The 2018 real estate market in Revere showed a rise in the price of a median priced single-family home as well as condominium prices.
The median sales price of a single-family home in Revere is up 15.7 percent from $376,000 in 2017 to $435,000 at the end of 2018.
The number of homes sold dropped from 221 in 2017 down to 191. The lack of inventory drove the sales figures up.
“The number of sales were lower because there was less to choose from,” said Maureen Celata, owner/broker of Celata Real Estate in Revere. “The inventories were lower, and the prices increased by 10 percent because of the supply and demand rule.”
Condominium sale prices are also up from $315,000 in 2017 to $356,000 at the end of 2018, a 13 percent increase.
Looking ahead to the spring real estate season and beyond, Celata has good expectations.
“I believe because the Feds may not increase the mortgage rates for the entire year will bring the buyers back to the buying table,” Celata said. “Now they can afford the mortgages with the lower interest rates. I believe 2019 will be a strong selling and buying market.”
As for comparing last year’s market to this year’s market, Tom Mario of Century 21 Mario said the lack of inventory last year helped to drive up prices. It also resulted in multiple offers on properties.
“I think this year we’re looking for a more stable market,” Mario said.
“We’re waiting for serious buyers,” said Jorge Betancur of Century 21 Mario. “But there is little inventory and we’re not going to see multiple offers like before. I expect prices to be about the same level.”
He also noted that the days a property is on the market is between 30-45 days.