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

Impact of Rising Rates When Buying a Home

December 15, 2010

There has been much volatility in the 30 year mortgage rate over the last few weeks. According to Freddie Mac, rates have soared almost a half of a percent in just the last four weeks and now are as high as they have

(Click to view the original BLOG entry for a great explaination of how an increase interest rates reduces buying power and potential sale prices)

Impact of Rising Rates When Buying a Home.

SELLING A HOME DOESN’T HAVE TO BE CHILLY

December 14, 2010

As we hunker down and prepare ourselves for the wintry chill ahead, many home sellers consider taking their home off the market. However, there can be some real benefit for those home sellers who brave the cold and keep their homes on the market during the winter months.

Though it is true that spring and early summer are the heavy selling seasons, not many realize that selling in winter can be just as profitable, and it may even be a better time to feature your property.

During the winter months there tends to be less homes on the market which means less competition. Less competition gives home sellers more opportunity to showcase their property and make their home stand-out from the rest.

Selling during the winter season will also let home sellers take advantage of the holiday decorations which help to make homes look more cozy and inviting. The lack of leaves on trees can let the light in, and also highlight a wonderful view that would normally be shrouded in spring and summer.

Here are several tips to help you market your home successfully during the winter months:

Clear debris from your gutters to keep ice and snow at bay. Remove fallen leaves and other foliage before the first snow fall. If it does snow, make certain that all entrances to the home and driveway are easily accessible and clear of any ice. Be sure to wash the windows to take advantage of any spectacular views, and light a fire during an open house if you have a fireplace.

Of course, work with your sales professional to ensure that your property is properly priced for the market. Don’t forget that while there may be fewer buyers in the market during the winter, there are still buyers out there who are looking for a deal and their perfect home.

If you would like more information about how to successfully market your property during the winter season, please email or call me anytime.  Newton home inventories are low and good property continues to sell quickly!

This information is partly provided by Coldwell Banker Residential Brokerage, December 2010

Greater Boston Real Estate Market – Monthly Review

December 7, 2010

“So how’s the market?”  That’s the question I expect to hear a few hundred times during this holiday season.  As you can see from the below numbers, it continues to be a difficult question to answer because it depends largely on the individual’s circumstance – are you planning to buy, sell, invest or rent?  And of course location will always play an important role.

In a nutshell, the market is reasonably stable and the numbers continue to look good.  Boston proper is strong and up … on average the towns listed below are only off the 2005/ 2006 high by about 5.5%.  Interest rates are still at historic lows and inventories are relatively low (expected to jump in mid-Jan. due to the spring market).

I will be tracking afford-ability closely.  Knowing that most people budget on a monthly basis, an increase in interest rates with continued market recovery will quickly bring the afford-ability level to the same seen in 2005/2006.

Towns / Location	Year Over Year % Change	Units Listed	Units Selling Each Month	Average Sale Price 2010 (M)	Average Sale Price 2009 (M)
Boston	18%	1188	283	$549	$449
Middlesex County	7%	3125	879	$434	$403
Andover	16%	73	27	$538	$452
Allston	-3%	19	3	$228	$235
Arlington	10%	73	33	$470	$421
Bedford	-7%	29	9	$549	$589
Belmont	1%	40	15	$652	$647
Billerica	5%	74	26	$314	$298
Brookline	6%	125	33	$756	$709
Brighton	-4%	56	14	$306	$317
Burlington	6%	45	14	$418	$394
Cambridge	-2%	160	47	$601	$616
Concord	10%	64	14	$778	$701
Lexington	-4%	74	26	$649	$677
Lincoln	7%	19	2	$949	$887
Natick	8%	61	24	$447	$413
Needham	-3%	60	25	$725	$749
Newton	5%	156	53	$743	$707
Somerville	8%	84	28	$426	$394
Sudbury	16%	68	18	$703	$593
Waltham	0%	124	31	$367	$368
Watertown	8%	78	15	$382	$352
Wayland	21%	47	12	$672	$528
Wellesley	-8%	92	19	$944	$1,024
Weston	7%	60	9	$1,277	$1,186
West Roxbury	14%	60	19	$397	$342

Homeownership is Still the American Dream

November 18, 2010

The National Association of Realtors (NAR) recently released its annual Housing Opportunity Pulse Survey which questioned Americans from across the nation on their attitudes towards homeownership. According to the survey, homeownership still features prominently as the American dream as nearly 8 out of 10 respondents believe buying a home is a good financial decision.

Also according to NAR and its Pending Home Sales Index, pending home sales have increased for the second consecutive month rising 4.3 percent to 82.3 based on contracts signed in August. The data reflects contracts and not closings. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

That number is still low when compared to August of 2009 when it was up 103.0, but it is still a sign of improvement and we’ll take it. It’s clear that we still have a ways to go towards a full housing market recovery. Most industry experts agree that we must have further job creation and healthier consumer confidence to achieve that goal. Those surveyed also agreed that job insecurity and the lack of jobs continue to be the primary obstacle to home ownership and market recovery at this time.

For those in a position to buy, it is still a prime opportunity with historically low interest rates and a wide selection of homes that are more affordable now than ever. NAR’s survey respondents agreed, with more than two-thirds of respondents (68 percent) saying that now is a good time to buy a home.

If you are currently in the market to purchase a home, be aware that industry insiders are watching inflation rates closely right now. If inflation rates begin to rise, then so will mortgage rates. If mortgage rates rise, it could price many buyers out of their dream home.

To see what specific trends are taking place in your market area, feel free to contact me for a detailed analysis.

Provided by Coldwell Banker Residential Brokerage, NOVEMBER 2010

October Sales Statistics Update for Newton, Brookline, Waltham, Watertown & Surrounding Communities

November 11, 2010

Here are the latest numbers for the areas that I regularly cover.  Please feel free to call or email me anytime with questions.  Please note, all of the data is based on the sum average of condominiums AND single family properties, so your individual property / neighborhood information may vary.

Towns / Location	Year Over Year % Change	Units Listed	Units Selling Each Month	Average Sale Price 2010 (M)	Average Sale Price 2009 (M)
Boston	16%	1387	333	$521	$438
Middlesex County	7%	3661	983	$441	$412
Andover	13%	91	30	$564	$492
Allston	-13%	26	7	$244	$275
Arlington	13%	91	36	$477	$413
Bedford	-13%	33	9	$560	$631
Belmont	10%	39	15	$677	$611
Billerica	4%	99	26	$311	$300
Brookline	-1%	161	39	$722	$729
Brighton	2%	69	20	$311	$305
Burlington	9%	51	13	$434	$397
Cambridge	0%	207	63	$576	$576
Concord	9%	84	14	$846	$774
Lexington	3%	88	31	$701	$679
Lincoln	11%	20	4	$958	$849
Natick	0%	73	29	$419	$419
Needham	2%	84	29	$727	$712
Newton	4%	207	58	$741	$711
Somerville	5%	98	34	$394	$373
Sudbury	13%	81	22	$703	$609
Waltham	2%	138	42	$368	$362
Watertown	15%	89	14	$421	$358
Wayland	5%	53	15	$587	$560
Wellesley	-6%	115	23	$915	$968
Weston	-2%	63	11	$1,245	$1,269
West Roxbury	11%	64	22	$386	$344

Greater Boston Real Estate Market Update (October 2010)

October 15, 2010

Greetings,

I apologize for compiling these numbers so late in the month – thanks for your patience.

One of the most notable points is that Boston has increased approximately 14% since this time last year (and 15% since 2006).

Other notable cities include: Newton, MA which is up 3% since the peak and 7% compared to last year.  Brookline, MA is up 7% since 2006 and 5% compared to last year.  Other areas, such as, Waltham, Weston and Wellesley are still working to improve. I expect that towns with lower price points like Waltham will continue a gentle increase while higher priced areas will continue to complete with other expensive locales which offer easier access to Boston, Cambridge and similar business centers.

About this data: All averages include combined data for single family and condominium sales.  All data is taken from the multiple listing service (MLSPIN) – 2006 data includes all sales for the entire year. You’ll notice that I use 2006 as the peak of the market (for data comparison).  The reason for this is based on the idea that the average sale price in 2005 and 2006 was virtually the same; further, many of the contracts that closed in the early part of 2006 were a result of accepted/ negotiated offers in October, November and December of 2005.

When updating the information, data is compiled using a “rolling quarter.” For example, new October numbers include sales for September, August, July. This allows for a broad enough sample to capture market trends while preventing spikes which sometimes result from unusual sales.

It is important to reiterate the fact that these are averages. Consequently, great single family sales may give the illusion that all prices are strong (i.e. condo prices) – some market segments may in fact be stagnant or slumping.

Please call or email me with any question or concerns. Definitely call or email if you would like me to look at your specific market segment. As you can see, seller’s in Brighton and Allston are experiencing two very different markets.

Thanks for checking in … please share this information with someone you know who may find it useful or interesting.

Agents, Buyers & Sellers Must Acknowledge Representation

September 30, 2010

Under Massachusetts law, buyer and seller agents must disclose agency
type and receive acknowledgement from prospective buyers and sellers at the first meeting to discuss a specific property. Alternatively, at open houses, a general agent disclosure must be placed in a prominent / visible location … this is usually displayed on the kitchen counter or table.

This disclosure need not (and is not) a contract between the two parties … instead it defines the agent’s current role with the prospective client. Failure of the agent to comply with this requirement is actually illegal and a finable offense.

Please see the below link for more information on this issue. As always, please feel free to call or email me anytime with questions or comments.

MA Brokers Get Busted for Not Disclosing Agency – Click to Read

What’s the Real Deal? The Boston, Brookline, Newton and Surrounding Markets are Ahead of the Curve

September 17, 2010

Portions of content and data provided by Coldwell Banker Residential Brokerage – 
SEPTEMBER 2010

Any home buyer or seller who peruses the news headlines can become quickly disheartened or elated depending on which publication, blog, or news station they are following. There is no doubt that conflicting information is being reported on the real estate industry on a daily basis.

The information reported is not necessarily false, but the reality is that real estate is a very local business. What is happening in regards to sales, pricing, or foreclosures nationally or even statewide, may not be the reality in your local community.

Understanding how this information impacts you directly can also be difficult to navigate. The National Association of REALTORS®, the leading source of information for the real estate industry, just reported that the national median existing-home price for all housing types was up 0.7 percent in July from a year ago; a very positive sign that home prices and the market have stabilized. Yet completed transactions dropped 27.2 percent in July from June initiating news reports that the market is far from recovery.

To confuse matters further, some online real estate companies are launching programs that allow homeowners to pre-list their homes online to test whether or not they will sell and for what price. The online community essentially weighs-in on the value of the property. Ultimately, these types of programs are forcing home buyers and sellers to rely on non-professionals and strangers to advise them on one of their most important financial and life decisions.

So what’s the real deal? How should this data impact your home buying or selling decisions? Is the market stabilizing or failing? Are these online programs reliable or risky?

It’s times like these that I can provide you with the solid facts that are relevant to you in your local area, and can guide you through this quagmire of information.

As a Coldwell Banker Residential Brokerage sales professional, I not only have the professional experience and knowledge to assist, but I deal in my local marketplaces everyday and have access to pertinent local data that can help you make sound home buying and selling decisions.

As your agent, I can help you analyze the attached market graph and explain explicitly what it means to you. I will provide you with a competitive market analysis and give expert guidance on current market conditions that impact you and your neighborhood directly.

Whether you are home seller who needs professional guidance to price a property appropriately, or a home buyer who needs a responsible representative who will lead you through the process, I can advise you, dissect those national headlines, and give you the right kind of information to help you make the decisions that are right for you.

This representation is based in whole or in part on data supplied by our MLS partners. These entities neither guarantee nor are responsible for data accuracy. Data maintained by the MLS may not reflect all real estate activity in the market.

Newton Housing Market & Real Estate Activity

September 14, 2010

Well, the fall real estate market has begun in Newton and Brookline. Today was amazing, our office tour included nearly 20 great single family homes and condos in Newton and Brookline. With relatively low inventories and amazing interest rates, these sellers are smart to take action now rather than risk the unknown realities of 2011.

This much needed group of properties included everything from a condo in Upper Falls just below $375K to a magnificent estate for around $3 million West Newton Hill.

Please let me know if you have any questions about today’s market and / or what you may buy or sell for in today’s market. (Good things are happening for informed people.)

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