Real Estate Trends – Brookline, Massachusetts (Condos)

Introduction:

Welcome back again for our latest real estate market trend report.  For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward.

Today we are highlighting the Condo market in Brookline, MA in Norfolk County

 Coolidge Corner Brookline MA - Brookline Massachusetts Real Estate

We do not usually cover the same town more than once in the same month, however we covered the Single Family Market in Brookline earlier this month but since the condos are an even bigger market there and a few people asked about that so we decided to feature that today. 

Market Trends in Brookline, MA – December 2014 and 2015:

The Brookline, MA Condo market has fallen off since last year.   The average prices were down and the median prices were down significantly as well.  The days on market however are down a little.  Inventory was pretty flat going up slightly from 35 sales in December of 2014 to 37 in December 2015. 

Average Listing Prices:

We will first start off by looking at the average listing price.  For condos in Brookline, MA the average listing price in December 2014 was $924,414.  This was down to $763,447 in December 2015.  This gives a large decrease of 17.41% year over year. 

Looking at the median prices we see that they were quite a bit lower in both years.  For December of 2014 the median listing price for Brookline, MA condos were $750,000 and in December 2015 it was $639,000 which now gives a slightly smaller decrease of 14.80%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for condos in Brookline, MA in December of 2014 was $935,074 and in December 2015 that was down to $765,742.  That gives a larger 18.11% decrease compared to the average list price. 

We see the same pattern with the median sale prices as we did for the listing prices with both being much lower than the averages.  For December of 2014 the median sales price for Brookline, MA condos was $770,000 and in December 2015 it was $660,000 giving another large decrease of 14.29%. 

Prices are down quite a bit year over year in December for condos in Brookline, MA.  On the bright side the single family market we looked at a few weeks ago was down well over 30% so a decrease in teens is not quite as dramatic.  That being said it is down a lot.  Medians are generally the preferred metric to look at, so we would conclude that prices are down about 14% rather than the slightly higher drops seen with the average prices.

Average Days on Market:

Finally the last metric we look at are the average days on market, which is the measure of how long it takes for a property to sell in the current market.  For Brookline, MA condos the average days on market in December of 2014 were 42.29 and the average days on market for December 2015 were 37.32 for a fairly small 11.75% decrease. 

Brookline, Mass Summary:

The Brookline, Massachusetts Condo real estate market is down a lot since last year.  The average prices were way down and median prices were down substantially as well.  The days on market are down a small amount, which is nice but does not really make up for the large price drops.

In summary if you are looking to sell a condo in Brookline, MA now you should expect to get a lot less for it than you would have gotten last year.  You should also expect it to take just a little less time to sell compared to last year as well. 

 

Do you need to sell your Brookline, Massachusetts Condo fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

Please share your questions and comments below.

 

 

 

(Image credit: Coolidge Corner Brookline MA via Wikipedia)

 

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