q1 2020 beacon hill • east boston • midtown allston ... · spectacular views of downtown...

Q1 2020MARKETREPORT

ALLSTON/BRIGHTON • BACK BAY BEACON HILL • EAST BOSTON • MIDTOWN NORTH END • SEAPORT • SOUTH BOSTON

SOUTH END • WATERFRONTBROOKLINE • CAMBRIDGE • NEWTONMARTHA’S VINEYARD • NANTUCKET

u

AVG PRICE u

PRICE/SF u

AVG SF

WHAT’S HOT?

617.624.9700 | CLProperties.com

112 Union Wharf | Boston, MA 02109 | (T) 617.624.9700 | CLProperties.com

Q1 2020ALLSTON &BRIGHTON

TRENDS & INSIGHTSThe year-over-year increase in price within the Allston/Brighton submarket can be attributed to seven closings at 214 Market Street – a 30-unit luxury development in Allston – while during the same period last year, there was a void of new deliveries.

Also unique to Q1 2020 are seven units under agreement at Stadia50 (five of which are over $1,000 PSF) – a 46 unit development in Brighton that is scheduled to deliver end of this year.

214 Market Street and Stadia50 have an average price per square foot of $920, almost $300 PSF higher than the Allston/Brighton Q1 2019 average.

The delivery of Stadia50, St. Gabriel’s & 1515 Commonwealth will elevate Allston/Brighton prices to new heights by the end of 2022, despite the COVID-19 pandemic.

538

3 BED

S

1,056

$391K

1 BED

$644K

3 BED

$569K

2 BED

S

STUDIO

$589K

STUDIO

1 BED

587

2 BED

S

984

$546

3 BED

S

2 BED

S

$662 $1,095

STUDIO

1 BED

$699

© Copyright Boston Realty Advisors. All rights reserved. The information contained here has been obtained through sources deemed reliable but cannot be guaranteed as to its accuracy. Any information of special interest should be obtained through independent verification.

AVERAGE SALES PRICE

AVERAGE COST PER SQ FT

NUMBER OF CLOSINGS

Note: Data is sourced from MLS and Link

112 Union Wharf, Boston, MA 02109617.624.9700 | CLProperties.com


8.7% YEAR OVER YEAR

$46,186 INCREASE

8.4% YEAR OVER YEAR

$48 INCREASE

50% YEAR OVER YEAR

16 UNITINCREASE

ALLSTON & BRIGHTON Q1 2020

$533,656

$512,961

$518,975

$569,128

$579,842

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

$574

$568

$607

$667

$622

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

32

75

74

60

48

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

u

AVG PRICE u

PRICE/SF u

AVG SF

WHAT’S HOT?



Q1 2020BACK BAY

TRENDS & INSIGHTSThe biggest contributor to the 77% increase of the year-over-year average sales price, as well as the significant spike in price per square foot came from the delivery of One Dalton, the second Four Seasons in Back Bay and responsible for 22% closings (20 of the 90) in Back Bay during Q1 2020.

On a price per square foot basis in Back Bay, 3 bedroom units commanded the highest premium of any unit type in Q1. This was due to their scarcity and recent closings at both One Dalton and The Clarendon, another luxury condo building in Back Bay.

On the heels of One Dalton and The Clarendon, there is nothing significant due to deliver in 2020. Looking forward, three new luxury developments are set to deliver in Back Bay within the next 2-5 years. 1000 Boylston – 145/165 Dartmouth – Raffles.

Historically, Q1 market volume is slow with an anticipation of increased demand in Q2. Due to COVID-19, the spring selling season in Q2 could potentially be lower than what we saw in Q1.

571

3 BED

S

2,181

$592K

STUDIO

$3.37M

1 BED

$821K

3 BED

S

2 BED

S

$1.91M

STUDIO

1 BED

744

2 BED

S

1,335

$1,051

STUDIO

1 BED

$1,079 $1,503

3 BED

S

2 BED

S

$1,136


AVERAGE SALES PRICE


NUMBER OF CLOSINGS




BACK BAY Q1 2020

$1,898,591

$1,831,926

$2,364,884

$3,378,948

$3,360,285

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

77% YEAR OVER YEAR

$1,461,694 INCREASE

74

117

136

127

90

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

31% YEAR OVER YEAR

$397 INCREASE

22% YEAR OVER YEAR

16 UNIT INCREASE

$1,277

$1,331

$1,511

$1,732

$1,674

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

u

AVG PRICE u

PRICE/SF u

AVG SF

WHAT’S HOT?



Q1 2020BEACON HILL

TRENDS & INSIGHTSBeacon Hill’s significant average price increase in Q1 2020 is attributed to only 27 closings, two of which were at $8.5M and $15.75. For reference, the largest two sales in Beacon Hill in Q1 2019 were $4.2M and $5.595M.

Historically, Boston’s most exclusive (and oldest) submarket, there have been only a few new developments (The Archer Residences targeting summer 2020 delivery) of any scale. Most of the product is in smaller condominium buildings and subdivided brick homes, with limited tradition condo supply.

826

3 BED

S

2,238

$605K

1 BED

$2.96M

3 BED

S

2 BED

S

$1.24M

1 BED

2 BED

S

1,171

$1,084

2 BED

S

$1,351

3 BED

S

1 BED

$1,093

NOTE: No Beacon Hill studios Sold/UAG in MLS from 1/1/20 to 3/31/20


AVERAGE SALES PRICE


NUMBER OF CLOSINGS




55.3% YEAR OVER YEAR

$736,215 INCREASE


$128 INCREASE

17% YEAR OVER YEAR

4 UNITINCREASE

BEACON HILL Q1 2020

$1,332,007

$1,855,186

$1,178,343

$1,741,564

$2,068,222

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

$1,133

$1,290

$1,160

$1,261

$1,261

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

23

60

50

46

27

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

u

AVG PRICE u

PRICE/SF u

AVG SF

WHAT’S HOT?



Q1 2020EASTBOSTON

TRENDS & INSIGHTSEast Boston became an upscale condominium market in 2016, with the introduction of Seville Boston Harbor. The Jeffries Point and Eagle Hill neighborhood is complimented by its proximity to the waterfront, the new Maverick Blue Line station, the new water taxi, the airport, and the spectacular views of downtown Boston.

The average price per square foot has steadily climbed in East Boston, due to a significant increase of luxury projects in East Boston’s Jeffries Point neighborhood. Specifically, 320 Maverick and Slip65 delivered between 2017 and 2019. Active resales in these building are trading for 10% - 15% higher than their initial purchase price – only two years of initial ownership.

Active developments include The Mark and Slip45. These large luxury condo projects on the waterfront are estimated to sell as high as $1,400 PSF and will dramatically increase all three categories by Q1 2021 – average price, price per square foot, and number of closings.

931

3 BED

S

1,346

$520K

1 BED

$638K

STUDIO

$471K

2 BED

S

3 BED

S

$595K

1 BED

STUDIO

699

2 BED

S

1,015

$435

3 BED

S

STUDIO

S

$559 $676

1 BED

2 BED

S

$612

Note: One studio closing, loft at Porter 156


AVERAGE SALES PRICE


NUMBER OF CLOSINGS




2.8% YEAR OVER YEAR

$15,570 INCREASE

8.7% YEAR OVER YEAR

$50 INCREASE


16 UNITDECREASE

EAST BOSTON Q1 2020

$563,661

$568,397

$626,081

$609,665

$579,231

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

$574

$587

$622

$636

$624

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

59

113

108

80

43

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

u

AVG PRICE u

PRICE/SF u

AVG SF

WHAT’S HOT?



Q1 2020MIDTOWN

TRENDS & INSIGHTSQ1 closings were primarily driven by four buildings: Millennium Tower (1 Franklin Street), Millennium Place (580 Washington Street), The Ritz Carlton Condominiums (1-3 Avery St), and 45 Province.

• Millennium Tower, now Boston’s second largest residential tower at 60 floors, closed its 442 units in 2016-2017. The five (5) resales in Q1, closed at an average sale price of $2,541,000 and an average $/SF of $1,488. • Although Millennium Place is slightly older than Millennium Tower (16 floors developed in 2013,), its six (6) resales in Q1 commanded an average sales price of $2,076,667 and a $/SF of $1,196. • The Ritz Carlton had four (4) closings in Q1, with an average price of $2,243,750 and a $/SF of $1,232. • 45 Province, the smallest of Midtown’s high rises with only 137 condos, had 1 closing in Q1 for $3.9M ($1,484 sq/ft).

955

3 BED

S

2,192

$1.15M

1 BED

$3.15M

3 BED

S

2 BED

S

$1.71M

1 BED

2 BED

S

1,576

$1,084

2 BED

S

$1,438

3 BED

S

1 BED

$1,199

Note- No studio sales in Midtown in Q1 2020


AVERAGE SALES PRICE


NUMBER OF CLOSINGS





$485,350 INCREASE

8.5% YEAR OVER YEAR

$93INCREASE


14 UNITDECREASE

MIDTOWN Q1 2020

$1,431,936

$1,522,836

$1,769,388

$1,529,103

$1,917,286

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

$1,088

$1,065

$1,147

$1,110

$1,181

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

42

53

47

39

28

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

u

AVG PRICE u

PRICE/SF u

AVG SF

WHAT’S HOT?



Q1 2020NORTH END

TRENDS & INSIGHTSNorth End has been one of Boston’s least volatile neighborhoods from a pricing standpoint in the past 10 years and Q1 2020 continues this trend. Buoyed by favorable geography and perennially low supply, the North End should be one of the neighborhoods least impacted by the COVID-19 pandemic.

One of Boston’s oldest neighborhoods, North End is a very small area that blends into the Waterfront (its own submarket), and has little room for new condominium development. Any new developments are typically very small in nature (6-9 units).

The North End is traditionally a supply constrained submarket (under 2 months’ supply of inventory), with no significant new construction on the horizon but has always been a favorite destination for Bostonians searching for the “best” Italian food in Boston.

646

3 BED

S

1,272

$506K

1 BED

$1.18M

3 BED

S

2 BED

S

$777K

1 BED

2 BED

S

1,048

$782

2 BED

S

$924

3 BED

S

1 BED

$919

NOTE: No North End studios Sold/UAG in MLS from 1/1/20 to 3/31/20


AVERAGE SALES PRICE


NUMBER OF CLOSINGS





$171,618 INCREASE

2.7% YEAR OVER YEAR

$23 INCREASE


4 UNITINCREASE

NORTH END Q1 2020

$606,182

$615,885

$700,142

$808,000

$777,800

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

$860

$933

$899

$947

$883

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

11

13

24

15

15

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

u

AVG PRICE u

PRICE/SF u

AVG SF

WHAT’S HOT?



Q1 2020SEAPORT

TRENDS & INSIGHTSThe huge spike in Q1 2020 for both number of closings and average price is attributed to closings at Echelon and Pier 4 (neither of which had closings in Q1 2019). Unique to Q1 2020 includes:

• 61 of the 88 Seaport closings were in Echelon’s first building (located at 133 Seaport), with their average price of $1,752,512 • Pier 4 made history with the transaction of Penthouse R – the most expensive Seaport sale by $1M at $5.65M.

Seaport is now second only to Back Bay for average price and price per square foot metrics for residential real estate.

521

3 BED

S

1,696

$804K

STUDIO

$3.78M

1 BED

$1.03M

3 BED

S

2 BED

S

$2.22M

STUDIO

1 BED

779

2 BED

S

1,309

$1,427

1 BED

STUDIO

$1,550 $2,215

3 BED

S

2 BED

S

$1,622


AVERAGE SALES PRICE


NUMBER OF CLOSINGS





$601,099 INCREASE


$718 INCREASE


64 UNITINCREASE

SEAPORT Q1 2020

$1,091,229

$2,513,384

$2,588,730

$1,777,521

$1,692,328

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

$828

$1,641

$1,529

$1,426

$1,546

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

24

110

44

67

88

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

u

AVG PRICE u

PRICE/SF u

AVG SF

WHAT’S HOT?



Q1 2020SOUTHBOSTON

TRENDS & INSIGHTSSouth Boston’s wave of new condo development has made it Boston’s largest submarket by total number of transactions.

The new construction of 14 West Broadway, and sales at the Court Square Press and MacCallan Buildings were the dominant drivers of the high price per square foot metric.

Pricing and absorption in South Boston show no signs of slowing down – especially for Studio and 1BR units – due to their lower price point, high investor demand, and current inventory under construction for these style homes.

The Mezz (420 W Broadway) – one of South Boston’s larger luxury developments – put two record breaking 1BR units under agreement at over $1,140 PSF in Q1 2020, scheduled to close in Q3 2020.

Additional Q1 market data includes three units at 14 W Broadway – a building with valet parking and a concierge, positioned adjacent to the Red Line T-stop at Broadway – closed at an average price of $1.4M, with an average PSF of $963.

732

3 BED

S

1,733

$585K

1 BED

$1.24M

3 BED

S

2 BED

S

$843K

1 BED

2 BED

S

1,125

$701

3 BED

S

$814

1 BED

2 BED

S

$740

NOTE: No South Boston studios Sold/UAG in MLS from 1/1/20 to 3/31/20


AVERAGE SALES PRICE


NUMBER OF CLOSINGS





$154,536 INCREASE


$52 INCREASE


12 UNITINCREASE

SOUTH BOSTON Q1 2020

$697,220

$847,653

$775,471

$802,788

$851,756

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

$694

$746

$740

$1,049

$746

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

111

228

173

130

123

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

u

AVG PRICE u

PRICE/SF u

AVG SF

WHAT’S HOT?



Q1 2020SOUTH END

TRENDS & INSIGHTSThe number of closings in the South End decreased close to 20% quarter over quarter – due to the lack of new inventory in Q1 2020 compared to Q1 2019 when more resales were on the market.

Last year at this time, there were resales at Sepia and Siena selling on a consistent basis with other smaller boutique buildings, such as 201 W Brookline, delivering as well.

Unseen Q1 data includes 20 units under agreement at 100 Shawmut and The Quinn – two new large luxury residential buildings being developed – to close in 2021 when these buildings deliver; which will cause a quarterly spike in all pricing metrics.

To be delivered this year – 88 Wareham and The Factory (46 Wareham) – Neither development formally began selling in Q1 2020 on MLS; and are expecting to see listings in both buildings by Q2 or Q3, due to delays related to the pandemic.

788

3 BED

S

1,767

$696K

1 BED

$2.14M

3 BED

S

2 BED

S

$1.19M

1 BED

2 BED

S

1,222

$891

1 BED

$1,187

3 BED

S

2 BED

S

$995

NOTE: No South End studios Sold/UAG in MLS from 1/1/20 to 3/31/20


AVERAGE SALES PRICE


NUMBER OF CLOSINGS




3.8% YEAR OVER YEAR

$47,860 INCREASE

4.7% YEAR OVER YEAR

$47 INCREASE

19% YEAR OVER YEAR

16 UNITDECREASE

SOUTH END Q1 2020

$1,259,003

$1,194,619

$1,182,139

$1,306,863

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

$1,316,704

$1,000

$1,073

$1,075

$1,049

$1,047

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

85

177

155

114

69

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

u

AVG PRICE u

PRICE/SF u

AVG SF

WHAT’S HOT?



Q1 2020WATERFRONT

TRENDS & INSIGHTSBoston’s Waterfront covers a large distance from the Zakim Bridge to the Congress Street Bridge, wrapping the North End and Financial District. The majority of Q1 Waterfront transactions were at the Harbor Towers condominiums (65 and 85 East India Row, developed in the 1970s) with an average resale price of $720,500 ($753 PSF) for the six (6) units that closed in Q1.

On the more expensive end of the spectrum, Rowes Wharf had two (2) closing in Q1, averaging $2,645,469 ($1,543 PSF).

It has been 10+ years since a new building has been delivered in this neighborhood. The construction of the Pinnacle at Central Wharf in 2022+, a proposed tower nearly 700 feet above sea level, located at 70 East India Row, will have a drastic impact on the Waterfront.

879

3 BED

S

1,714

$793K

1 BED

$2.7M

3 BED

S

2 BED

S

$1.66M

1 BED

2 BED

S

1,461

$898

1 BED

$1,431

3 BED

S

2 BED

S

$1,111

NOTE: No Waterfront studios Sold/UAG in MLS from 1/1/20 to 3/31/20


AVERAGE SALES PRICE


NUMBER OF CLOSINGS





$185,296 DECREASE

5.2% YEAR OVER YEAR

$53 INCREASE


6 UNITINCREASE

WATERFRONT Q1 2020

$1,452,855

$1,457,029

$1,463,796

$1,353,458

$1,267,559

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

$1,023

$1,128

$1,019

$1,056

$1,076

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

22

36

42

36

28

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

u

AVG PRICE u

PRICE/SF u

AVG SF

WHAT’S HOT?



Q1 2020BROOKLINE

TRENDS & INSIGHTSQ1 activity was exclusively driven by The Flats on Marion, a small scale luxury condominium building with 4-units, delivered at the end of 2019. All four units closed for $2,530,250 and an average of $1,173 PSF.

Brookline will experience minimal new construction in 2020/2021, and as a result of the supply constrained market, prices will continue to steadily increase.

813

3 BED

S

1,925

$607K

1 BED

$1.55M

3 BED

S

2 BED

S

$801K

1 BED

2 BED

S

1,217

$681

3 BED

S

$784

1 BED

2 BED

S

$765

Note: No studios closed in Brookline Q1 2020


AVERAGE SALES PRICE


NUMBER OF CLOSINGS





$249,078 INCREASE

7.5% YEAR OVER YEAR

$51INCREASE


7 UNITDECREASE

BROOKLINE Q1 2020

$894,310

$1,023,504

$959,663

$942,044

$1,143,388

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

$677

$705

$709

$685

$728

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

68

164

140

96

61

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

u

AVG PRICE u

PRICE/SF u

AVG SF

WHAT’S HOT?



Q1 2020CAMBRIDGE

TRENDS & INSIGHTSRegatta Riverview, built in 1998, had five (5) sales in Q1, ranging in price from $604,000 to $1,060,000.

The most expensive condo sold in Cambridge in Q1 closed at $3,350,000, a 3,033 SF 3BR/3.5BA located at 44 Mount Vernon Street in Porter Square.

Cambridge has not experienced the level of new residential condominium development that Boston has over the past decade. The most recent large developments are North Point (Earhart Street, 230 units built in 2009); The Rand (1975 Massachusetts Ave, 20 units built in 2016); and Point 262 (Monsignor Blvd, 55 units built in 2018).

368

3 BED

S

1,907

$410K

1 BED

$1.53M

STUDIO

$637K

2 BED

S

3 BED

S

$915K

1 BED

STUDIO

728

2 BED

S

1,103

$796

3 BED

S

2 BED

S

$816 $1,114

STUDIO

1 BED

$927

Note: One studio closing in Cambridge Q1 2020


AVERAGE SALES PRICE


NUMBER OF CLOSINGS




9.7% YEAR OVER YEAR

$92,656 INCREASE

1.8% YEAR OVER YEAR

$15 INCREASE

6.7% YEAR OVER YEAR

6 UNITDECREASE

CAMBRIDGE Q1 2020

$955,536

$979,019

$886,617

$932,848

$1,048,192

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

$828

$813

$831

$817

$843

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

90

176

210

119

84

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

u

AVG PRICE u

PRICE/SF u

AVG SF

WHAT’S HOT?



Q1 2020NEWTON

TRENDS & INSIGHTSNewton will experience minimal new construction in 2020/2021, and as a result of the supply constrained market, prices will continue to steadily increase.

The lion share of condominium sales activity transacts within the Chestnut Hill neighborhood at either The Towers of Chestnut Hill or The Farm at Chestnut Hill.

The Towers of Chestnut Hill had nine (9) closings, which averaged $575,439 and $534 PSF. The majority of those sales were 899 SF 1BR units, which contributed to the quarterly increase of the average 1BR condo size in Newton.

852

3 BED

S

2,085

$455K

1 BED

$981K

3 BED

S

2 BED

S

$602K

1 BED

2 BED

S

1,347

$453

3 BED

S

$541

1 BED

2 BED

S

$500

Note: No studios closed in Newton Q1 2020


AVERAGE SALES PRICE


NUMBER OF CLOSINGS




3.4% YEAR OVER YEAR

$29,015 INCREASE

7.8% YEAR OVER YEAR

$39DECREASE


34 UNITINCREASE

NEWTON Q1 2020

$864,657

$805,272

$856,789

$841,480

$893,672

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

$501

$484

$428

$483

$462

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

35

99

96

68

69

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

u

AVG PRICE u

PRICE/SF u

AVG SF

WHAT’S HOT?



Q1 2020MARTHA’SVINEYARD

TRENDS & INSIGHTSThe high cost of construction on Martha’s Vineyard has led to sellers’ baking in their costs to recoup their investment.

Buyers, however, have not been willing to pay this premium, leading to a slight decline in sales price in Q1 – in specific island regions, such as Vineyard Haven.

Home values in Edgartown consistently rise, due to its Chappaquiddick prestige, waterfront proximity and access to beaches.

Chilmark’s average sale prices have increased by 81% year over year, more than any other region on the island, and now has the highest average sales price at $2,390,000 versus $1,948,972 in Edgartown

368

3 BED

S

1,907

$410K

STUDIO

$1.53M

1 BED

$637K

3 BED

S

2 BED

S

$915K

STUDIO

1 BED

728

2 BED

S

1,103

$796

3 BED

S

1 BED

$816 $1,114

STUDIO

2 BED

S

$927


AVERAGE SALES PRICE


NUMBER OF CLOSINGS





$663,838 DECREASE


$114INCREASE


13 UNITINCREASE

MARTHA’S VINEYARD Q1 2020

$2,099,200

$1,346,637

$1,381,670

$2,148,270

$1,435,362

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

$730

$575

$630

$748

$616

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

89

98

102

131

102

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

u

AVG PRICE u

PRICE/SF u

AVG SF

WHAT’S HOT?



Q1 2020NANTUCKET

TRENDS & INSIGHTSThe Nantucket single family home market gross sales volume and average home sales prices were in decline from 2018 through 2019. However and similar to Boston, Q1 2020 was very strong for Nantucket, despite a challenging macroeconomic March, due to Covid-19.

Most of the chatter on Nantucket is a proposed ban looming on vacation rentals. This could potentially be harmful to owners of properties who need and rely on income from their vacation home. If income streams are hurt this summer, pricing corrections will be realized in Q4 2020.

If there is no ban, Cape and Island vacation rental properties may fair better than other markets, as the Staycation (non-air travel) may push people to buy second homes. Specifically as the equity markets have stabilized for the time being.

In summary and given the looming uncertainty, there will be some sellers that are motivated to sell at potentially discounted prices to 2019.

1,466

4 BED

S

2,816

$1.19M

2 BED

S

$1.97M

4 BED

S

3 BED

S

$1.77 M

2 BED

S

3 BED

S

1,940

$690

4 BED

S

$967

3 BED

2 BED

S

$870

Note: No studios or 1BR condos sold in Nantucket in Link Q1 2020


AVERAGE SALES PRICE


NUMBER OF CLOSINGS





$707,319 INCREASE


$98INCREASE

13% YEAR OVER YEAR

6 UNITINCREASE

NANTUCKET Q1 2020

$2,057,385 Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

$2,709,588

$2,603,261

$2,696,711

$2,764,704

$767

$1,092

$923

$965

$865

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

48

62

90

109

54

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020



CARMELA LAURELLAPresident617.797.2538 [email protected]

TRAVIS SACHSExecutive Vice President617.549.0020 [email protected]

q1 2020 beacon hill • east boston • midtown allston ... · spectacular views of downtown...

Documents