A Look at 2018 and to the Year Ahead

Happy 2019! As we look forward to the year ahead, we thought we’d recap our 2018.

2018 was another great year to be a home seller in Greater Boston. Average home prices soared across all neighborhoods and bidding wars continued to be the norm. Much to the chagrin of potential home buyers, 2018 was the 6th consecutive year of what we would call a very strong seller’s market. Sellers had all the leverage.

Here’s a quick look at the homes The Charpentier Team listed in 2018:

(Spoiler alert – we achieved an average of 106% of the asking price for our sellers!)
 
Single Family Homes

• 37 Netta Road, Dedham – Asking Price $549,000 | Sale Price $579,500 | 106% of Asking Price
• 16 Spring Garden St., Dorchester – Asking Price $599,000 | Sale Price $708,000 | 118% of Asking Price
• 216 W 5th St., South Boston – Asking Price $699,000 | Sale Price $760,000 | 108% of Asking Price

 
Condos

• 83 Dix St. #3, Dorchester – Asking Price $349,000 | Sale Price $355,000 | 102% of Asking Price
• 351 Dorchester St. #1, South Boston – Asking Price $345,000 | Sale Price $349,000 | 101% of Asking Price
• 176 Princeton St. #2, East Boston – Asking Price $399,000 | Sale Price $440,000 | 110% of Asking Price
• 37-39 Waldeck St. #1, Dorchester – Asking Price $435,000 | Sale Price $490,000 | 113% of Asking Price
• 12 Ricciuti Dr. #3, Quincy – Asking Price $449,000 | Sale Price $463,000* | 103% of Asking Price
• 46 North Bennet St. #1, North End – Asking Price $449,000 | Sale Price $465,000 | 104% of Asking Price
• 518-520 Putnam Ave. #9, Cambridge – Asking Price $475,000 | Sale Price $508,000 | 107% of Asking Price
• 24 Forest Hills #2, Jamaica Plain** – Asking Price $475,000 | Sale Price $475,000 | 100% of Asking Price
• 5 Norcross Place #2, South Boston – Asking Price $639,000 | Sale Price $670,500 | 105% of Asking Price
• 819 E 6th St. #4, South Boston – Asking Price $725,000 | Sale Price $765,000 | 106% of Asking Price
• 125 B St. #4D, South Boston – Asking Price $889,000 | Sale Price $925,000 | 104% of Asking Price

 
Not too shabby, if we do say so ourselves! We are proud of these numbers and worked tirelessly for each seller on a pricing strategy. We helped them stage their places and get them ready to sell and, as the photographers who we hired can attest to, we micro-managed all of them to get the most beautiful shots of these homes that we could (it’s all about the marketing!). We negotiated and bent over backwards. And, the results paid off for each of our sellers.

But, what will 2019 bring?

In mid-fall 2018, the Boston real estate market experienced a noticeable shift. More properties came on the market and didn’t sell as quickly, leading to an increase in available inventory (i.e. more choice for home buyers). Some of this is seasonal: fall is always a softer, less-advantageous time for sellers in the Boston area. But, for the first time in a long time, we saw sellers needing to do price drops before getting an offer. However, the fact of the matter is that a lot of these sellers still got an offer ultimately – so we would hardly ring the alarm bell at this point.

Time will tell in terms of what 2019 has in store. Interest rates have gone up a little and while they are still historically low, any increase in rates can impact what a buyer can afford. The stock market also saw wild swings in the last quarter in 2018 and many expect this will continue in 2019. But, Boston is a resilient real estate town and weathers market volatility like a champ.

Here at The Charpentier Team, we are busy preparing for what should be another busy spring market. You won’t see us panicking…our noses are to the grindstone and the phone is already ringing with people looking to sell and buy. Stay tuned for upcoming listings and news, and may you all have a most wonderful and prosperous New Year!

Author: Donna Charpentier

*Final price was $453,000 but net proceeds to seller was based on an achieved sales price of $463,000
**Off-market listing

© 2020 DONNA CHARPENTIER. ALL RIGHTS RESERVED.