The first quarter of 2008 is now two days behind us. We have some very interesting numbers that speak to the unique nature of the Brookline housing market. We need to always consider the elements which drive our economy. Supply, demand, buying power and asset reliability are all factors which impact every town. The discussions about Proposition 2.5 overrides in many communities are at the forefront now, and Brookline like many other communities is trying to use the historical strength of the school system as the carrot to get the override approved. What we know for a fact is Brookline's physical location is outstanding. We know Brookline's schools are historically the best and we know that the supply of available property has come off of the previous highs to a very manageable number. So, what are those numbers?
Single Family 1st Quarter 2007:
41 sales and 175 Days on Market at a median price of $959,500
Single Family 1st Quarter 2008:
19 Sales and 105 Days on Market at a median price of $1,135,000
41 sales and 175 Days on Market at a median price of $959,500
Single Family 1st Quarter 2008:
19 Sales and 105 Days on Market at a median price of $1,135,000
Obviously two numbers jump out at us:
1) There were 22 fewer sales of single family homes. In total there are 22 fewer homes on the market at the end of the quarter and 20 fewer homes currently under agreement. This is amazingly uniform across the board which means the percentages are pretty similar to last year.
2) The median price for sold property has increased $175,500 or 18%(corrected from earlier version). The properties selling are also selling more that two months faster than last year.
1) There were 22 fewer sales of single family homes. In total there are 22 fewer homes on the market at the end of the quarter and 20 fewer homes currently under agreement. This is amazingly uniform across the board which means the percentages are pretty similar to last year.
2) The median price for sold property has increased $175,500 or 18%(corrected from earlier version). The properties selling are also selling more that two months faster than last year.
Condominiums 1st Quarter 2007:
123 Sales and 100 Days on Market at a median price of $415,000
Condominiums 1st Quarter 2008:
66 Sales and 117 Days on Market at a median price of $432,000
The big drop in number of sales is very interesting. That being said, there are currently 141 condos under agreement at the end of the quarter, so we should watch the sales statistics for April very closely. Again, the median price has gone up. This has seemed to come more from the slow moving "first time home buyer" price points more than an appreciation of value on all condominiums in Brookline. I am more than happy to break down specific price points for anyone who requests it.
123 Sales and 100 Days on Market at a median price of $415,000
Condominiums 1st Quarter 2008:
66 Sales and 117 Days on Market at a median price of $432,000
The big drop in number of sales is very interesting. That being said, there are currently 141 condos under agreement at the end of the quarter, so we should watch the sales statistics for April very closely. Again, the median price has gone up. This has seemed to come more from the slow moving "first time home buyer" price points more than an appreciation of value on all condominiums in Brookline. I am more than happy to break down specific price points for anyone who requests it.
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1 comments:
A reader has pointed out an error in the percentage calculated for the increase in median sale price of single family homes. I had initially said 5.5% when in fact it is 18%
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