This week, Erik & Randal give an update on the Boston housing market as we enter the peak spring season. How did the first quarter of 2018 compare to 2017 and what should we expect moving forward. They found a pretty interesting trend this past quarter! Can you guess what it is?


TRANSCRIPT:

Randal:

Hey! Welcome back to Stay Focused, our weekly video blog, I'm Randal Engelmann.

Erik:

And I'm Erik Gould.

Randal:

This week we'd like to share with you a little bit of information. Just quick market update!

Erik:

We're finished with the first quarter 2018 and moving into the second quarter.

Randal:

And how is that shaping up compared to last year? Erik's definitely more the analytical than I am.

Erik: 

Our housing market in Boston, city of Boston overall, by the numbers we're seeing that single-families we still have low inventory. It's the same old story.

Randal:

Are we going to talk about that again?

Erik:

No, no. Inventory is down versus first quarter 2017 on single-family homes. From 5% to 15% down in number of units. But what we're seeing is the demand is still there. The prices of single-family homes on average went up about 16%.

Randal:

Yikes!

Erik:

Big increase! That's first quarter '18 versus first quarter 2017.

Randal:

You know, snowstorms and stuff like that aside, I think we had pretty comparable winters for both here. I know when we were doing some comparisons last year or the year before, talking about the impact of the winters and we've had pretty comparable winters the last couple of years.

Erik:

When we're looking at single family homes in the city of Boston from quarter to quarter, we're not talking about a ton of properties either. Most of our properties are condos. We're looking at 29 properties sold first quarter 2018 versus '17. Those smaller numbers can be...

Randal:

...skewed quite a bit ....

Erik:

... by couple properties. The prices were up. Condos is a different situation.

Randal:

In single-family houses, I like to point out, only make up 17% of our inventory in the city of Boston.

Erik:

Condos, we're actually are seeing some rising inventory. Last two quarters we've seen a few more condos come to the market than we did in the previous year. We're seeing inventory going up about 10% on condos and prices only going up about 5% or 6% in the city of Boston.

Randal:

Interesting. That's kind of interesting to know. It's always so interesting to interpret a little bit of that information based on the trends and stuff. And one of the things that we're certainly seeing a lot of is with the schools getting better and better and better and people making commitments to the schools in the city of Boston, people really do look for those single-family opportunities and then when they find them, they stay in them for a long time. That tends to affect the market there. Condos tend to be a little bit... The tenure in a condo tends to be a little lower than in a single-family house.

Erik:

Anyway, we'll keep you posted on what's happening in the market. If you have any questions on that feel free to drop this line or give us a call.

Randal:

Absolutely. And thanks for watching today! Don't forget to Like us on Facebook and subscribe to our YouTube channel and until next time 

Both:

Stay Tuned and Stay Focused.