in recent months. As with the other suburban markets, there are far more single family homes than condominiums in these communities. And the homes here have many of the qualities that buyers are seeking, like home offices and outdoor space.
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
2019
421
477
683
790
839
761
728
587
2020
459
574
603
372
718
898
859
736
Number of Listings Taken
Source: MLSpin For the purpose of this report, South Shore includes Abington, Braintree, Carver, Cohasset, Duxbury, Halifax, Hanover, Hanson, Hingham, Hull, Kingston, Marshfield, Norwell, Pembroke, Plymouth, Plympton, Rockland, Scituate, Weymouth, Whitman.
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
2019
515
542
793
964
1,072
866
735
660
2020
476
658
653
451
789
808
814
674
2020 MID YEAR MARKET REPORT
Hingham
Cohasset
Single-Family Properties | Year to Date
Single-Family Properties | Year to Date
Pending Sales Closed Sales Median Sales Price* Cumulative Days on Market Until Sale Percent of Original List Price Received* New Listings
2019
2020
191
213
186
171
$845,000
$819,000
71
61
94.8%
96.2%
291
272
Condominium Properties | Year to Date
Pending Sales Closed Sales Median Sales Price* Cumulative Days on Market Until Sale Percent of Original List Price Received* New Listings
Pending Sales Closed Sales Median Sales Price* Cumulative Days on Market Until Sale Percent of Original List Price Received* New Listings
2019
2020
92
111
91
94
$869,000
$1,100,000
100
80
93.9%
94.6%
171
166
Condominium Properties | Year to Date
2019
2020
58
44
101
36
$740,000
$457,500
68
94
97.7%
95.8%
98
72
Source: MAR *Does not account for seller concessions. | Activity for one month can sometimes look extreme due to small sample size.
Pending Sales Closed Sales Median Sales Price* Cumulative Days on Market Until Sale Percent of Original List Price Received* New Listings
2019
2020
6
13
7
12
$450,000
$826,500
78
62
95.2%
97.4%
28
18
Source: MAR *Does not account for seller concessions. | Activity for one month can sometimes look extreme due to small sample size.
2020 MID YEAR MARKET REPORT
Scituate
Hull
Single-Family Properties | Year to Date
Single-Family Properties | Year to Date
Pending Sales Closed Sales Median Sales Price* Cumulative Days on Market Until Sale Percent of Original List Price Received* New Listings
2019
2020
220
251
189
204
$605,000
$640,000
70
71
95.4%
96.9%
347
272
Condominium Properties | Year to Date
Pending Sales Closed Sales Median Sales Price* Cumulative Days on Market Until Sale Percent of Original List Price Received* New Listings
Pending Sales Closed Sales Median Sales Price* Cumulative Days on Market Until Sale Percent of Original List Price Received* New Listings
2019
2020
126
95
105
73
$394,000
$465,000
63
67
93.1%
95.6%
176
115
Condominium Properties | Year to Date
2019
2020
34
64
18
34
$607,000
$619,500
79
77
96.4%
100.3%
58
72
Source: MAR *Does not account for seller concessions. | Activity for one month can sometimes look extreme due to small sample size.
Pending Sales Closed Sales Median Sales Price* Cumulative Days on Market Until Sale Percent of Original List Price Received* New Listings
2019
2020
52
52
49
57
$300,000
$375,000
87
100
94.2%
96.5%
88
59
Source: MAR *Does not account for seller concessions. | Activity for one month can sometimes look extreme due to small sample size.
OUR OFFICES
2020 MID YEAR MARKET REPORT
Arlington
Dennis
Savin Hill
1010 Massachusetts Avenue Arlington, MA 02476 781.648.3500
563 Route 6A Dennis, MA 02638 508.385.4944
119 Savin Hill Avenue Boston, MA 02125 617.825.0800
Back Bay
Harwich Port
277 Dartmouth Street, 2nd Floor Boston, MA 02116 617.375.6900
587 Route 28 Harwich Port, MA 02646 508.432.6100
Brewster 2404 Main Street Brewster, MA 02631 508.896.5000
Norwell Cambridge Single-Family Properties | Year to Date
Pending Sales Closed Sales Median Sales Price* Cumulative Days on Market Until Sale Percent of Original List Price Received* New Listings
2019
2020
127
132
113
109
$660,000
$710,000
78
69
96.7%
97.1%
183
164
Condominium Properties | Year to Date 2019 Pending Sales Closed Sales Median Sales Price* Cumulative Days on Market Until Sale Percent of Original List Price Received* New Listings
1008 Massachusetts Avenue Cambridge, MA 02138 617.945.9161 1762 Massachusetts Avenue Cambridge, MA 02140 617.864.9779
Charlestown 20 City Square Charlestown, MA 02129 617.242.4222
2020
13
8
13
7
$660,000
$640,000
108
123
96.7%
102.7%
15
16
Source: MAR *Does not account for seller concessions. | Activity for one month can sometimes look extreme due to small sample size.
South Boston 141 Dorchester Avenue, #R102 Boston, MA 02127 617.482.9200
Hingham 15 Shipyard Drive 1A Hingham, MA 02043 781.749.8833
Manchester-by-the-Sea 21 Central Street Manchester, MA 01944 987.526.0243
Needham 936 Great Plain Avenue Needham, MA 02492 781.444.8383
North End | Waterfront 2 Baldwin Place Boston, MA 02109 617.227.1000
South End 556 Tremont Street Boston, MA 02118 617.426.6900
Sudbury 420A Boston Post Road Sudbury, MA 01776 978.443.8484
Wellesley 54 Central Street Wellesley, MA 02482 781.237.8181
Weston
Chatham
Orleans
409 Main Street Chatham, MA 02633 508.945.000
6 RT 6A Orleans, MA 02653 508.255.6000
Cohasset
Provincetown
Westwood
1 South Main Street Cohasset, MA 02025 781.383.8835
168 Commercial Street Provincetown, MA 02657 508.487.2430
745 High Street Westwood, MA 02090 781.329.8008
544 Boston Post Road Weston, MA 02493 781.894.8282
Local KN OWLEDGE. Gl obal NETWO R K.