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Showing posts with label Average Sale Price. Show all posts
Showing posts with label Average Sale Price. Show all posts
Thursday, November 19, 2009
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Housing Newsletter from William Raveis Real Estate, Mortgage & Insurance
Monday, October 19, 2009
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Housing Newsletter from William Raveis Real Estate, Mortgage & Insurance
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Thursday, June 25, 2009
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Current Local Housing Graphs
Reports require an HTML email reader. If you cannot see the images, please click on the following link or paste it into your browser. http://www.realtymarketupdate.com/EmailArchive/MarketDataEmailHTML_46286_20090625HZ48372402W9107502SL.htm
Friday, April 17, 2009
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Newest Monthly Housing Newsletter
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Sunday, March 01, 2009
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Monthly Housing Newsletter.
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Thursday, June 05, 2008
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A look by square footage at today's market.
I've put together a side by side analysis of what has happened to the Brookline Condo market by square footage. We always break down pricing and how much each price range has shifted, but none of us live in a price range. We all live in a condo or home that is a defined (we hope) square footage. The column on the left is 2008 year to date. The column on the right is the same period of 2007. The data source is MLSPIN. Feel free to contact me with any questions. To see the full size image, click on the text.
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Tuesday, May 20, 2008
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Wall Street Journal - MUST READ
Where Home Prices Are Holding Up - WSJ.com
Nearby communities are a mixed bag. Condos in suburban Brookline, one of the most desirable Zip Codes -- 02445 -- are down about 8%, while neighboring 02446 is up nearly 7%, for example. Among city neighborhoods, Dorchester is down across the board by as much as 25%, yet Jamaica Plain and West Roxbury are each up between 7% and 9%.
This is a wonderful article (link above) that might send people off on a "look how great things are" streak. HOWEVER, we absolutely must first dig deep into the numbers.
Why is 02446 up 7%? How is it different than 02445? Why is Brookline doing better than Boston?
1) 02446 is "up" because it has a larger diversity of housing supply. The median and average prices are only a sign of what has sold. We can extrapolate what has not sold from here. The "low end" property, for this discussion I will classify that as a condo below $450,000, in 02446 (North Brookline including Coolidge Corner) is not selling. When you remove sales from those price points, more expensive property is selling which moves the average, but the average is not indicating how comparable listings are being affected.
2) 02445 is down because it has more "upper end" property. The condos tend to be larger and have less turnover. There is a larger concentration of single family homes, and I would say this neighborhood is a more "standard" representation of the global marketplace. It is rare to find a $300,000 condo in 02445 because those neighborhoods are not as immediately accessible to public transportation (Washington Square and Brookline Village excluded).
3) Brookline is doing "better" than Boston for a number of reasons. We've frequently run through them here, but tops is the relative suburban nature of the town combined with the immediate proximity to Boston. Just as critical is the immense strength and performance of the Brookline school system. Finally, as has been seen across the board, those with significant "buying power" are not being hurt by new mortgage regulations and the "credit crunch" as much as the youngest professionals or those on a fixed income.
If you would like a more concise break-down of these numbers as they apply to a specific situation, please contact me.
Why is 02446 up 7%? How is it different than 02445? Why is Brookline doing better than Boston?
1) 02446 is "up" because it has a larger diversity of housing supply. The median and average prices are only a sign of what has sold. We can extrapolate what has not sold from here. The "low end" property, for this discussion I will classify that as a condo below $450,000, in 02446 (North Brookline including Coolidge Corner) is not selling. When you remove sales from those price points, more expensive property is selling which moves the average, but the average is not indicating how comparable listings are being affected.
2) 02445 is down because it has more "upper end" property. The condos tend to be larger and have less turnover. There is a larger concentration of single family homes, and I would say this neighborhood is a more "standard" representation of the global marketplace. It is rare to find a $300,000 condo in 02445 because those neighborhoods are not as immediately accessible to public transportation (Washington Square and Brookline Village excluded).
3) Brookline is doing "better" than Boston for a number of reasons. We've frequently run through them here, but tops is the relative suburban nature of the town combined with the immediate proximity to Boston. Just as critical is the immense strength and performance of the Brookline school system. Finally, as has been seen across the board, those with significant "buying power" are not being hurt by new mortgage regulations and the "credit crunch" as much as the youngest professionals or those on a fixed income.
If you would like a more concise break-down of these numbers as they apply to a specific situation, please contact me.
Monday, April 28, 2008
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Telling you what you already knew.
"The overall pattern returns me to my musings last month about the possibility that towns closer to Boston are becoming more desirable than towns even one step further from the city. Most striking to me is that prices in Boston proper actually rose last month, for single-family homes and condominiums. Basically, Boston and its closest suburbs are chugging along, while almost everything outside that tight cluster looks pink around the gills. "-- Binyamin Appelbaum, Boston Globe Real Estate Now Blog.
Now that we're fully talking about 1990/1991 in comparison to the current state of the Mass housing market, it is important to look back to the very basic needs and make buying decisions off of them. Brookline has historically grown even through these downturns. We have many reasons why Brookline is always a top performer. We see the current stats, yet we still hear in our minds that things should be crashing through the floor. We are in a good place here in Brookline, and we should be tremendously thankful for that. Property is still going under agreement just as fast, if not faster, than it is coming on. Remember, real estate was always about "location, location, location" and I cannot think of any better location than here. In our times of high gas prices and collapsing housing prices we have a town where you can walk most places you need to go and our housing prices are strong. What could be better?
Wednesday, April 02, 2008
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Numbers Don't Lie III - First Quarter '08 Report
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.
Sunday, March 16, 2008
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The Best Zip Codes - The Boston Globe
The Best Zip Codes - The Boston Globe
The "Real Estate Issue" of the Sunday Globe Magazine has this great chart(link above) in it today. In total 200 zip codes inside of I-495 are analyzed on growth of median single family home prices, education level of residents, charitable giving, use of public transportation, racial diversity and many other factors. What we see, in the opinion of the Globe, is Brookline zip codes are 2nd, 3rd, and 7th out of 200. Back Bay tops the list with Cambridge(above Harvard Square) and the South End sneaking in there as well.
I will have more on this tomorrow, but this piece ties in very well to a similar article written in the Wall Street Journal at the end of the week which stated that so much of the housing market today changes from zip code to zip code (neighborhood to neighborhood). It is critical to evaluate what aspects of each community would help secure the long term prospects of the money you need to buy into them and make your buying decisions from there.
Wednesday, March 12, 2008
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58 people walked in the door....
So, I keep reading the awful news about the market and how Brookline has just been lucky so far to avoid the downturn. People comment that the turn is coming and those of us in Brookline should just wait.
Well, I had 58 people walk into my open house last weekend. All of the guests seemed pretty interested in buying and they are all finding a reduced housing supply environment. I also know that compared to the first two months of 2007 my company has seen the same exact sales volume in the Newton/Brookline markets. We will see what "match week" at the hospitals brings us, but the Brookline housing stock is selling incredibly well right now.
In terms of market stats, the condominium median sales price in the first two months of the year when compared to the same period from last year has increased from $415,500 to $432,500. There are many more stats we can share, but many people always say stats are old news. The 58 people who visited my listing on Sunday tell the true story.
Wednesday, February 27, 2008
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Boston Magazine's Best Places To Live
Boston Magazine, which I think gets read maybe once a year by us all (Best of Boston issue) has their annual "The Best Places to Live" issue out. Inside they have a trifold tear out piece that details the median price, difference from last year, one year percentage change, five year percentage change and average days on market. What we learn is exactly what we already knew.
On the sidebar there are four groupings with four towns in each:
1. "Pouncers, Keepers" (Where homes are selling fastest)
2. "Slump? What slump?"(Where prices have jumped the most in one year)
3. "Onward and upward" (Where prices have increased the most in five years)
4. "Look out below!" (Where prices have fallen the most in one year)
Allston and Jamaica Plain are in the pouncers, keepers category with with 79 and 87 days on market respectively (Brookline is at 91 days for condos)
Brookline is listed in the onward and upward category with a five year price bump of 36% (single family homes), beaten only by Duxbury and Rowley. Brookline's condo market has "only" grown 20.3% in five years. This condo growth only ranks 65th in the Commonwealth, but that is more a sign of the growth of condominiums in other markets where there weren't many in the past. If everyone remembers back to 2003-2005 the number of condominium conversions was out of control. When you introduce a product to the market for the first time you will always have unbelievable swings in statistics (see Hanover and 311% increase).
Either way, this is continued evidence that 2007 was not nearly as bad as everyone attempted to make it seem.
Friday, January 11, 2008
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Immediate Access to Local Housing Data
I have added a link to the menu on the left that will provide everyone with access to constantly updated graphs and charts of local housing statistics for any town in Connecticut or Massachusetts. There are so many factors which go into analyzing every market, and these charts attempt to cover the most powerful of them. Either way, with all of the reports swirling around about the market, I ask all Brookline residents and home buyers to look at what causes people to buy or sell. Kids are still moving off to college or getting married and leaving home for good. People are still getting new jobs and relocating. Children are still being born. Therefore, the market will continue to turn, and we know that we live in one of the most sought-after communities around. With the small amount of available housing supply out there, we know that the sellers who need to move will find less competition for buyers and the buyers out there will be drawn to the new housing stock hitting the market over the next few weeks. These elements add up to a good formula for success. None of us really knows definitively what will happen, but very few things make as much sense as supply and demand. Today we see strong demand without much supply. I like that formula.
Friday, January 04, 2008
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2006 vs. 2007 Brookline Single Family Sales Report
The second part of yesterday's report is what single-family homes have done in Brookline. If you remember back to September, single family homes were doing significantly better this year than last. So, here we go:
In 2006:
The median sale price of a single-family home was: $1,000,000
The average sale price of a single-family home was: $1,288,169
159 homes sold in an average of 129 days on market.
In 2007:
The median sale price of a single-family home was: $1,100,000
The average sale price of a single-family home was: $1,432,278
187 homes sold in an average of 139 days on market.
So, at the completion of the year we see we're doing well. More single-family homes were sold in 2007, more condominiums were sold in 2007. The median price for single family homes went up. The median price for condominiums went up. The days on market stayed reasonable, and Brookline has escaped the firestorm. Do not expect to hear these numbers from The Globe because there are areas in Massachusetts where home sellers are having a considerably tougher go of it.
If you are thinking of selling in 2008 it is critical that you are armed with this information to help support your pricing goals. It is even more imperative that your agent can quote these numbers. Any agent in Brookline who does not have a complete understanding of where our market sits on a month to month or year to year basis is doing a disservice to their customers and clients. Do not trick yourself into thinking it will be easy to sell in 2008. It will take more work and you will have to be more precise and persistent. If you have the right strategies behind you I know you will find success.
Thursday, January 03, 2008
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2006 vs. 2007 Brookline Condo Sales Report
With all of the media hype in the second half of 2007 I would expect to see the bottom fall out of the Brookline real estate market. Regular readers here already know that hasn't happened, but let's take a look at what has happened.
In 2006:
The median sale price of a condominium was: $453,000
The average sale price of a condominium was: $508,373
625 Condos sold in an average of 85 days on market.
In 2007:
The median sale price of a condominium was: $453,339
The average sale price of a condominium was: $502,144
660 Condos sold in an average of 91 days on market.
The only "downturn" we see is the slight dip in the average sale price. I put both average and median in because it gives us a more firm overview on the whole market. Two major reasons for the change in average sale prices are more sub-$200,000 condos sold in '07 (5 vs 4) and the highest priced condo sold in '06 was $2.125 million as opposed to $1.9 million in '07. It's because of these swings that a median price analysis is sometimes more indicative of true trends.
All in all we can say in the condo market, more property sold for pretty much the same prices as last year in about the same amount of time on the market. Can someone tell me where the "crash" is?
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Lots and Lots of News!
Welcome to the New Year! I hope everybody had a safe and enjoyable Holiday. There will be lots of news here in the next few days. I will start with a final analysis of the market numbers from 2007. From there we will start to discuss the many major mortgage industry changes that will impact Brookline buyers and sellers in 2008. Also, we will start to see an incredible number of properties come on the market over the next 30 days. Stay tuned!
Tuesday, December 18, 2007
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Local home sales slide - The Boston Globe
Local home sales slide - Daily Business Update - The Boston Globe
Kimberly Blanton posted this today in the Globe's business section and it's already become one of the most emailed articles of the week. Here is what you absolutely need to know for Brookline.
November 2006 Condo Sales
Median Price: $457,553
Average Days on Market: 107
November 2007 Condo Sales
Median Price: $490,000
Average Days on Market: 79
I have not put single family home sales because they are skewed by the small number of properties sold this time of year. 10-15 homes is not the best tool for comparison when we have three to five times as many condos being sold in a similar period. A few things which cause the numbers in any November to be down from the rest of the year is the type of property that sells better later in the year. Many 3 bedroom+ units are bought by families who don't enjoy moving their children mid-school year. A lot of one bedroom units sell this time of year to renting professionals or the new crop of Medical Area recruits who are moving to Brookline in January. Look for live housing data graphs shortly on my website: www.TheBrooklineConnection.com
Tuesday, December 11, 2007
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I have tried not to editorialize here on the numbers we've seen. While blogs are at their root editorial devices, I have provided hard numbers in my market update sections, and I firmly stand by them. As of this week, this blog has been viewed over 1000 times this Fall and each of you has seen that Brookline's raw statistics demonstrate market stability if not growth. As with all markets, they can be broken down into "sub-markets" of the larger piece, and there will always be pockets of Brookline or specific property types which struggle. Let's face it, in 2004 you had to buy a condo that was on top of the D-Line if you wanted to live in Brookline because a) it was the only thing remotely affordable and b) it was the only thing that didn't sell immediately after coming on market. You won't see those things anymore. People caught up in the height of the boom will not have the same success as sellers now. This does not mean our market is bad. In fact, I would say that more bad property was bought and the market was more harmful back in '04 than it is now.
As we approach the end of the year I will post a 2005 - 2006 - 2007 comparison. I predict it will show 2007 being an improvement from 2006, but both of them sliding down slightly from 2005. Again, the market correcting is not a bad thing. The people who are predicting doom and gloom were the same people who were screaming that the market was in extreme over-valuation a few years ago. You cannot have it both ways. If you bought in 2005, it might take until 2009 for you to see growth. If that upsets you, I suggest you speak with anyone who bought property in the mid '80s. While I am not an investment analyst, I will tell you that a home is not a stock which will fluctuate wildly and provide you chances for immediate growth. If you stay in your home for five years it should make you some money. There is not a five year period that we've tracked where this has failed to be true. If you are moving more than once every five years, then that is a risk you are taking. We need to all be responsible in the housing decisions we make, conservative in our spending, and realistic about our goals. The balance of the economy didn't suddenly shift, the "unsustainable" growth stopped being sustained.
Realtors' Forecast Bucks Common Wisdom
Realtors' Forecast Bucks Common Wisdom - EarthLink - Top News
I enjoyed seeing this in the Boston Globe's "Worst of 2007." Rona Fischman, a buyers agent, might actually find herself and her colleagues over at the Chicken Little Media Factory in my "Worst of 2007" for the reasons this article mentions.
"Despite over-exaggerated negative coverage on the housing conditions, many local markets are actually seeing price increases," Yun said at a press briefing. "Mortgage availability is improving."
I have tried not to editorialize here on the numbers we've seen. While blogs are at their root editorial devices, I have provided hard numbers in my market update sections, and I firmly stand by them. As of this week, this blog has been viewed over 1000 times this Fall and each of you has seen that Brookline's raw statistics demonstrate market stability if not growth. As with all markets, they can be broken down into "sub-markets" of the larger piece, and there will always be pockets of Brookline or specific property types which struggle. Let's face it, in 2004 you had to buy a condo that was on top of the D-Line if you wanted to live in Brookline because a) it was the only thing remotely affordable and b) it was the only thing that didn't sell immediately after coming on market. You won't see those things anymore. People caught up in the height of the boom will not have the same success as sellers now. This does not mean our market is bad. In fact, I would say that more bad property was bought and the market was more harmful back in '04 than it is now.
As we approach the end of the year I will post a 2005 - 2006 - 2007 comparison. I predict it will show 2007 being an improvement from 2006, but both of them sliding down slightly from 2005. Again, the market correcting is not a bad thing. The people who are predicting doom and gloom were the same people who were screaming that the market was in extreme over-valuation a few years ago. You cannot have it both ways. If you bought in 2005, it might take until 2009 for you to see growth. If that upsets you, I suggest you speak with anyone who bought property in the mid '80s. While I am not an investment analyst, I will tell you that a home is not a stock which will fluctuate wildly and provide you chances for immediate growth. If you stay in your home for five years it should make you some money. There is not a five year period that we've tracked where this has failed to be true. If you are moving more than once every five years, then that is a risk you are taking. We need to all be responsible in the housing decisions we make, conservative in our spending, and realistic about our goals. The balance of the economy didn't suddenly shift, the "unsustainable" growth stopped being sustained.
Friday, November 30, 2007
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Brookline home values down, taxes likely up - Brookline, MA - Brookline TAB
Brookline home values down, taxes likely up - Brookline, MA - Brookline TAB
Jessica Scarpati, one of the TAB's great local government reporters, wrote the linked article in this week's paper. It takes some knowledge of the terms she dances around to understand that she is making reference to the "assessed value" of property in Brookline. While I know writers normally don't write their own headlines, I do have to take some issue with a glossing over of a few of the details in this article. One will notice, if they go to the Town of Brookline Assessor's Office website, that even in condo buildings with identical units assessments differ pretty significantly. For example, in my building I know the value of the condominiums (all identical) varies by over 10%. I know that there is nothing in any of our condos to warrant a 10% difference, so this "value" that Jessica refers to is somewhat ambiguous.
What cannot be ignored is the "sales value" of condominiums and homes in Brookline. We've gone through all of the numbers many times, and as we approach the end of the month we should see even more news on the state of our Brookline-specific housing market. Please read below to follow the sales history from the past few months and if there are any specific numbers I can provide to you, please ask and I will do what I can to provide.
Finally, it is important to be aware of what our "assessed values" are for our individual homes. I know from looking at my building I need to request a tax abatement from the Town. If you have any questions about this process, or need help defending your case, please consider me a resource. There are many times when we can look at relevant sales statistics and get the town to more appropriately designate their assessed value at what the market is actually bearing. This can lead to substantial tax savings (which cuts all of our monthly mortgage payments!)
Tuesday, October 09, 2007
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To boil it down to simple numbers, Single Family inventory for the year is down right now (think supply and demand) because almost 20% more homes have sold and overall those sales have been for more than 13% more money. This month alone there is a 40% increase in sales price for single family homes last month over September '06.
In terms of condos, we saw fewer sell in September, but the number on market is down 20%. Those that did sell were able to sell for almost $90,000 more than they did in September last year.
This is a tremendous market right now. Buyers already know they are finding amazing deals, and if you are a seller you can look at these numbers and see that appropriately valued property is still selling at a rate that blows the rest of the country away.
September's market snapshot - Numbers Don't Lie III
Once again from the Raveis home office we have numbers which you will not see printed in the Globe but should. They have a wonderful piece today about how numbers are down "on the South Shore" in which they mysteriously leave out a large number of towns that don't support their editorial content. Here we have Brookline's numbers.
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In terms of condos, we saw fewer sell in September, but the number on market is down 20%. Those that did sell were able to sell for almost $90,000 more than they did in September last year.
This is a tremendous market right now. Buyers already know they are finding amazing deals, and if you are a seller you can look at these numbers and see that appropriately valued property is still selling at a rate that blows the rest of the country away.
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About Me
- The Brookline Connection
- Greg Kiely has found a special home in Brookline, and he enjoys nothing more than helping others discover the numerous advantages offered by the community. Drawing on his in-depth knowledge of the area, Greg is fully committed to making your buying or selling experience a complete success. Greg is a REALTOR at William Raveis Real Estate in Brookline and is the former listing agent for The Warwick at Coolidge Corner as well as many other properties in and around Brookline. Greg lives on Winchester Street in Coolidge Corner with his English Cream Golden Retriever Tessie.
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