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The charts below are excerpts from the December market reports generated by the Greater Boston Association of Realtors. The large black numbers in the top right reflect the year over year numbers. The right column "Year to Date" reflects the overall 2013 market vs 2012; the bold blue paragraphs summarize the highlights reflecting the 2013 vs 2012 statistics in each area.
Days on market = number of days between date home listed, and date home under agreement/off market (not final date sold/close date)
Months of supply = if no more property were to come on the market, how long before all of the homes are gone (also known as absorption rate)
Percent of original list price = how close to asking price final sales price was (i.e. 100% = sold for asking, 95% would be 5% less than asking)
In Allston/Brighton, the median sales price was up about 16% for single fams & 20% for condos. The average percent of list price to sales price was 100% for single fams and 100.4% for condos - meaning typically homes sold for AT LEAST asking price. Average days on market for single fams was 33 days, 23% less than 2012; and 28 days for condos, a HUGE almost 50% less than 2012.
In Brookline, the median sales price was up about 8.5% for single fams & 11.7% for condos. The average percent of list price to sales price was 96.6% for single fams and 101.4% for condos -
meaning typically CONDOS in Brookline sold for at least asking price.
Average days on market for single fams was 80 days, which was still 11.6% less than 2012; and 26 days for condos, a HUGE over 50% less than 2012.
In Southie, the median sales price was up about 1.2% for single fams & 10.9% for condos. The average percent of list price to sales price was 98.4% for single fams and 99.5% for condos - meaning both typically sold close to/within 2% of original asking price. Average days on market for single fams was 27 days and 31 days for condos, both numbers over 50% less than 2012.
In all of Boston, the median sales price was up about 13.8% for single fams & 8.5% for condos. The average percent of list price to sales price was 97.8% for single fams and 98.8% for condos - meaning typically homes sold for close to/within 3 percent of original asking price. Average days on market for single fams was 55 days, which was still 36.9% less than 2012; and 46 days for condos, down over 40% less than 2012.
In Waltham, the median sales price was up about 12% for single fams & almost 7% for condos. The average percent of list price to sales price was 97% for single fams and 97.3% for condos - meaning typically both sold for near/within 3 percent of original asking price. Average days on market for single fams was 49 days and 46 days for condos, both numbers close to 50% less than 2012.
In Watertown, the median sales price was up about 13.5% for single fams & almost 11% for condos. The average percent of list price to sales price was 98.2% for single fams and 98.4% for condos - meaning typically both sold for near/within 2 percent of original asking price. Average days on market for single fams was 44 days, almost 30% less than 2012; and 41 days for condos, more than 50% less than 2012.
In Somerville, the median sales price was up about 17.8% for single fams & 9.1% for condos. The average percent of list price to sales price was 102.3% for single fams and 101.6% for condos - meaning typically both sold for OVER asking price. Average days on market for single fams was 32 days, almost 50% less than 2012; and 37 days for condos, over 40% less than 2012.
In Cambridge, the median sales price was up 2% for single fams & up 15% for condos. The average percent of list price to sales price was 102% for both single fams and condos - meaning typically both sold for OVER asking price. Average days on market for single fams was 34 days, down about 33% less than 2012; and 38 days for condos, over 30% less than 2012.
In Natick, the median sales price was up almost 5% for single fams & DOWN over 25% for condos. The average percent of list price to sales price was 97.1% for single fams and 97.8% for condos - meaning typically both sold for near/within 3 percent of original asking price. Average days on market for single fams was 59 days, about 15% less than 2012; and 54 days for condos, over 40% less than 2012.
Overall re-cap and theme - median sales price is up in most areas, days on market is down meaning homes are selling faster, and most homes are selling for within a few percent of asking price, and in some hotter areas, over asking price. While 2014 is expected to be similar, we are slowly seeing an uptick in inventory in some areas. Again, being PREPARED is always the most important factor when starting your home search. Being prepared includes learning the market, talking to a lender, understanding what you can afford/costs to expect now and down the line, and working with a great agent!
If there's any specific area, city or town you'd like to hear more about within an hour or so of Boston, email me anytime & I'll send along the reports and any information!
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