Brisk Sales Pace and Record-Setting Prices in Boston; Overall Market Showing Strength in Connecticut, but With Weakness at the High End

Douglas Elliman Real Estate, the second largest independent residential real estate brokerage in the United States by sales volume, has today released the Q4 2019 sales market report for Downtown Boston, covering condo sales in the Back Bay, Beacon Hill, Charleston, Fenway, Midtown, North End, Seaport, South Boston, South End, and West End neighborhoods, and townhouse sales throughout Downtown Boston, as well as the Q4 2019 sales market report for Fairfield County and Greenwich, Connecticut.

In Boston, the condo market maintained its brisk pace. Record highs were reached for median sales, price per square foot and average sales price. The number of sales surged over 20 percent, with listing inventory falling year-over-year for the first time in seven quarters. Townhouses also saw increased price trend indicators, but sales declined due to lack of inventory.

“As the year came to an end, the market remained very tight in Boston,” said Scott Elwell, Regional Vice President of Sales for Westchester and New England, Douglas Elliman. “We’ll have to keep an eye on the inventory shortage as we head into 2020, but it’s exciting to see both sales and prices reaching new heights in the city.”

Results were similar in Fairfield County where the median sales price increased after four straight quarters of declines. The number of sales also increased while listing inventory decreased in the county for the third straight quarter. Single-family trends in Greenwich, CT mirrored those of the rest of New England, but condo sales took a bit of a hit with prices and sales both declining.

“Overall market trends are improving in Connecticut, though we saw continued weakness in the luxury market in both Fairfield County and Greenwich,’” said Jonathan Miller of Miller Samuel Inc., the author of the report. “As is also happening in the New York-Metro region, this is evidence that sellers in New England are adjusting to market conditions and adapting to these realities with listing discounts.”

DOWNTOWN BOSTON SALES HIGHLIGHTS

Overview

“Numerous price trend indicators set new records as the market pace remained brisk.”

CONDO

- The overall price trend indicators reached new records with significant year over year increases

- Despite the annual surge in sales this quarter, year to date sales fell short of last year

- Listing inventory fell year over year for the first time in seven quarters

TOWNHOUSE

- Price trend indicators increased year over year as median price rose for the fifth straight quarter

- Listing inventory remained unchanged after rising annually for the prior two quarters

- The decline in sales was due to the chronic shortage of listing inventory

Key Trend Metrics (compared to same year-ago period)

CONDO (all sales)

- Median sales price rose 13.6% to $952,500 [record]

- Price per square foot increased 22.3% to $1,247 [record]

- Average sales price rose 37.6% to $1,546,011 [record]

- Number of sales surged 21.8% to 676

TOWNHOUSE

- Median sales price jumped 9.3% to $1,311,500

- Price per square foot rose 7.2% to $730

- Average sales price increased 9.4% to $1,790,441

- Number of sales declined 9.6% to 75

- Listing inventory was unchanged at 26

FAIRFIELD COUNTY SALES HIGHLIGHTS

Overview

“Sales expanded and listing inventory compressed annually for the third straight quarter.”

- Median sales price rose year over year after four straight quarterly declines

- The number of sales increased annual for the third consecutive quarter

- Listing inventory declined year over year for three straight quarters

- Luxury median sales price declined year over year for the eighth straight quarter

- Luxury listing inventory declined annually for three straight quarters at an expanding rate

Key Trend Metrics (compared to same year-ago period)

- Median sales price rose 1.3% to $380,000

- Number of sales rose 4.1% to 2,741

- Days on market was 124, up from 113

- Listing discount was 5.2%, up from 5%

- Listing inventory fell 6.4% to 3,905

GREENWICH SALES HIGHLIGHTS

Overview

-“Negotiability expanded to the highest level in two years as more sellers became in sync with market conditions.”

- Single-family median sales price jumped year over year as listing inventory declined

- Single-family listing discount showed the most negotiability in two years

- Condo price trend indicators and number of sales declined from year-ago levels

- Luxury listing inventory fell year over year for the third consecutive quarter

- Luxury price trend indicators and the average sales size decreased at a similar rate

Key Trend Metrics (compared to same year-ago period)

SINGLE FAMILY

- Median sales price jumped 13% to $1,695,000

- Number of sales declined 12% to 117

- Days on market was 183, up from 157

- Listing discount was 9.6%, up 7.9%

- Listing inventory fell 4.3% to 469

- Average sale square footage rose 0.2% to 4,141

CONDO

- Median sales price declined 8.1% to $686,000

- Number of sales declined 25% to 36

- Days on market was 115, down from 164

- Listing discount was 4.6%, up from 3.8%

- Listing inventory rose 20.4% to 112

- Average sale square footage 1.5% to 1,882

About Douglas Elliman Real Estate

Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and the second largest independent residential real estate brokerage in the United States by sales volume. With more than 7,000 agents, the company operates approximately 120 offices in New York City, Long Island, The Hamptons, Westchester, Connecticut, New Jersey, Florida, California, Colorado, Massachusetts and Texas. Moreover, Douglas Elliman has a strategic global alliance with London-based Knight Frank Residential for business in the worldwide luxury markets spanning 60 countries and six continents. The company also controls a portfolio of real estate services including Douglas Elliman Development Marketing, Douglas Elliman Property Management and Douglas Elliman Commercial. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, please visit elliman.com.