The numbers say it all this week yet once again. Housing sales are surging in the suburbs. The great scramble to settle into a home out here continues with no signs of settling down.
What struck me immediately when I looked at this week's chart is how few homes are for sale in my hometown, Wayland. Only 19 houses for sale! Buyers are waiting by the sidelines, ready to pounce on new listings as soon as they come on there. Years ago, Wayland was a sleepy real estate market--but now, it is red hot, and in very good company with the surrounding towns.
Looking at the larger picture in Massachusetts, the Greater Boston Real Estate Board is reporting: "state wide, the median price for a single family home soared 12.4% and sales rose more than 32% from a year earlier. " This dramatic headline spurred a headline for a recent Boston Globe article.
While we are feeling quite lucky to be selling homes in such a robust area out here, I was interested about how the climate is in Boston proper. Many of the Boston buyers are leaving to head west-- even if it’s only 14 miles away. Lucas Garofolo with Keller Williams is a broker in Boston (and a friend of mine as well!), and he shared with me his collected data from Downtown Boston neighborhoods (Back Bay, Beacon Hill, Charlestown, Fenway, Midtown, North End, Seaport, South End, Waterfront and East End) This information is based off of LINK, which is Boston's version of MLS.
Boston's Downtown Area:
  • The overall median selling price was down -7% in Q3 compared to 2019.
  • The median selling price per square foot was down -4% in Q3 compared to 2019.
  • The average days on market is 69 Days.
  • The number of units sold is down -14% compared to 2019.
  • Rents are also tumbling dramatically.
Such a drastic difference from how we are living out here and Boston is just a 15-20 minute car ride away. Who would have ever thought this would become the story of 2020? It's a story that's far from over and each chapter is one of disbelief. Thanks for living through it with me, this weekly blog helps me as much as I hope it helps you.
Teri Adler Group