Market Report: March 2022

The month of March continued to show a trend that has become commonplace over the past year – a lack of inventory. In Boston, while the number of single-family homes that closed was relatively stable year-over-year, down just over 1.5%, the number of condos sold saw a significant decrease of 21.8% across all neighborhoods. Average days on market and sales prices varied by neighborhood.

While Cambridge saw a stable month of Single-Family closings this March versus last with no change in the number of sales, the average days on market decreased by 69%. Condos were also privy to a sharp decrease in days on market, while the number of closings shrunk by 17.5%. Average sales prices have increased across the board, as has price per square foot.

Wayland inventory was extremely tight heading out of February with average days on market decreasing by 88%. The Condo market in Wayland, which represents a small piece of the market, remains equally as tight.