There's no doubt in anyone's mind the real estate market has been strong. As of now, it's continuing to stay strong as we dive into the Fall market. On our recent listings, we're still seeing multiple offers well over the asking price. How long can Greater Boston keep sustaining an increase in price and demand? That remains to be seen, but what we do know is that corporations like General Electric and Amazon are coming to Boston, and that only continues to fuel growth. Couple the business and population growth with low interest rates and it doesn't allow for downward trends. 

Let's take a look a the year over year closing rate for Watertown, MA condominiums. 

This report shows the percentage of Active Listings that close monthly over a period of 24 months. The Closing Rate is a good indicator of the real estate market’s underlying strength. If the Closing Rate is rising, the demand for real estate is improving. If the Closing Rate is falling, the demand for real estate is declining. If the monthly Closing Rate is above 20%, the market is hot and if it’s below 10%, the market is cold.

It's not a surprise to see an increase in the closing rate from strong to stronger, but the drop in inventory and 20% increase of the rate means things have gotten much more competitive in a very short period of time. While we certainly had a strong Spring market for these condominiums in 2016, the closing rate doubled and in some months trippled in 2017. Watertown condominiums are hot.