Greater Boston Market Trends I Winter 2023 I Reay Pannesi

Greater

Boston Market Trends

Winter 2023

Setting the bar for sophisticated real estate

At Engel & Völkers Boston, we embrace our city’s simple ethos — work hard, play hard, treat clients like family. Our advisors work each transaction with the same care and diligence as if they were purchasing or selling themselves.

We’re not just the most successful in the area, we reflect the Engel & Völkers’ culture of teamwork, passion, and expertise. With state-ofthe-art real estate tools and technology, global luxury brand recognition and unrivaled market and marketing dexterity, we deliver concierge class service during the purchase or sale process and beyond.

Call on us for your next transaction. Our bold strategies and individual counsel are crafted to impart the information you’ll need to make informed decisions in an increasingly complex real estate marketplace.

Engel & Völkers Americas Year in Review: Finishing out the year strong !

2022 Year in Review Video

Winter Property Spotlight

50 Beacon Street I Chestnut Hill Newton

40,000 Sq Ft Lot I 5+ Bedrooms I 5F 2H Bathrooms I 6,194 sq ft

Magnificent Colonial in Villa style set amid sprawling gardens with sweeping views of the Reservoir. Stucco exterior and barrel tile roof set the stage for large entry hall with charming study and powder room. Elegant fireplaced living room with paired doors opens to terrace offering gorgeous views, lovely breezes and al fresco entertaining for a crowd and an adjoining dining room. The back of the house creates casual dining open to kitchen and family room lined with casement windows. Upstairs center hall anchors 4 bedrooms and 3 baths including a primary suite with a charming sitting room. Wonderful 2-room plus bath au-pair suite or studio atop big dormered, heated 4-car garage.

201 Pearl Street, Unit 2 I Cambridge

Ideal location I 3 Bedrooms I 2 Bathrooms I 1,172 sq ft

This floor through 3-bed 2-bath condo in the heart of Cambridgeport exudes both style and functionality. Beautifully appointed with a thoughtful floor plan, the elegant living space features a fireplace and bay windows and flows seamlessly to an inviting dining area and a sleek kitchen with top of the line finishes and appliances. Coffered ceiling, ample closet and a spa-inspired en-suite bath in the primary bedroom. Hardwood floor throughout. The generous 13 ft deck for retreat or entertaining and an additional storage room in the basement complete the deal. On a leafy street with quick access to Central & Kendall Squares and the Charles River, this rare gem is not to be missed.

42-44 Beach Street, Unit 10C I Chinatown

Urban Loft Living I 1 Bedroom I 1 Bathroom I 760 sq ft

Urban loft living in the very heart of Boston’s vibrant Chinatown bustle! Coveted Avana Lofts offers up open spaces designed for lounging, dining and entertaining with a wall of windows revealing the cityscape as a backdrop. Warm wood accents, flooring and cabinetry offer the perfect foil to sleek white walls and design features. Gorgeous chef’s kitchen has more than ample cabinetry, stone topped workspaces, premium appliances and glorious views. The bedroom is quite generous with great closet storage and in-unit laundry. The adjacent bath is spa-inspired with wood accents and luxury design finishes.

Winter Property Spotlight

362 Commonwealth Avenue, Unit 2A I Back Bay

Renovated I 2 Bedrooms I 1 Bathroom I 790 sq ft

Wonderful & rare, renovated, 2 bedroom in the heart of Back Bay along beautifully tree-lined Commonwealth Ave! This home is centrally located in a professionally managed elevator building with a spectacular common roof deck, private front facing balcony, common laundry on each floor & easy access to all Back Bay conveniences. Enjoy cooking in an open kitchen with stainless steel appliances & gas range. Both bedrooms are excellent size, perfect for a share situation, to host visitors comfortably, child’s room or as your home office. Front facing home with your own private front facing balcony overlooking the stunning Commonwealth Ave Mall.

133 Seaport Blvd, Unit 722 I Seaport District

Echelon I 2 Bedrooms I 2.5 Bathrooms I 1,285sq ft

Better than new! Designer home + balcony with views facing both Boston Harbor and all the Seaport neighborhood has to offer. Extensive upgrades throughout this sunlit home complete with white oak plank flooring, custom lighting, and generous closets/storage. Elegant foyer and gracious living areas designed for reclining and conversation. Dining alcove opens to sleek Euro-style kitchen featuring Thermador appliances + Italian cabinetry complete with breakfast seating. Most desired layout with split bedrooms and en-suite baths. Echelon community areas wrapped in exotic stone, wood and metal finishes highlight 50,000 sf of lifestyle options.

8 Whittier Place, #10C I West End

Whittier Place I 2 Bedrooms I 2 Bathrooms I 1,223 sq ft

Warm and inviting two bedroom home on the 10th floor at Whittier Place has city views, great light, and a wonderful layout with an abundance of closet space. The spacious living room is designed for entertaining, and located off of the living room is access to your private balcony. Kitchen renovations include white cabinetry, gas cooking, and a large breakfast bar with granite countertop which opens to the living area. Spacious bedrooms both fit King beds, and the main bedroom has a large closet and views of the Zakim Bridge & Charles River. Recent high-end designer renovations of interior common areas include marble lobby and fireplace.

Back Bay Neighborhood Market Trends

Back Bay Neighborhood Statistics

Back Bay’s rich history and trendy restaurants,shoppingandnightlifecreate a vibrant atmosphere everyone wants to be part of. Our own office is located in the heart of Back Bay and we can attest to the majestic bustle! The number of condos sold decreased 34% year-overyear in the fourth quarter. The average sales price decreased due to a lack of inventory and overall market conditions. The current average list price for a condo in the Back Bay is $4,189,756 with 90 units on the market.

Beacon Hill Neighborhood Market Trends

Beacon Hill Neighborhood Statistics

Brick row houses with beautiful doors and gaslit cobblestone sidewalks lined with window boxes all add to the charm and mystique that can only be found in Beacon Hill. The number of condos sold dropped24%year-over-yearinthefourth quarterwhileaveragesalepriceremained steady. Days on market has increased pointing to a more balanced market and wepredictmoreinventorytocomeonthe market in the coming weeks. The current average list price for a condo in Beacon Hill is $2,900,000 with 27 units currently on the market.

Brookline Neighborhood Statistics

Brookline offers a rare mix of urban living in an attractive suburban atmosphere. Its variety of restaurants, shopping and iconic cultural institutions backdropped against an acclaimed public school system make it singularly appealing. The number of condos sold dropped 18% year-overyear for the fourth quarter. The average sales price increased and days on market dropped slightly showing a well paced market. The current average list price for a condo in Brookline is $1,638,717 with 41 active listings. The single family market remains fast moving with low inventory of only 17 homes for sale with an average list price of $5,354,470.

Cambridge Neighborhood Market Trends

Cambridge Neighborhood Statistics

Cambridge is located directly across the Charles River from Boston. It’s home to world famous universities, highly-rated publicschoolsandanimmensecivicpride in its vibrant cultural scene. The number ofcondossolddecreased33%year-overyear in the fourth quarter. The average sales price increased slightly and days on market increased 23%. Our listings in Cambridge are not lasting long! With students and professionals alike heading back to the Cambridge market, we are sure to see a strong start to the spring market in your neighborhood.

Cambridge Featured Listing

201 Pearl Street, Unit

2

This floor through 3-bed 2-bath condo in the heart of Cambridgeport exudes both style and functionality. Beautifully appointed with a thoughtful floor plan, the elegant living space features a fireplace and bay windows and flows seamlessly to an inviting dining area and a sleek kitchen with top of the line finishes and appliances. Coffered ceiling, ample closet and a spa-inspired en-suite bath in the primary bedroom. Hardwood floor throughout. The generous 13 ft deck for retreat or entertaining and an additional storage room in the basement complete the deal. On a leafy street with quick access to Central & Kendall Squares and the Charles River, this rare gem is not to be missed.

Charlestown

Neighborhood Market Trends

Charlestown Neighborhood Statistics

Charlestown is steeped in history with brick townhouses in a waterfront neighborhood that is home to the Bunker Hill Monument, the Navy Yard and endless stories of its colorful past. This quarter, the number of condos sold dipped 32%. The average days on market increased 11%, and the average sale price increased 4%. Over the past four years the “price per square foot” has remained very steady. We recently listed and sold a fabulous single family in your neighborhoodfortopprice-callformore information!

Jamaica Plain Neighborhood Market Trends

Jamaica Plain is a beloved neighborhood intensely proud of its diverse population and politics with serene green spaces around Jamaica Pond and through the vast Arnold Arboretum and Franklin Park. The number of condos sold decreased 30% year-over-year for the fourth quarter. Days on market stayed the same and average sales price has increased 3% - all signs of a strong end to the winter market! Over the past four years the “pricepersquarefoot”hasremained very steady.

172 Green Street, Unit 5

Incredible one-of-a-kind urban loft living space located in a turn of the century carriage factory. This newly renovated 2 bed and 2 full baths offers all the characteristics of a loft but fully modernized. Tons of natural light with south-facing oversized windows complete with new Shade Store blinds; exposed brick walls and wood beams; and gorgeous wood floors. Open floor plan lends itself for entertaining with a chef’s kitchen equipped with gas cooking, tons storage, and custom-built granite counter that can serve as a dining area. Spacious primary bedroom and large en-suite bath with double vanity. Enjoy a large second bedroom or home office with brand new guest bath. The unit also offers central AC, assigned parking, in-unit laundry, and 2 private storage rooms. Pet-friendly professional managed building with outdoor patio, bike storage, and elevator. Easy access Orange Line/SW Corridor Park/Franklin Zoo and many eclectic cafes, breweries, and shops.

Medford Neighborhood Market Trends

Medford Neighborhood Statistics

Medford is one of Boston’s best kept secrets. It’s just minutes from downtown Boston, filled with fabulous restaurants, shops and bars, plus easy access to public transportation - who knew?! The number of condos sold decreased 7% whiledaysonmarketdippedinthefourth quarter. Selling prices are still going over theirlistpricewithaslightincreaseofthe averagesalesprice,themarketiscertainly showing signs of a strong quarter ahead. Over the past four years the “price per square foot” has remained steady with a solid jump in 2022.

Midtown Neighborhood Statistics

Boston’s Midtown is centrally located near Boston Common and driven in part by the many full-service buildings. The average sales price jumped a staggering 44% with an average list price currently at $3,514,347 and 43 units on the market forsale.Numberoflistingssoldanddays on market both increased. The fullservice market in the Midtown neighborhood is certainly coming back. Keep an eye out for more information on Midtown’s newest development, The Residences at WinthropCenter-goinglivewithaSpring 2023 occupancy!

Newton

Neighborhood Market Trends

Newton Neighborhood Statistics

Newton is located just seven miles West of downtown Boston and built around 13 distinctvillagecenters-eachwithitsown character. It’s also home to one of our shops at 77 Union St. in Newton Centrestop by and visit us anytime! After a strong push to move to the suburbs, the number of single family homes dipped 23%year-over-yearforthefourthquarter with lack of inventory still being an issue. In addition, the average sales price of a home increased 7% and is consistently going close to the list price. If you have ever considered selling your home in Newton, now is the time!

Gloucester Street • Boston, MA • 02115 boston.evrealestate.com

Newton Featured Listing

50 Beacon Street I Chestnut Hill

Live waterside in Chestnut Hill Historic District at the intersection of coveted Boston, Brookline and Newton. Magnificent Colonial in Villa style set amid sprawling gardens with sweeping views of the Reservoir. Stucco exterior and barrel tile roof set the stage for large entry hall with charming study and powder room. Elegant fireplaced living room with paired doors opens to terrace offering gorgeous views, lovely breezes and al fresco entertaining for a crowd and an adjoining dining room. The back of the house creates casual dining open to kitchen and family room lined with casement windows. The kitchen is outfitted above and below with raised-panel wood cabinetry and a Wolf range. Upstairs center hall anchors 4 bedrooms and 3 baths including a primary suite with a charming sitting room. Uppermost and lower levels offer additional bedrooms and storage with latter housing a kitchenette and enormous recreation room. Wonderful 2-rm + bath au-pair or studio atop big dormered 4-c garage.

North End Neighborhood Market Trends

North End Neighborhood Statistics

The North End is one of Boston’s most historic neighborhoods, famous for its iconic streets and historic figures, architecture and amazing culture and restaurants. The number of listings sold remained steady. The average sale price increased drastically by 47% year-overyear in the fourth quarter. We’re excited to announce our fourth Engel & Völkers locationat345HanoverStreetisofficially open- stop by anytime! We are sure to have some great coffee and pastries on hand at all times.

23 Fleet St, Unit 5

North End

Sunny front-facing unit in the coveted North End with the iconic bustle of Hanover Street and the quiet of Boston’s Waterfront at your doorstep! High ceilings and warm bamboo flooring enhance a great open layout creating spaces for everything. The 2017 renovation included kitchen, electrical and multiple design upgrades. Great chef’s kitchen with shaker-style maple cabinetry and a granite breakfast bar and fabulous designer tiling and fixtures in the bath as of four years ago. Stable association offers common laundry and private deeded storage. Building is non-smoking and pet friendly with easy access to the airport and points around town on Green/Orange/Red and Blue lines. We don’t have space to fully extoll the joys of the food, culture and indoor and outdoor recreation both in the North End neighborhood and surrounding downtown Boston neighborhoods

56 Prince St, Unit 8 I North End

SOLD

Great two bedroom on an iconic North End street, perfect for first time homebuyers, investor or piedà-terre! Open living and dining with great light, leafy courtyard views and warm hardwood floors. Sweet kitchen with plenty of cabinet storage and stainless stove, fridge, dishwasher. Both bedrooms are nicely sized with good closets and nice light. Be at the heart of it all in a celebrated Boston neighborhood. Excellent access to all the dining, shopping, history and charm for which the North End is famous the world over. Easy commuter options in and out of the city by public or private transport.