In Boston, the number of single-family homes that closed during the month of January was down 10% from last year, as were all of the categories except days on market, which was up 4%. This signifies a slight slowdown in activity during the first month of the year as compared to last year. Boston Condo sales were also down in 2022 versus the same time period in 2021, about 7%, but the average sales price was up over 25% and the average price per square foot was up.
Cambridge saw a healthy month of closings this January versus last, up by 100% and although the average days on market remained relatively flat, the average sales price and average price per square foot continue to climb. The Cambridge Condo market is up 46% in price versus this time last year while the average price per square foot has only risen 8.5% which indicates that larger units are more desirable.
Wayland inventory was very tight heading into the end of 2021, so average days on market were way down (46%). The Condo market in Wayland, which represents a small piece of the market, remains equally as tight. For the month of January, sales of single-family homes remained low and condominium sales remained flat to 2021. The average price per square foot is rising in both single-family homes and condominiums and the prices continue to go up, reflective of much of the greater Boston area.
Published: February 15, 2022
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