Greater Boston neighborhoods where homes sell for more than their list price
Low housing inventory around Greater Boston caused home sellers in many neighborhoods to sell homes for more than their list price this summer.
Home sellers in some Greater Boston neighborhoods fared better than others when it came to getting what they asked for this summer, and they may have low housing inventory to thank for that.
Using real estate company Redfin’s home sales data from August 2015, Boston.com found that dozens of neighborhoods saw average sale-to-list ratios over 100 percent. This means that the average home seller in those areas received more than their asking price.
By this metric, some of the hottest neighborhoods were, in order, Central Square in Cambridge, Franklin Field South in Boston, Cambridgeport, West Cambridge, and Hyde Square in Jamaica Plain.
Central Square home sales had an average sale-to-list percentage of 114 percent, while Hyde Square came in at 107 percent.
Cambridge appeared as one of the most in-demand places to live, accounting for five of the top 10 neighborhoods with homes selling over their list price. This shouldn’t be too surprising to those following the real estate market. The Boston Globe reported this spring that low inventory was widespread among many municipalities in 2015, driving prices up and creating bidding wars among potential homebuyers.
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See the 10 neighborhoods where sellers got more than they asked for in August.
According to data from the Massachusetts Association of Realtors, the number of single-family homes for sale in Massachusetts dropped 20 percent in April 2015 from a year earlier, and in some areas the number of homes for sale plummeted even further. Available single-family homes in Boston dove 31 percent, and the number of condos for sale in Cambridge dropped by a staggering 56 percent.
Though many families in the 10 hottest markets probably saw good returns on their home sales, the median sale price varied across the board. For example, Franklin Field South (with the second highest sale-to-list average) had a median sale price of $278,775, while homes in West Cambridge (fourth highest) sold for an average of $975,000.
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