Brookline MA Real Estate: Single Family Market Report March 2014
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Brookline MA Real Estate: Single Family Market Report March 2014

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The Brookline MA housing market is not typical or representative of most real estate markets. ...

The Brookline MA housing market is not typical or representative of most real estate markets.

Brookline MA has mostly condos, and the single family homes are expensive. As one of the most desirable places to live around Boston, Brookline is home to great mansions and small Capes - all in high demand.

What is particularly interesting about the analysis here is the difference in the homes available in various price ranges. This unique real estate market is ruled by the scarcity of land and high quality schools.

With less than 20 houses on market, Brookline MA is not a study of statistical significance, but an enclave of affluence of varying degrees.

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  • 1. BROOKLINE MA Single Family House Market Report Brookline MA and Chestnut Hill MA House Market Analysis and Forecast By Ruth Lerner March 2014
  • 2. Brookline’s Housing Market Trend  Seller’s market, but weakening  Fairly low inventory of houses available  Land values way up  What to expect in 2014?
  • 3. Market Action Index for 02445 & 02446 Only Generally a Seller’s Market, but Cooling  An MAI over 30 indicates a seller’s market  Still a seller’s market, but it has cooled considerably since Summer 2013.
  • 4. MAI by Price Quartiles for 02445 & 02446 Only  Bottom two quartiles, with median prices of $1.8 and $3.4 million have the strongest seller’s markets  Top quartile of luxury houses with a median price of $4.4 million are an even market with the buyers. Seller’s market in lower price ranges Market Recovery, early 2012 Market heats up, through 2013
  • 5. Brookline: Zip Code 02445 & 02446 Median Asking Price by Quartiles Median asking price of listings on market.  Top quartile median prices are have fallen a bit. This is a very small sample of houses, with extremely high prices.  Time has been beneficial to the second, third and fourth (bottom) quartiles.
  • 6. Inventory of SF Listings, 02445 & 02446 Number of houses available for sale.  Current inventory of about 19 condos, 20% of peak inventory.  Peak inventory in June 2013 if approximately 100 houses, with a large sell-off since.  Seasonal dips are normal, but this year’s seasonal low is exceptionally low.
  • 7. Median Asking Prices by Quartiles: 02445 & 02446 Inventory, by Quartiles  Notice how the most valuable asset is Land!  Number of beds and baths double from the bottom to top quartile  Average age of the most luxurious houses is younger due to several new construction projects.  It takes triple the time to sell a top quartile house than a bottom quartile house.
  • 8. Chestnut Hill House Prices, zip code 02467
  • 9. Chestnut Hill: Inventory of Houses for Sale Three Years of Cycle  Houses have a fairly predictable cycle of inventory in Chestnut Hill.  This winter’s inventory is slightly lower than last years, but not as low as in 2012’s winter.
  • 10. Chestnut Hill: Median Asking Price per Square Foot Chestnut Hill Prices per Square Foot  Price per square foot is approximately 29% higher than the low in Summer 2011.  Median price per square foot for on market houses peaked one year ago.$385 +/- $460 +/-
  • 11. Chestnut Hill: Market Action Index Still a Sellers’ Market Stronger Seller’s Market in Chestnut Hill  Seller’s market when MAI is above 30.  Extremely strong seller’s market in second, third and fourth quartiles.  Mildly strong market for sellers in ultra-luxury houses in Chestnut Hill.
  • 12. Chestnut Hill: Quartile Summary Small Houses Sell Quickly  Notice the difference in lot size between the bottom and top quartile.  Chestnut Hill’s houses are younger, on average, than those in North Brookline.
  • 13. What to Expect in 2014?  Market more even handed in buyer’s favor, but still tight.  Many sellers ready to sell as they realize the appreciation of their properties.  Many buyers will exit the Brookline market as they are out-priced.  Housing market in Brookline will cool overall.
  • 14. What About Home Sellers?  Selling a house in Brookline requires extensive marketing to the right buyers.  Current conditions are ripe for a fairly quicker sale for “entry level” houses.  Ultimately, it is up to you and your timeline and needs.
  • 15. Keep Up With the Market Click to sign-up for your weekly updates and leading indicators of the local real estate market!
  • 16. (617) 807 - 0471 Ruth.Lerner@raveis.com RuthMalkinLerner.com