Area Condo Sales: Up! Down! Sideways! | Think Real Estate Services

CONDOMINIUM SALES IN TEN BOSTON AREA COMMUNITIES

? (2009 to 2011, and 6 months 2012)

July 25, 2012

Compiled by Mitchell Kur, Principal,?Principle, Think Real Estate Services, Newton, MA

Data Source: MLSPIN

For the cost of the down payment on a condominium in Brookline, you can you can buy a condo in Framingham. In real estate, location is the all-powerful factor.

TABLE 1. ? CONDOMINIUM SALES IN 10 BOSTON AREA COMMUNITIES 2009-2012

?	2009 ? ? ? No. Sold ???????? Median Price $ / Avg. Price $ Avg Days on Mkt	2010 ? ? ? ?No. Sold ???????? Median Price $ / Avg. Price $ Avg Days on Mkt	2011 ? ? ? ?No. Sold ???????? Median Price $ / Avg. Price $ Avg Days on Mkt	6 mo 2012 No. Sold Median Price $ / Avg. Price $ Avg Days on Mkt
_______________	_________________	_________________	_______________	__________________
BROOKLINE	506 455,000/534,349 79	493 468,000/525,805 74	473 490,000/562,063 75	323 500,000/566,485 68
CAMBRIDGE	668 415,000/459,539 78	662 425,000/493,517 82	714 422,250/498,299 82	335 445,000/497,714 68
NEWTON	240 423,750/472,181 102	262 403,250/465,320 126	248 414,000/470,848 107	146 436,250/505,667 101
SOMERVILLE ? ?	361 363,000/371,882 90	374 359,000/378,174 84	352 365,500/390,797 89	221 391,000/400,993 71
JAM. PLAIN/BOS ? ?	323 317,900/350,516 86	325 321,500/354,894 80	299 316,800/351,687 87	179 330,000/365,712 68
NATICK ? ?	129 309,000/320,814 93	173 370,000/347,573 113	188 379,120/354,514 143	84 339,000/331,267 98
WALTHAM ? ?	265 311,000/311,728 91	207 316,000/318,322 87	172 292,250/310,977 104	98 327,500/329,900 90
ROSLINDALE/BOS ? ?	127 263,500/250,714 102	101 270,000/260,634 86	88 264,750/266,003 118	34 260,308/256,862 101
BRIGHTON/BOS ? ?	244 257,750/290,644 79	269 255,000/291,090 89	243 246,000/276,310 94	129 253,000/281,148 74
FRAMINGHAM ? ?	174 85,000/104,740 141	141 120,000/131,518 111	92 86,450/110,627 88	67 107,125/122,016 98

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Table 1, above, reflects the recent history of condo sales in ten of the cities, towns, and neighborhoods we serve. The communities are listed from highest to lowest average condominium prices. Both median prices and average prices are shown for each period. The data suggest:

?? Condo values in the higher priced communities are rising.

?? In lower priced communities, values remain static.

?? The number of condos sold each year remains fairly consistent in most of these communities.

?? Exceptions are Waltham, Roslindale, and Framingham, where the number of units sold has decreased significantly over the past three full years.

?? Somerville shows increased buyer demand, reflected by a significantly higher rate of condo sales so far this year, an upward bump in prices, and fewer days on market.

?? Looking at the three-plus year trends, buyers may find better condo values in Natick and Waltham, as well as continued very low prices in Framingham.

In contrast, the downtown neighborhoods of Boston (Beacon Hill, the Fenway, the North End, and South Boston) experienced record high prices and sharply increased volume in Q2 this year compared to same period in 2011, as reported by Jenifer B. McKim in The Boston Globe on July 24, 2012. Condo sales rose by nearly 36% to 1,050 units while prices rose 3.3% to a six-year high of $515,000 (median).

The current condominium inventory is low in these Boston neighborhoods, creating increased demand and competition among buyers for available units.

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TABLE 2. CONDOMINIUMS LISTED FOR SALE

TEN GREATER BOSTON COMMUNITIES?JULY 2012

?	NO. OF CONDOS FOR SALE	AVERAGE LIST $ PRICE	LOWEST / HIGHEST LIST $ PRICE	AVERAGE DAYS ON MKT
BROOKLINE	81	$ 627,634	$ 199,000 / 3,500,000	76
CAMBRIDGE	142	619,030	165,000 / 4,100,000	70
NEWTON	99	544,027	165,000 / 1,429,000	108
SOMERVILLE	72	418,422	139,900 / 1,500,000	75
JAM. PLAIN/BOS	61	460,225	149,000 / 1,700,000	88
NATICK	49	363,201	127,500 / 1,150,000	86
WALTHAM	75	312,880	124,900 / 550,000	101
ROSLINDALE/BOS	33	276,630	110,000 / 499,000	82
BRIGHTON/BOS	59	486,693	154,900 / 2,499,000	82
BRIGHTON/BOS*	51	326,468	154,900 / 949,000	79
FRAMINGHAM	51	159,957	48,900 / 299,900	189

* Excludes 8 Brighton-Chestnut Hill condos from $1.0M to $ 2.5M. ? ? ? ? ? ? ? ? Data Source: MLSPIN July 24, 2012

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The situation is similar in Brookline and Cambridge, both bordering Boston, where demand is relatively high, reflected by fewer days on market. On the other hand, increased days on market for current listings in Newton, Jamaica Plain, Natick, Waltham, and Framingham suggest that buyers there are likely to be in excellent negotiating positions. See Table 2 for a summary picture of current condo listings in the ten communities.

If you are selling a condo, your broker can help you develop an effective pricing strategy. If buying, your professional agent will work with you to find a condo that balances location with your price range.

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Think Real Estate Services ?| ?191 Sumner Street, Newton Centre MA 02459 | ?info@THINKres.com

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