Real Estate Trends – Brookline, Massachusetts #2

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 market in Brookline, MA in Norfolk County

 Brookline MA Photo Collage - Brookline Massachusetts Real Estate

We last looked at Brookline, MA in January ending the data from 2015 (looked at single families as well as the Condo Market there that month).

Market Trends in Brookline, MA – May 2015 and 2016:

The Brookline, MA market has fallen off since last year.   The average prices are down and the median prices were down as well.  The days on market were down quite a bit though.  Inventory was up a small amount with 14 sales in May of 2015 all the way up to 16 in May 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Brookline, MA the average listing price in May 2015 was $2,167,921.  This was down to $1,810,312 in May 2016.  This gives a very sizable decrease of 16.50% year over year. 

Looking at the median prices we see that they were lower in both years.  For May of 2015 the median listing price for Brookline, MA was $1,924,500 and in May 2016 it was $1,699,000 which now gives a somewhat smaller decrease of 11.72%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Brookline, MA in May of 2015 was $2,138,446 and in May 2016 that was down to $1,804,938.  That gives another sizable decrease of 15.60%, but a little smaller than the average list price. 

We see the same pattern that we did for the median list price.  For May of 2015 the median sales price for Brookline, MA was $1,902,500 and in May 2016 it was $1,679,250 giving another large decrease of 11.73%, and almost exactly the same as the median list price. 

Prices have declined a bit for Brookline, MA in May.  The range was not that large going from just under 12% to 16.5%.  The averages were both on the high end of the range while the medians were on the lower side.  Since medians are considered the best method to use for real estate pricing analysis we are going to give them more weight and say that prices are down the 11.7% or so that both those numbers showed vs. the 15+% seen with the average numbers.

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 the average days on market in May of 2015 were 80.79 and the average days on market for May 2016 were 40.50 for a pretty large 49.87% decrease.

Brookline, Massachusetts Summary:

The Brookline, Massachusetts real estate market is down a bit since last year.  The average prices were down quite a bit while the median prices were down almost as much.  The days on market were down a lot however.  While a little surprising and a very nice counterargument to a down market, ultimately being able to sell a house roughly 5 weeks faster does not really start to counteract 6 digit price declines.

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

 

Do you need to sell your Brookline, Massachusetts house 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: Brookline MA Photo Collage 2 via Wikipedia)

 

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)

 

Real Estate Trends – Brookline, Massachusetts

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 market in Brookline, MA in Norfolk County

 Brookline MA Town Seal - Brookline Massachusetts Real Estate

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

The Brookline, MA market has fallen off since last year.   The average prices were both down while the median prices were down significantly as well.  The days on market however are down a little.  Inventory was down some going from 17 sales in December of 2014 to 14 in December 2015. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Brookline, MA the average listing price in December 2014 was $1,913,529.  This was down to $1,412,493 in December 2015.  This gives a massive decrease of 26.18% 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 was $1,575,000 and in December 2015 it was $999,450 which now gives an even bigger decrease of 36.54%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Brookline, MA in December of 2014 was $1,970,890 and in December 2015 that was down to $1,372,964.  That gives a larger 30.34% 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 was $1,520,000 and in December 2015 it was $1,000,000 giving another huge decrease of 34.21%. 

No matter how you look at it prices are down massively year over year in December.  Best result was down over 26% by the least telling stat of average listing price.  Usually more weight is given to medians and sales are far more important than listing prices so given all 3 other metrics were down over 30% it is fair to think that is closer to the floor of the price decreases.  Looking further, since both medians were down a bit more than that, the 34% drop seen in the median sale price looks to be the most indicative.  Since the median sale price is the most used stat in quoting real estate market trends this is not surprising.

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 the average days on market in December of 2014 were 47.06 and the average days on market for December 2015 were 43.14 for a small 8.33% decrease. 

Brookline, Mass Summary:

The Brookline, Massachusetts real estate market is down tremendously since last year.  The average prices were way down and median prices were down substantially more.  The days on market are down a very small amount, which is a little surprising with such large price declines, but does little to change the conclusion of a significant decline in the market.

In summary if you are looking to sell a house 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 house 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: Brookline MA Seal via Wikipedia)