Condo Market Report for Brookline MA, January 2014

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What is the trend in the condo real estate market in Brookline MA? How will things change in 2014?

The tight real estate market in Boston and the area has put great pressure on the town of Brookline's inventory of housing.

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Condo Market Report for Brookline MA, January 2014

  1. 1. Brookline MA Condominium Market Report Town of Brookline and Coolidge Corner condo market analysis and forecast January 2014
  2. 2. Brookline’s Condo Market Trend • Strong seller’s market • Extremely low inventory of condos available • Coolidge Corner experiencing exceptionally tight market • Where is the trend heading in 2014?
  3. 3. Brookline: Market Action Index Strong Seller’s Market, but Cooling • An MAI over 30 indicates a seller’s market • Still a strong seller’s market, but it has cooled considerably since Spring 2013.
  4. 4. Brookline: MAI by Price Quartiles Seller’s market in all price ranges Market heats up, through 2013 Market Recovery, early 2012 • Second quartile, with a median price of approximately $700,000 is the strongest seller’s market. • Bottom quartile, with a median price of approximately $350,000, is the weakest, due to lower demand.
  5. 5. Brookline: Median Asking Price by Quartiles Median asking price of listings on market. • Asking price is a good leading indicator. Real estate stats are usually of sold properties • Top quartile median prices are climbing due to demand for luxury condominiums.
  6. 6. Brookline: Inventory of Listings Number of condos available for sale. • Current inventory of about 50 condos, 25% of peak inventory. • Peak inventory in July 2011 if approximately 200 condos. • Seasonal dips are normal, but this year’s seasonal low is exceptionally low.
  7. 7. Brookline: Median Asking Prices Median Prices of onmarket listings • Seasonal dips are normal. • Current seasonal low still above seasonal lows of previous years. • This is probably due to lack of inventory, especially in high-end condominiums.
  8. 8. Brookline: Median Asking Price per Square Foot Per Square foot prices are climbing • Per Square Foot is a great way to look at price changes. • From trough of July 2012 to today’s peak, a rise of approximately 16%.
  9. 9. Focused Look at the Coolidge Corner condominium market, zip code 02446
  10. 10. Coolidge Corner: Inventory of Condominiums for Sale Incredible drop in inventory. • Condo inventory in Coolidge Corner peaked in July 2011, with about 114 properties. • In January 2014 there are approximately 23 properties, lower than off season inventory of 2013!
  11. 11. Coolidge Corner: Median Asking Price per Square Foot Coolidge Corner prices soar. • Price per square foot is approximately 13% higher than the low in July 2012. • Price per square foot for Coolidge Corner condos is higher than the rest of Brookline.
  12. 12. Coolidge Corner: Average Days on Market Condos Sell Quickly • Stale inventory sell off quickly second half of 2013, as fewer new listings come on market. • Average days on market of condos in Coolidge Corner is approximately 32 days.
  13. 13. Coolidge Corner: Market Action Index Still a Sellers’ Market Seller’s market cooling off. • Seller’s market when MAI is above 30. • Market cooling off, but still in seller’s favor. • Coolidge corner condo market mirrors the rest of the town of Brookline in the MAI level.
  14. 14. What to Expect in 2014 • Market more even handed in buyer’s favor, but still tight. • Many more buyers entering the market. • Many sellers ready to sell as they realize the appreciation of their properties. • Multiple offers and “frenzy” quiets by summer 2014.
  15. 15. What About Home Sellers? • Condo sellers in Brookline will do well in 2014 and 2015. • Current conditions are ripe for a quicker sale. • Ultimately, it is up to you and your timeline and needs.
  16. 16. Keep Up With the Market Click to sign-up for your weekly updates and leading indicators of the local real estate market!
  17. 17. (617) 807 - 0471 Ruth.Lerner@raveis.com RuthMalkinLerner.com

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