Greater Boston Home Sale Prices and Real Estate Statistics
Happy New Year and welcome to 2012!
At a quick glance, it would appear that the Greater Boston real estate market is down … and it is down compared the same time last year. However, those who I’ve had the opportunity to personally talk with know that I like to use 2006 as the benchmark for the “best year ever.” So, compared to 2006, we are only down about 6.5% … Boston proper is UP a whopping 20% and Middlesex and Norfolk counties are collectively down about 10%.
The interesting thing is that some towns are still hitting it out of the park (I.e. Brookline, Lexington, Needham, Weston) while most are simply chugging along at a normal pace. Also, interest rates continue to remain at record lows and inventories are extremely low (“seller market” levels) with the typical absorption rate slightly less than 2 months.
Buyers are itching for fresh inventory, so if you are planning to sell, now is the time to start your planning. Call me today for a custom analysis of your home and neighborhood. (It’s important to note, homes must be in showroom condition to command top dollar. Although inventories remain low, buyers still perceive the market as a buyers market – in this case, perception creates reality.)
| Towns / Location | Year Over Year % Change | Units Listed | Units Selling Each Month | Average Sale Price 2011 (M) | Average Sale Price 2010 (M) |
| Boston | -6% | 604 | 309 | $548 | $579 |
| Middlesex County | -5% | 1897 | 940 | $418 | $439 |
| Norfolk County | -5% | 1119 | 433 | $430 | $450 |
| Andover | -13% | 51 | 22 | $456 | $514 |
| Allston | 23% | 4 | 3 | $324 | $249 |
| Arlington | -6% | 41 | 35 | $451 | $477 |
| Bedford | 7% | 13 | 10 | $551 | $511 |
| Belmont | -4% | 16 | 16 | $635 | $660 |
| Billerica | -12% | 62 | 24 | $283 | $317 |
| Brookline | 7% | 48 | 35 | $736 | $683 |
| Brighton | 5% | 9 | 17 | $295 | $280 |
| Burlington | 0% | 27 | 18 | $379 | $379 |
| Cambridge | -11% | 51 | 59 | $578 | $640 |
| Concord | 2% | 30 | 15 | $798 | $786 |
| Lexington | 15% | 37 | 27 | $839 | $717 |
| Lincoln | 7% | 7 | 4 | $777 | $719 |
| Natick | -14% | 58 | 39 | $384 | $437 |
| Needham | 3% | 58 | 20 | $805 | $782 |
| Newton | -8% | 81 | 52 | $678 | $733 |
| Somerville | 1% | 61 | 27 | $423 | $418 |
| Sudbury | -17% | 41 | 14 | $591 | $692 |
| Waltham | -3% | 63 | 32 | $351 | $362 |
| Watertown | 5% | 35 | 18 | $395 | $377 |
| Wayland | -6% | 39 | 9 | $623 | $658 |
| Wellesley | 3% | 36 | 17 | $1,120 | $1,086 |
| Weston | 18% | 18 | 8 | $1,536 | $1,261 |
| West Roxbury | -13% | 42 | 19 | $347 | $391 |
* All data is taken from the MA Multiple Listing Service (Property Information Network). Data is compiled based on a rolling 3-month period review of condominiums and single family properties.
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