Newton Colleges Create Boston Area Empty Nesters – Is Now The Time To Sell?
July 16, 2011
This summer leaves many empty nesters planning their bright new futures as well and wondering what to do with the family home. Is it the right time to sell? Will the sale enable the family to afford college tuition and purchase another home at the right price and size? Will there be enough to purchase the dream vacation home as well? There are numerous factors to consider when making a decision on one of the largest investments a family will make.
Lawrence Yun, chief economist of the National Association of Realtors, said in a recent release that existing-home sales nationwide have been underperforming by historical standards and will rise gradually but unevenly. Though this statement is true, it is important to keep various factors in perspective and understand how they impact you as a home seller or buyer in today’s environment.
According to NAR, the median price of existing homes increased an average of more than 6% every year between 1968 and 2008, with home values nearly doubling every 10 years. If a homeowner purchased their home 10 or more years ago, the home could have a wealth of equity and offer a significant return on investment if sold in today’s market.
Additionally, the market is ripe for homebuyers. Affordability is the best that it has been in years and mortgage rates are still relatively low. Five-plus years ago, it was the prime time to approach real estate as a financial short term investment. Now is the time, as it traditionally has been, to buy a home because one wants a solid investment for the future.
Call me to learn if the time is right for you. Using information gathered from Newton, or any other greater Boston community, I can provide you with and explain the precise factors that could impact you in your decision making process. You may just discover that now really is the perfect time to make your move as well.
July Real Estate Market Statistics for Newton, Brookline & Greater Boston
July 11, 2011
Greetings, I hope you are having a terrific Summer! Below is an updated snapshot of our marketplace. Please let me know if you have any specific questions or would like me to include a new area. You’ll see that Norfolk County is now included …
As always, please feel free to call or email me anytime!
|
Towns / Location |
Year Over Year % Change |
Units Listed |
Units Selling Each Month |
Average Sale Price 2011 (M) |
Average Sale Price 2010 (M) |
| Boston |
10% |
1546 |
466 |
$547 |
$493 |
| Middlesex County |
3% |
4524 |
1,239 |
$460 |
$445 |
| Norfolk County |
1% |
2403 |
590 |
$490 |
$486 |
| Andover |
-1% |
141 |
34 |
$521 |
$528 |
| Allston |
9% |
25 |
8 |
$303 |
$276 |
| Arlington |
2% |
109 |
49 |
$482 |
$473 |
| Bedford |
-8% |
52 |
11 |
$577 |
$623 |
| Belmont |
8% |
58 |
26 |
$724 |
$663 |
| Billerica |
0% |
127 |
26 |
$302 |
$301 |
| Brookline |
4% |
170 |
76 |
$750 |
$719 |
| Brighton |
-9% |
88 |
26 |
$288 |
$315 |
| Burlington |
-4% |
63 |
16 |
$402 |
$419 |
| Cambridge |
1% |
209 |
88 |
$579 |
$571 |
| Concord |
-9% |
83 |
23 |
$723 |
$785 |
| Lexington |
0% |
105 |
47 |
$819 |
$816 |
| Lincoln |
-11% |
30 |
5 |
$991 |
$1,098 |
| Natick |
9% |
115 |
47 |
$445 |
$406 |
| Needham |
-1% |
111 |
37 |
$769 |
$780 |
| Newton |
10% |
265 |
79 |
$806 |
$722 |
| Somerville |
3% |
151 |
43 |
$403 |
$391 |
| Sudbury |
7% |
97 |
22 |
$714 |
$661 |
| Waltham |
-6% |
157 |
43 |
$366 |
$387 |
| Watertown |
3% |
75 |
27 |
$373 |
$362 |
| Wayland |
-9% |
80 |
19 |
$606 |
$660 |
| Wellesley |
8% |
113 |
38 |
$1,207 |
$1,106 |
| Weston |
-22% |
69 |
13 |
$1,142 |
$1,395 |
| West Roxbury |
-1% |
93 |
27 |
$406 |
$410 |
Real Estate Sales Statistics for Newton and Greater Boston Communities
June 6, 2011
The Boston and Greater Boston real estate markets continue to charge on! Depending on your price point, the market is hot – for others, it’s not.
As you can see (below) the Boston market and Middlessex county are both doing better than a year ago. Although we are seeing substantially fewer transactions (Newton for example is down 19% when comparing Q1 2010 to Q1 2011), homes continue to sell. Here’s the catch, location counts and features are critical. If you don’t have one, or both of these, you may find yourself waiting to sell. Although there is not general rule of tumb, it’s important to compare your property to the competition’s and offer more – for a better price.
Each price point demands different features and buyer expectations can vary, so feel free to call or email me if you’d like a no charge evaluation. The payoff to being prepared will net you more and leave your competition wondering why the buy choose your home over theirs.
| Towns / Location | Year Over Year % Change | Units Listed | Units Selling Each Month | Average Sale Price 2011 (M) | Average Sale Price 2010 (M) |
| Boston | 9% | 1892 | 362 | $539 | $488 |
| Middlesex County | 5% | 5193 | 951 | $440 | $418 |
| Andover | -4% | 164 | 22 | $483 | $502 |
| Allston | 18% | 32 | 7 | $334 | $274 |
| Arlington | -1% | 126 | 31 | $464 | $470 |
| Bedford | -1% | 56 | 8 | $542 | $550 |
| Belmont | 15% | 81 | 18 | $724 | $618 |
| Billerica | -8% | 125 | 20 | $292 | $314 |
| Brookline | 8% | 239 | 53 | $712 | $656 |
| Brighton | -17% | 106 | 20 | $276 | $324 |
| Burlington | -1% | 79 | 12 | $403 | $407 |
| Cambridge | 12% | 293 | 60 | $574 | $506 |
| Concord | -27% | 101 | 15 | $649 | $821 |
| Lexington | -3% | 151 | 35 | $798 | $818 |
| Lincoln | -45% | 37 | 5 | $873 | $1,269 |
| Natick | 10% | 144 | 33 | $440 | $397 |
| Needham | -3% | 130 | 33 | $748 | $770 |
| Newton | 11% | 298 | 56 | $790 | $703 |
| Somerville | 8% | 177 | 29 | $397 | $366 |
| Sudbury | 1% | 127 | 16 | $644 | $637 |
| Waltham | -2% | 166 | 38 | $363 | $369 |
| Watertown | 4% | 80 | 18 | $370 | $354 |
| Wayland | -5% | 105 | 13 | $581 | $610 |
| Wellesley | 19% | 125 | 27 | $1,319 | $1,070 |
| Weston | 26% | 88 | 9 | $1,942 | $1,442 |
| West Roxbury | 6% | 189 | 16 | $417 | $392 |
Record-setting residential sale – $100 million! (Newton & Brookline Real Estate Expert Mike Hughes)
April 20, 2011
PRESS RELEASE
For Immediate release
CONTACT: Mike Hughes
617-610-0716
realtor@mphughes.com
Record-setting residential sale — $100 million!
Russian billionaire buys Silicon Valley home Luxury housing market showing signs of recovery
(April 2011) – In a transaction which set a record for most expensive U.S. residential sale ever, Russian billionaire Yuri Milner (who heads Digital Sky Technologies) has reportedly paid $100 million for a 25,500-square-foot Los Altos Hills (CA) home which was not even listed for sale. This record-setting sale is just one indication that the wealthy have opened their wallets and are shopping for homes again
Nationally, the million dollar and above housing market rose 4% in February year-over-year as luxury buyers snapped up homes, often for all cash. The jump in luxury purchases is counter to the real estate resale trend in general. In February, total residential sales dropped 2.8% as compared to February a year ago.
“Evidence of this positive trend for luxury home sales is evident in Newton and Brookline, MA (too),” said Mike Hughes, a luxury real estate professional with Coldwell Banker Residential Brokerage. “During the last three months, approximately 40% of the single family sales in Brookine and Newton closed for more than $1,000,000. Although there were two which took a bit longer, these properties closed in less than 6 months.”
“While we don’t have triple digit luxury homes in our market,” said Mike Hughes we currently have 94 homes priced at $1 million or more listed for sale. 82 million dollar plus properties have sold in the last six months. The most expensive home for sale locally has an asking price of $13,995,000. This property is located in Brookline, MA on Lee Street. This wonder manse is situated on more than three lush acres. The three story 20 room brick home was built in 1929 and has been fully renovated to include such amenities as a four car garage and indoor swimming pool.
Why the rise in luxury sales? According to Laurie Moore-Moore, Founder of The Institute for Luxury Home Marketing, an organization which trains luxury agents internationally, “The number of wealthy households in the U.S. and world-wide is almost back to where it was before the downturn. Add the fact that many high net worth individuals are reassessing their investments and rethinking how and where to invest. High-end U.S. residential real estate is now attracting many of these dollars, Euros, and Rubles. This bodes well for the luxury home market in the short term. Luxury may well be the real estate segment that leads the recovery.”
Newton & Greater Boston Real Estate Statistics (through 4-8-11)
April 20, 2011
So, here are the current (to April 8, 2011) real estate statistics for Newton, Brookline, Waltham, Watertown and most of Greater Boston. Please share your comments and forward this info. to anyone you think may appreciate it …
As always, please email or call me anytime with questions.
| Towns / Location | Year Over Year % Change | Units Listed | Units Selling Each Month | Average Sale Price 2010 (M) | Average Sale Price 2009 (M) |
| Boston | 10% | 1652 | 250 | $563 | $509 |
| Middlesex County | 7% | 3895 | 689 | $434 | $404 |
| Andover | 7% | 114 | 17 | $494 | $461 |
| Allston | 6% | 22 | 6 | $320 | $300 |
| Arlington | 1% | 98 | 22 | $452 | $446 |
| Bedford | 3% | 27 | 7 | $530 | $512 |
| Belmont | 19% | 69 | 10 | $743 | $602 |
| Billerica | -6% | 97 | 15 | $298 | $315 |
| Brookline | 11% | 207 | 29 | $721 | $644 |
| Brighton | -7% | 89 | 18 | $281 | $302 |
| Burlington | -9% | 46 | 10 | $379 | $414 |
| Cambridge | 1% | 282 | 39 | $635 | $630 |
| Concord | -10% | 79 | 13 | $746 | $821 |
| Lexington | 3% | 97 | 21 | $821 | $795 |
| Lincoln | -2% | 16 | 4 | $826 | $843 |
| Natick | 3% | 117 | 25 | $430 | $418 |
| Needham | 1% | 102 | 14 | $736 | $728 |
| Newton | 17% | 282 | 38 | $832 | $692 |
| Somerville | 6% | 134 | 20 | $393 | $370 |
| Sudbury | -12% | 80 | 8 | $597 | $671 |
| Waltham | -2% | 119 | 24 | $338 | $345 |
| Watertown | 3% | 71 | 18 | $364 | $353 |
| Wayland | -3% | 67 | 9 | $532 | $549 |
| Wellesley | 4% | 127 | 19 | $1,198 | $1,145 |
| Weston | 49% | 71 | 7 | $2,428 | $1,249 |
| West Roxbury | 13% | 90 | 9 | $380 | $332 |
Spring Traditions
Provided by Coldwell Banker Residential Brokerage & Mike Hughes
We all have our favorite harbingers of spring; later sunsets, the Groundhog Day ceremony, and for millions of families, spring break. Whether one has children or not, spring vacation is a tremendous respite and a much welcomed tradition for those who have endured a harsh winter.
If you have spring break plans, here are several tips to keep your home and property safe while escaping to more exciting locales and hopefully balmier climes. Ask a neighbor to collect your mail or have your mail held for you at the post office. Install light timers, which you can purchase at most hardware stores, throughout your home. Lock away important valuables, documents, and medications in a safe or a safety deposit box. Don’t forget to secure all windows and doors before you leave.
For those of you selling your home, be sure to leave it sparkling clean and fresh in the event of a scheduled showing while you’re away. It’s true that historically home sales tend to slow during the frosty months, particularly during those unforgiving winters. For serious home buyers, however, no amount of snow or icy conditions can keep them at bay.
The month of December is a perfect example. One would expect that with stormy weather and the approaching holidays, home buyers would have been few and reluctant to move. However, existing-home sales rose 12.3 percent to a seasonally adjusted annual rate of 5.28 million in December 2010, when sales increased for the fifth time in six months, according to the National Association of REALTORS®.
Of course real estate is very local. Regardless of seasonal trends, one community may show signs of slowing sales activity, while another may experience an increase for various reasons. Enjoy your spring break, it was well earned!
Newton, MA Real Estate Statistics & Trends
February 25, 2011
The below graph is a basic representation of the current real estate market trends in Newton, MA. This graph is updated daily with the most current available information. As you know, each neighborhood and property requires specific analysis when considering price. Please always feel free to call or email me if you, or someone you know, have any real estate questions or needs.
Have a great weekend,
Mike
Newton, MA & Greater Boston Real Estate Statistics
February 16, 2011
The numbers are in … and inventories continue to remain low! The below data is for the last three months – please be sure to let me know if you have any questions. (This information is based on a rolling quarter with combined data for single family homes and condominiums.)
As you would expect, each property and neighborhood deserves individual analysis. As you prepare to buy or sell this spring, please call me so that we can discuss your situation and pricing specific to your area.
Real estate markets like Newton and Brookline continue to see strong sales and low inventories … buyers are eager to find their new homes before rates increase and the summer months come – email or call me anytime with questions – now is a great time to sell!
| Towns / Location | Year Over Year % Change | Units Listed | Units Selling Each Month | Average Sale Price 2010 (M) | Average Sale Price 2009 (M) |
| Boston | 19% | 815 | 298 | $599 | $488 |
| Middlesex County | 6% | 1954 | 815 | $444 | $416 |
| Andover | 6% | 53 | 25 | $503 | $474 |
| Allston | 2% | 7 | 4 | $286 | $280 |
| Arlington | 5% | 38 | 34 | $465 | $442 |
| Bedford | -7% | 13 | 7 | $508 | $543 |
| Belmont | -4% | 27 | 17 | $613 | $639 |
| Billerica | 7% | 45 | 23 | $316 | $293 |
| Brookline | 1% | 66 | 37 | $726 | $721 |
| Brighton | 0% | 34 | 17 | $301 | $301 |
| Burlington | -10% | 22 | 12 | $356 | $391 |
| Cambridge | 7% | 99 | 55 | $669 | $624 |
| Concord | 9% | 32 | 18 | $795 | $727 |
| Lexington | 7% | 27 | 22 | $799 | $747 |
| Lincoln | 4% | 7 | 3 | $791 | $761 |
| Natick | -5% | 52 | 32 | $415 | $436 |
| Needham | 2% | 39 | 20 | $846 | $827 |
| Newton | 5% | 94 | 53 | $774 | $739 |
| Somerville | 17% | 55 | 21 | $430 | $355 |
| Sudbury | -2% | 30 | 14 | $616 | $628 |
| Waltham | -5% | 53 | 26 | $340 | $357 |
| Watertown | 2% | 51 | 19 | $379 | $372 |
| Wayland | 32% | 15 | 6 | $720 | $490 |
| Wellesley | -5% | 43 | 23 | $1,046 | $1,096 |
| Weston | 18% | 29 | 7 | $1,411 | $1,161 |
| West Roxbury | 0% | 32 | 14 | $361 | $360 |
Coldwell Banker Previews
February 7, 2011
As the Hollywood Awards Season takes center stage and we gather for viewing parties to celebrate the films that inspired and challenged us, we explore entertaining at home in style with one of the nation’s most renowned chefs, Todd English. Click to read more: Coldwell Banker Previews.
Coldwell Banker Previews International is the leader in luxury real estate in the Los Angeles area. Premium Properties for Premium Clients Since 1933.
IS 2011 THE YEAR OF RECOVERY?
January 25, 2011
The below content is partly provided by Coldwell Banker Residential Brokerage – JANUARY 2011
As we kick-off the new year and make resolutions to keep our resolutions, one question is still at the forefront of many minds. Will the housing market and the economy overall improve in 2011? Depending on what you’re reading or who you’re watching, the opinions of economists and real estate industry watchers are varied. It’s not easy to predict what the market will do in the coming year, especially without the help of a crystal ball. However there are some key indicators to follow.
Most agree that the housing market recovery is largely based on the recovery of the job market. Consumers will make a down payment and purchase a home when they feel financially stable and secure.
According to a U.S. Bureau of Labor Statistics report released in December, 28 states and the District of Columbia posted unemployment rate decreases from a year earlier though the national jobless rate approached 9.8 percent in November.
In December, the Labor Department issued statistics that showed applications for jobless insurance payments fell by 3,000 sending the average in December to the lowest level since August 2008, and fewer workers filed claims for unemployment possibly signaling that the U.S. job market is improving if only slightly.
Another indicator to watch is pending home sale statistics. According to the National Association of REALTORS® (NAR), pending home sales jumped in October, showing a positive uptrend since bottoming in June. The NAR Pending Home Sales Index rose 10.4 percent to 89.3 based on contracts signed in October from 80.9 in September. Of course the index remains 20.5 percent below when compared to the same time last year as buyers rushed to meet the Tax Credit deadline in 2009.
Overall, these numbers are positive, but we still have some way to go before a full recovery is realized. “It is welcoming to see a solid double-digit percentage gain, but activity needs to improve further to reach healthy, sustainable levels,” said Lawrence Yun, NAR chief economist. “The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process going into 2011,” he said.
If you are in the process of buying or selling a home, it’s important for us to discuss these factors. I am always happy to provide inventory levels, days on market and recent sales which can affect your home purchase and home sale goals.
I am hopeful that 2011 will bring a revived economy and a stable housing market. I look forward to welcoming in the new year and assisting you with all your real estate needs in 2011 and beyond.
Year End Real Estate Values for Newton, MA and Surrounding Areas
January 11, 2011
Happy New Year!
Inventory is low, prices are relatively strong and interest rates remain at historic lows. New inventory is quickly coming on the market, so I expect the absorbtion rate to increase. Today, I have just returned from our company broker open house tour. Many beautiful new homes and condominiums have just been listed for sale in Newton and Brookline … despite the weather and anticipated storm, the spring market is starting to announce itself.
Let me know if you would like to have this information automatically emailed to you each month. Also for a specific report relavent to your home or neighborhood, simply email or call me anytime.
Keep in touch,
Mike
Below is data based on a rolling 3 month quarter for the period ending 1/7/11. All data is taken directly form the Multiple Listing Service (MLSPIN).
| Towns / Location | Year Over Year % Change | Units Listed | Units Selling Each Month | Average Sale Price 2010 (M) | Average Sale Price 2009 (M) |
| Boston | 19% | 776 | 304 | $581 | $471 |
| Middlesex County | 7% | 2228 | 887 | $439 | $407 |
| Andover | 9% | 59 | 28 | $500 | $457 |
| Allston | 7% | 8 | 4 | $269 | $250 |
| Arlington | 9% | 46 | 37 | $470 | $429 |
| Bedford | -10% | 12 | 8 | $511 | $562 |
| Belmont | 2% | 28 | 17 | $661 | $651 |
| Billerica | 12% | 53 | 27 | $320 | $283 |
| Brookline | 0% | 66 | 38 | $701 | $702 |
| Brighton | -7% | 25 | 16 | $284 | $303 |
| Burlington | -4% | 29 | 14 | $373 | $387 |
| Cambridge | 5% | 93 | 54 | $645 | $615 |
| Concord | 10% | 26 | 15 | $786 | $707 |
| Lexington | 1% | 40 | 23 | $715 | $711 |
| Lincoln | -8% | 8 | 3 | $786 | $851 |
| Natick | 3% | 53 | 30 | $430 | $417 |
| Needham | -11% | 35 | 22 | $725 | $803 |
| Newton | 2% | 85 | 56 | $739 | $726 |
| Somerville | 9% | 62 | 23 | $407 | $372 |
| Sudbury | 15% | 37 | 21 | $701 | $597 |
| Waltham | -3% | 74 | 29 | $359 | $368 |
| Watertown | 5% | 49 | 18 | $377 | $359 |
| Wayland | 25% | 21 | 11 | $655 | $493 |
| Wellesley | 1% | 52 | 22 | $1,095 | $1,081 |
| Weston | 14% | 32 | 9 | $1,261 | $1,090 |
| West Roxbury | 13% | 37 | 18 | $400 | $347 |
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