A BOOMING MARKET IN GREATER BOSTON |
Posted: May 14, 2012 |
Despite the gloom and doom we hear on the national news regarding the housing market, sellers in the Boston area have reason to be optimistic. Data collected by Coldwell Banker Residential Real Estate shows the following: For single family homes in Brookline, MA, the height of the market was 2005 with a dip in average prices for homes sold in 2006. In 2007 prices rebounded to about the same levels as 2005. 2009, 2010, and 2011 showed a steady increase in prices almost to the level of 2007. We don't have sufficient data 2012 because many sales haven't closed yet, but from experience, I know prices are rising. Condos prices in Brookline, MA hit a high in 2005, but by 2011 the average selling price had gone slightly above the 2005 point. Year to date 2012 shows average sale prices are up from last year. Allston/Brighton (Boston) single family homes reached their peak in 2005, dipped in 2006, had a partial rebound in 2007 and then went into a steady decline through 2011. Year to date average selling price shows a slight increase over 2011 prices. In Allston/Brighton average sales prices for condos show a decline since 2008 but a steadying out from 2011 to April, 2012. Multi-family homes in Allston/Brighton have come up considerably since the low of 2010 and show that so far in 2012, the average selling price is higher than in 2011. The 2010 average was $575,624 and 2012 (so far) averaging $607,793. In addition to the dry statistics, the good news is that properly priced properties are selling quickly in the greater Boston area. I recently wrote offers above the asking price on 5 single family homes for one family. They lost out to higher bids, some offering cash deals, on all five. On the 6th property, one they had truly "fallen in love with", they bid $50,000 over the asking price to be sure they got that home. And they did! I have clients who have been renting for many years who see that home/condo prices are beginning to rise (along with rents) and have decided to buy a home while interest rates are still low. They are excited about finally being owners. They know that one becomes "invested" in a home of own's own in a way that doesn't happen for renters. To finally feel that you can paint your walls in colors that make you feel good, can hang mirrors or pictures that might previously been prohibited by a landlord gives a sense of freedom and comfort. Walking into your own home at the end of a day is a great feeling. Try it...you'll like it!
|
|||||||||||||||||||||||||||||||
|