Boston, Brookline, Newton Updates

At SmartBostonMove.com we believe in giving you the real picture, good or bad, because it is the only way you will be able to make educated decisions.   Neither irrational exuberance nor excessive worry has proven to be a winning strategy.

There is no doubt that there have been price adjustments, increased time to sell homes, and general market anxiety stemming from depressing statistics, sub-prime concern and dim outlooks by pundits.  Is there anything to be happy about? We believe so! 

It has been our suspicion that by 2007 the Boston Area was already experiencing a mild recovery or at least the price adjustments were no longer moving downward.  The toughest year, 2006, is well behind us, proving again that the Boston real estate market is ahead of the national curve.  The numbers proved us right.

The national statistics simply do not apply to Beantown.  Our own flourishing economy and lack in availability in land and new construction keeps our market tight.

That said, there is no denying that as we enter 2008, we enter a lot of uncertainty. What does that mean for you?  It is more important than ever to hire a knowledgeable and honest real estate consulting team for your next move.  We're here to help!


Boston Real Estate Market Statistics:  2007 Summary

Back Bay Condo Market

The condo market in Back-Bay has always proven to be one of the strongest and most stable markets in Boston.  The number of condos sold has grown steadily year to year, as it did in 2006 by 7.8% and in 2007 by 10.5%.  In the meantime, as prices stayed flat in 2006, the dreaded year in local real estate, they jumped another 6.5% in 2007. 

	2005	2006	2007	Change, 2005-2006	Change, 2006-2007
Number of Sales	377	409	452	7.8%	10.5%
Average List Price	$854,999	$856,225	$911,775	0.1%	6.5%
Average Sale Price	$824,054	$820,156	$864,130	-0.5%	5.4%
Average Days on Market	70	107	105	34.6%	-1.9%

Brighton Condo Market

The Brighton market has had a similar pattern, but in a different price range.  The first time home buyer market which fuels Brighton and Allston real state has slowed considerably, and started picking up again in late 2007.  The low mortgage rates have attracted these buyers back. 

Without the vital first time home buyer market, there is no move-up market, which has felt a slow-down.  Yet the market has remained fairly flat in the past two years.

Looking at the 2007 numbers below for Brighton, the average price is skewed by 15 condos sold for $900,000 or more, six of these sold for over $1,000,000.  Although part of the Brighton market, they are part of a new construction project.  Taking these condos out of the numbers, the average sale price of condos in 2007 in Brighton was $298,271, a 5.2% increase from 2006.

	2003	2004	2005	2006	2007
Number of Sales	446	577	534	403	388
Average List Price	$248,033	$271,459	$293,008	$292,272	$331,615
Average Sale Price	$242,810	$266,367	$287,300	$283,426	$322,436
Average Days on Market	41	37	46	88	80

Brookline Real Estate Market Statistics:  2007 Summary

As usual, condos dominate the real estate market in Brookline.    Average sale price peaked in 2005 at $522,076. In 2007 we saw prices slightly lower, basically flat in the condo market.  

What has recovered is the volume of sales.  The number of sales peaked in 2004 to 781 condos sold, dropped 20% by 2006 to 625.  Some of this was recovered in 2007, as total number of condo sales in Brookline was 663.  

Newton Real Estate Market Statistics:  2007 Summary

Average prices stayed pretty much flat this past year in Newton.   Volume increased as total number of single family houses sold of 617, was nearly a 7% decrease from the previous year.  Most of the property sales in Newton are of single-family houses, now with prices averaging $936,321.    

What is encouraging, and giving more strength to the argument that the worse may be behind us is that the average time on market, which took a 53% leap in 2006 to nearly four months went decreased by 14% in 2007.

	2003	2004	2005	2006	2007
Number of Sales	606	644	576	578	617
Average List Price	$844,968	$908,801	$958,415	$971,407	$974,698
Average Sale Price	$806,192	$872,143	$924,369	$921,308	$936,321
Average Days on Market	79	75	75	115	99

	Change, 2003-2004	Change, 2004-2005	Change, 2005-2006	Change, 2006-2007
Number of Sales	6.3%	-10.6%	0.3%	6.7%
Average List Price	7.6%	5.5%	1.4%	0.3%
Average Sale Price	8.2%	6.0%	-0.3%	1.6%
Average Days on Market	-5.1%	0.0%	53.3%	-13.9%

The smaller condominium market in Newton also experienced a recovery as average sale price increased by about $10,000, but still shy of the 2005 peak.


                                   Average Condominium Prices in Newton, 2001-2007

2001	2002	2003	2004	2005	2006	2007
$430,447	$461,335	$470,327	$528,695	$553,866	$527,291	$537,832

                                      All data sourced at H3MLS, Multiple Listing System

                       For more statistics or market information on condos, single family,  
                and multi-family homes please contact us at info@SmartBostonMove.com.