The Revere real estate market in 2017 was definitely a good one with higher prices for homes than in 2016, but a drop in the number of new listings, making home-buying an adventure.
“These are the highest prices we’ve seen in the last eight years,” said Maureen Celata, owner/broker of MCelata Real Estate. “And 2018 is going to be another banner year. Inventory is low now, but everyone is looking to the spring.”
According to figures from the Massachusetts Association of Realtors, the median sales prices was $376,250, a 4.9 increase over prices in 2016.
Homes also were also on the market 41 days, a 26.8 percent increase over the 56 days on the market in 2016.
The number of listings in 2017 also dropped to 265, 10.8 percent down from 297 in 2016. The good news for sellers is that the original listing price was matched 100 percent of the time.
The condominium market saw similar trends with the median sales price at $315,000, up 16.7 percent over 2016. Days on the market also dropped from 67 in 2016 to 47 days on the market
“Inventory is low now and everyone is looking toward the spring,” Celata said
The rental market is also strong with rents ranging from $1,200 to $3,000. Cleat noted that if someone is paying big rent they just might be capable of buying and taking advantage of first-time homebuyers programs.
“2017 was a fantastic year to be in real estate,” said Joe Mario of Century 21 Mario Real Estate. “There’s a lot of confidence and equity in homes. For 35 years now it’s been positive. Now is the time to sell. Revere is getting the overflow from the Boston market and people are moving to Revere.
Mario said Revere is desirable because of its proximity to Boston, and it’s a hidden gem with a beautiful beach.
Mario is looking forward to the spring market, drawing from Boston and surrounding communities. He added that the Revere School system is also a draw for buyers.
“It all adds to the future growth of Revere,” he said.