LAER Realty April 2016 Housing Report
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APRIL 2016 HOUSING MARKET ANALYSIS The spring market continues to heat up as bidding wars remain the name of the game in real estate across Massachusetts. Interestingly, in almost all of the markets except for Middlesex and the Boston luxury market, 2015 outpaced the current year as far as new properties for sale year-over-year, thus causing additional stress on a market already facing significant inventory shortages. Perhaps, the decrease in properties coming on the market year-over-year correlates back to the extreme winter conditions of 2015 in which many homeowners faced significant and lengthy repairs, delaying their selling plans. The high buyer demand, fueled by a shortage of inventory, continues to drive average prices up in most markets. The extreme exception was found in the Boston luxury-condo market where average prices for condos over $1M dropped from $1.7M to $1.5M year-over-year and luxury condos over $3M dropped from $4.7M to $4.4 million year-over-year. www.laerrealty.com • 1-844-687-5237 [email protected]
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The LAER Realty Partners April 2016 New England Housing Report shares statistics and data for several New England counties. The bonus Boston Luxury Housing report shares condo sale data for Boston in the $1M-$3M price range as well as $3M and above.
Transcript of LAER Realty April 2016 Housing Report
APRIL 2016HOUSING MARKET ANALYSIS
The spring market continues to heat up as bidding wars remain the name of the game in real estate across Massachusetts.
Interestingly, in almost all of the markets except for Middlesex and the Boston luxury market, 2015 outpaced the current year as far as new properties for sale year-over-year, thus causing additional stress on a market already facing significant inventory shortages.
Perhaps, the decrease in properties coming on the market year-over-year correlates back to the extreme winter conditions of 2015 in which many homeowners faced significant and lengthy repairs, delaying their selling plans.
The high buyer demand, fueled by a shortage of inventory, continues to drive average prices up in most markets. The extreme exception was found in the Boston luxury-condo market where average prices for condos over $1M dropped from $1.7M to $1.5M year-over-year and luxury condos over $3M dropped from $4.7M to $4.4 million year-over-year.
www.laerrealty.com • [email protected]
TOP 10 SALES OF APRIL 2016MASSACHUSETTS
$3,287,000 $3,450,000
$4,200,000$5,650,000
2 Avery Street U 21C, Boston, MA 17 Bond, Boston, MA
90 Marlborough Street, Boston, MA
$4,500,000
5 Atlantic Drive, Edgartown, MA
$4,225,000
167 Lake Avenue, Newton, MA
58 Ridge Hill Farm Road, Wellesley, MA
$3,877,000
30 Royalston Road, Wellesley, MA
$4,175,000
13 Rutland Square, Boston, MA
32 Bowdoin Street, Cambridge, MA21 Sargent Crossway, Brookline, MA
$3,570,000 $4,250,000
APRIL 2015 vs 2016MA COUNTIES
UNITS DOM UNITS AVG PRICEAVG PRICE
ESSEX COUNTYSINGLE FAMILIES
CONDOS
20162015
425377
199185
6279
5479
$450,160$419,631 12.7% 7.3%
$274,535$278,969
20162015
HAMPDEN COUNTYSINGLE FAMILIES
CONDOS
20162015
20162015
MIDDLESEX COUNTYSINGLE FAMILIES
CONDOS
20162015
20162015
7.6% -1.6%
279241
4034
8193
113117
$193,654$193,007 15.8% 0.3%
$148,838$143,422 17.6% 3.8%
776603
428367
4752
3844
$608,608$590,401 28.7% 3.1%
$478,235$403,568 16.6% 18.5%
BRISTOL COUNTYSINGLE FAMILIES
CONDOS
20162015
20162015
335265
5772
78101
7788
$296,923$287,147 26.4% 3.4%
$200,784$196,872 -20.8% 2%
NORFOLK COUNTYSINGLE FAMILIES
CONDOS
20162015
20162015
435361
169115
4956
5147
$597,792$583,941 20.5% 2.4%
$495,793$442,123 9% 12.1%
APRIL 2015 vs 2016MA COUNTIES (CONT.)
PLYMOUTH COUNTYSINGLE FAMILIES
CONDOS
20162015
20162015
SUFFOLK COUNTYSINGLE FAMILIES
CONDOS
20162015
20162015
WORCESTER COUNTYSINGLE FAMILIES
CONDOS
20162015
20162015
435311
7658
7390
8997
$392,565$376,925 39.9% 4.1%
$297,759$283,512
UNITS DOM UNITS AVG PRICEAVG PRICE
31% 5%
8584
356300
4135
3934
$746,247$538,720 1.2% 38.5%
$645,634$690,864 18.7% -6.5%
585442
125103
7296
8672
$280,197$270,481 32.4% 3.6%
$228,432$215,955 21.4% 5.8%
APRIL 2015 vs 2016CAPE COD & MARTHA’S VINEYARD
BARNSTABLE COUNTYSINGLE FAMILIES
CONDOS
20162015
374240
8877
183181
162169
$365,000$355,000 55.8% 2.8%
$265,500$289,000
20162015
UNITS DOM UNITS AVG PRICEAVG PRICE
14.3% -8.1%
MARTHA’S VINEYARDPROPERTIES
20162015
3031
167264
$1,199,738$1,158,260 3% 3.6%
APRIL 2015 vs 2016BOSTON LUXURY, SUFFOLK
SUFFOLK COUNTY$1M-$3M
$3M AND UP
20162015
20162015
4233
25
4151
11950
$1,579,864$1,754,576
$4,468,750$4,785,000
27.3% -10%
UNITS DOM UNITS AVG PRICEAVG PRICE
-60% -6.6%
MLS data is provided directly from by contracted data aggregators. Data is pulled from MLS PIN for all counties, except Cape Cod which was aggregated from Cape Cod and Island MLS, and Martha’s Vineyard which was generated by Link MLS. Transactions are the total number of closed residential (Single Family and Condo) transactions during the given month. Median Sales Price is the median price of all specified properties sold during the given time period. All raw data remains the intellectual property of each local MLS organization.
© Copyright 2016 LAER Realty Partners™
www.laerrealty.com • 1-844-687-5237 • [email protected]
ABOUT LAER REALTY PARTNERSCreated in 2014, LAER Realty Partners is the third largest real estate company in Massachusetts, with more than 400 agents in 22 locations throughout the state. LAER Realty Partners provides residential and commercial services, with specialized short sale and relocation divisions. LAER Realty Partners is led by Owners Stacey Alcorn and Andrew Armata, who have more than 30 years of professional experience in the industry. For more information about LAER Realty Partners, visit the LAER Realty Partners website at www.laerrealty.com
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