Tag: Boston condo market

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MA Assoc Of Realtors Report For March

Always good to get the big picture statewide – our local markets are mirroring the statewide trends.

 

Massachusetts Homeowners started to Put More Homes on the Market in March with the Start of Spring

by | Apr 23, 2014
Prices up as closed sales down again in March compared to last year

March 2014 Sales Data

WALTHAM, Mass. – April 23, 2014 – The Massachusetts Association of REALTORS® (MAR) reported today that while a general shortage of homes for sale pushed sales down and prices up in March, the spring market is starting to come to life. For the second straight month homeowners have added more homes to the market than the same time last year. Condominium sales and prices were both up in March.

“While the market still needs more homes for sale – including both existing homes and new construction- the increase in new listings in March is a good sign,” said 2014 MAR President Peter Ruffini, regional vice president at Jack Conway & Co., in Norwell. “With home values on an upward trend, it gives homeowners the opportunity and incentive to take advantage of the current buyer demand and list their homes for sale.”

There were 2,698 detached single-family homes sold this March, which was down 11.5 percent from the 3,048 homes sold the same time last year. On a month-to-month basis, home sales were up 27.2 percent from 2,084 homes sold this past February. A significant increase in home sales from February-to-March is typical.

The median selling price for single-family home in March was $314,063 which was up 8.3 percent from $290,000 in March 2013. This is the 18th straight monthly year-over-year increase. On a month-to-month basis, the March median selling price was up 6.5 percent from $294,950 in February.

There were 1,264 condominiums sold this past March, an increase of 4.2 percent from the 1,213 condos sold the same time last year. Year-over-year sales of condominiums have gone up 26 out of the last 27 months. On a month-to-month basis, condominium sales were up 36.1 percent from 903 condominiums sold this past February. Similar to single-family home sales, a significant increase in condo sales from February-to-March is typical.

The median selling price for condominium in March was $300,154 which was up 11.2 percent from the $270,000 median price in March 2013. This is the 10th straight year-over-year increase. On a month-to-month basis, the February median selling price was up 5.3 percent from $283,000 in February.

Inventory and Days on Market: 
The inventory of single-family homes as of March 31, 2014 decreased 13.9 percent from March 2013 (16,691 listings in 2014 from 19,695 listings in 2013) which translates into 4.0 months of supply in March 2014.  This is down from 5.0 months of supply last year and flat from this past February.  This was the 25th straight month of inventory decreases.

The number of new listings added to the market of single-family homes in March increased 12 percent over the same time last year (7,110 new listings in 2014 from 6,347 in 2013).

The inventory of condominiums on the market in March was down 23.7 percent compared to the year before (4,733 listings in 2014 from 6,206 listings in 2013), which translates into 2.7 months of supply, which is down from 4.0 months in March 2013 and down from 2.8 months in February.

The number of new listings added to the condominium market in March decreased less than one percent (-0.8%) from March 2013 (2,651 new listings in 2014 from 2,672 listings in 2013).

Detached single-family homes stayed on the market an average of 122 days in March 2014 compared to an average of 140 days in March 2013.  Condos stayed on the market an average of 85 days, down from an average of 106 days in March 2013.  On a month-to-month basis, days on market for single-family homes was up from 121 days in February while condos were down from 98 days.

 

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10 Most “Out Of Touch” Housing Markets

On the face of it this headline is dramatic, but all it refers to is the conforming loan limits throughout the U.S and their relationship to local market conditions. A very interesting perspective from Housing Wire and Trulia.

Trulia: 10 most out-of-touch housing markets

The vast divide in conforming loan limits and reality

April 28

As the whispers of housing reform start to grow into greater fruition, the topic of conforming loan limits is brought up as well.

In his latest blog, Jed Kolko, chief economist with Trulia, noted that the current system of conforming loan limits falls far short of reflecting the actual differences in local home prices and ends up favoring borrowers in lower-cost markets.

“The housing finance system – as well as other national housing policies – needs to serve a country where local home prices in some markets are 10 times as high as in others, and where local and state laws affect how much new construction is allowed, how long foreclosures take, and more,” Kolko said.

In the current system, the conforming system sits at $417,000. However, in 2008, the Housing and Economic Recovery Act granted “high cost area” higher conforming loans limits to reflect local price differences.

But as housing regulators markup the Johnson-Crapo housing finance reform bill on Tuesday, April 29, 2014, Kolko pointed just how the conforming loan limits fall short.

Using Trulia’s database of homes for sale, Kolko listed the top 10 housing markets with the highest share of for-sale homes above the local loan limit, showing just how out of touch conforming loan limits are.  

10. Boston, Mass.

Currently,  $470,350 is the conforming loan limit, while 30% of homes for sale are above the local loan limit.

Massachusetts

9. Oakland, Calif.

Right now 30% of homes for sale are above the local loan limit, with the conforming loan limit sitting at $625,500.

8. New York, N.Y.

The conforming loan limit sits at $625,500 for New York, with 30% of homes for sale above the local loan limit.

NYC

7. Middlesex County, Mass.

The city’s conforming loan limit weighs in at $470,350, with 33% of homes for sale above the local loan limit.

6. San Diego, Calif.

So far, the city’s conforming loan limit is  $546,250, with 33% of the homes for sale above the local loan limit.

5. Ventura County, Calif.

The conforming loan limited is $598,000, with 34% of the homes for sale above the local loan limit.

4. Orange County, Calif.

Orange County has a conforming loan limit of $625,500, with 38% of the homes for sale above the local loan limit.

3. Fairfield County, Calif.  

In Fairfield County, the conforming loan limit is $601,450, and 39% of homes for sale are above the local loan limit.

2. San Jose, Calif.

This city posted a $625,500 conforming loan limit, with 43% of the homes for sale above the local loan limit.

Bridge

1. San Francisco, Calif.

San Francisco posted that its conforming loan limit sits at $625,500. With a whopping 61% of the homes for sale above the local loan limit, it is the nation’s most out-of-touch housing market.

 

Brena Swanson joined the HousingWire news team in February 2013. Prior to serving HW in the role as Reporter and Content Specialist, Brena attended Evangel University in Springfield, MO.
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Q1 Goode and Farmer Report Boston

 

The national real estate pundits are talking about the lack of available inventory and declining sales numbers. These first quarter results for downtown Boston condominium sales tell a different story. The average sales price for condos in downtown Boston neighborhoods increased 21%. Sale were up by 12%. Total sale volume was up by 35%.

The South End and Back Bay neighborhoods reflect the more  standard state of the real estate industry here in eastern MA. Prices are up because of buyer demand, but sales are down and volume is flat – the effect of the critically depressed inventory of available condos for sale.

 

Boston chart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

South Boston is  standout neighborhood! Average sales price up 20%.  Sales up 41%. Volume up 71%…and interestingly enough the only neighborhood with an increase in days on market, a result of additional inventory.

The all important spring market will be very important in determining the state of the real estate market in Boston.

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3 Reasons The Market Will Thrive In 2014

 

Another great and succinct post by the KCM gang!

3 Reasons the Housing Market Should Thrive in 2014

by 

three

Recently, HousingWire asked David Berson, chief economist at Nationwide, for his opinion on the near-term future of housing. Below are what Mr. Berson believes to be the three things you need to know about housing in 2014. We have included a quote from the article and a small comment from KCM for all three points.

Number 1: 2014 should prove to be the strongest year for housing activity since before the Great Recession

“Most economists expect an improved job market in 2014, with employment growth accelerating and the unemployment rate continuing to decline. That jobless rate drop will reflect more of a pickup in employment than further declines in the labor force participation rate. This will be the key factor improving housing demand this year, even if mortgage rates rise and affordability declines. While the housing market tends to do especially well when the job market improves and mortgage rates decline simultaneously, that combination of events occurs only rarely…People buy homes when their job and income prospects improve – even if it’s more expensive to do so – rather than buy when it is inexpensive to do so but they’re worried about keeping their jobs.”

KCM Comment:

We agree that the job market will continue to improve and that rising interest rates will not be a detriment to the market in 2014. As Doug Duncan, SVP and chief economist atFannie Mae, recently revealed:

“Consumers have taken the interest rate rise in stride. Expectations for continued improvement in housing persist, and sentiment toward the current buying and selling environment is back on track.”

Number 2: Demographics should start to favor housing activity

“If the economy expands at a faster pace this year, bringing a more rapid rate of job creation, that should translate into more households, raising housing demand. We won’t see all three million missing households return to the housing market at once. (That wouldn’t be a good thing for the housing market anyway, since that would be on top of the 1.2 million households that normally would develop this year; such a surge would swamp the existing housing supply). Beginning in 2014, the pace of household formations should accelerate to an above-trend pace for several years, pushing up housing demand.”

KCM Comment:

The Urban Land Institute recently released a report, Emerging Trends in Real Estate 2014, projecting that 4.48 million new households will be formed over the next three years. Millennials will make up a large portion of these new households. With the economy improving, we believe they will finally be moving out of their parents’ homes and, after they compare renting versus buying, many will choose homeownership.

Number 3: Mortgage availability shouldn’t worsen and may improve

“The rise in mortgage rates already has reduced mortgage origination volumes as refinance activity declines. If mortgage rates rise further this year, as expected, then refinance activity will fall still more. In response, mortgage lenders probably will ease lending standards to the extent possible under the QM rules to boost lending activity by increasing purchase originations. As a result, the increase in new households expected to be created this year, spurred by a stronger job market, should find that qualifying for a mortgage loan will be somewhat easier in 2014 than in prior years.”

KCM Comment:

We also believe that, as the refinancing market begins to dry up, mortgage entities will be more aggressive in the purchase money market (mortgages necessary to purchase a home). There even seems to be recent evidence that lending standards are actually loosening.

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38 Essential Boston Eaterys

Blizzard here in Provincetown this morning.  It is crazy outside. A good day for thinking about food. I know this is a real estate website….but food matters!

WOW!  Rachel Leah Blumenthal is right that her post below is a must have for any foodie in Boston.  What a resource to keep handy. She writes for Eater.com/Boston. She is good!!!

I know this is a real estate website….but food matters!

 

The 38 Essential Boston Restaurants

January  2014, by Rachel Leah Blumenthal

22005_10_eater38logo.pngPresenting Boston’s updated Eater 38, your answer to any question that begins, “Can you recommend a restaurant?” This highly elite group covers the entire city, spans myriad cuisines, and collectively satisfies all of your restaurant needs. Every few months, we’ll be adding pertinent restaurants that were omitted, have newly become eligible (restaurants must be open at least six months), or have stepped up their game.

Your favorite restaurant isn’t on the list? There are certainly more than 38 fantastic restaurants around town — and probably about 38 million different opinions — so don’t hesitate to rip this list to shreds and say what you’d do differently in the comment section below. Please note that the numbers are not rankings; the list is geographically organized from north to south (roughly).

The 38 Essential Boston Restaurants, January 2014

HIGHLAND KITCHEN
150 HIGHLAND AVE., SOMERVILLE, MA 02143
(617) 625-1131, WEBSITE
A regular haunt of practically everyone who has ever lived in Somerville’s Spring Hill or Union Square in the last few years, Highland Kitchen specializes in comfort food, a lively ambiance, and strong cocktails. Try the spicy goat stew and the house-made ginger beer (also spicy), or swing by on a Monday for fried chicken and tiki drink specials.
150 HIGHLAND AVE., SOMERVILLE, MA 02143
(617) 625-1131
Now open for just over a year, Giulia has racked up a number of highly positive reviews for its house-made pasta and warm staff. The pappardelle with wild boar is a popular choice.[Photo: Rachel Leah Blumenthal]
1682 MASSACHUSETTS AVE, CAMBRIDGE, MA 02138
(617) 441-2800
Hidden off an alley in Somerville’s Union Square, Journeyman recently did away with its menu, which used to simply offer a few different sizes of tastings with dishes that changed weekly. Now, there’s no menu at all — pay $75; eat what is served. The focus is on delicate, artful preparations of local ingredients.
9 SANBORN CT, SOMERVILLE, MA 02143
(617) 718-2333
One of the hottest openings of 2013, Bronwyn is the second project from Tim and Bronywn Wiechmann of the acclaimed T.W. Food. The Union Square restaurant features German and Central European food, and the biergarten is always packed in pleasant weather.[Photo: Chris Coe]
255 WASHINGTON STREET, SOMERVILLE, MA 02143
(617) 776-9900
This romantic “Spanish Caribbean tapas” spot comes from a couple of architects, so the space is as beautiful as the menu items. You’ll feel like you’re dining in someone’s living room, which makes sense, since owners Alberto Cabré and Angelina Jockovich got their culinary start by throwing elaborate “underground” dinner parties.
253 WASHINGTON ST, SOMMERVILLE, MA 02143
(617) 764-2180
One of the most beautiful restaurants in town, Dali is always the right choice for a romantic night out. It’s lively, the tapas are delicious and meant to be shared, and it’ll make you think you’re in Barcelona. It’s such a landmark that many Somerville residents call the Washington/Beacon/Kirkland intersection the “Dali Corner.”
415 WASHINGTON ST, SOMERVILLE, MA 02143
(617) 661-3254
This 69-seat restaurant opened in 2010 and has helped pave the way for a new era of Somerville dining. The critics have praised Bergamot’s synthesis of relaxed attitude and serious skill. The team behind it reportedly has a new restaurant, Angel’s Share, slated for Inman Square.
118 BEACON ST., SOMERVILLE, MA 02143
(617) 576-7700
Yes, there’s amazing Italian food outside of the North End. This Eastie gem has recently received a huge amount of attention thanks to a Food Network appearance, but locals have always known that it’s the place to go for huge ravioli and excellent homemade pasta.
257 SARATOGA ST, BOSTON, MA 02128
(617) 567-7412
This cozy Somerville watering hole pairs hot dogs with classy cocktails in a retro lounge. The Monday “industry brunch” leaves diners happily full of chicken and waffles, homemade pop tarts, and Kool Aid du jour.
3 BEACON ST, SOMERVILLE, MA 02143
(617) 576-0006
James Beard winner Jody Adams’ Harvard Square flagship has been drawing crowds since opening nearly a decade ago, focusing on regional Italian cuisine and locally sourced ingredients. More recently, Adams opened up a new restaurant, TRADE, near South Station.
1 BENNETT ST, CAMBRIDGE, MA 02138
(617) 661-5050
An intimate, Chinese-inspired small plates restaurant presided over by chef Phillip Tang, ExNE was named one of the “The Top 6 Places to Taste the New Asian Fusion” by Bon Appetit. In-house noodles, dumplings, and bao blow away the competition, of which there is little.
1128 CAMBRIDGE ST, CAMBRIDGE, MA 02139
(617) 876-0286
Santarpio’s in Eastie is the place to go to shut up your obnoxious New York friends when they claim there’s no good pizza in Boston. This classic joint is unassuming and rough around the edges, just the way it should be. Pizzeria Regina may win the classic duel for sheer expansion, but Santarpio’s pizza is unmatched.
111 CHELSEA ST, BOSTON, MA 02128
(617) 567-9871
One of the city’s few restaurants with a vegetarian tasting menu, let alone one that diners regularly rave about. Oleana serves omnivores as well, with chef Ana Sortun imparting her well-known Mediterranean accents in dishes like octopus with crispy Brussels sprouts. Sortun and Oleana chef de cuisine Cassie Piuma are days away from opening a new restaurant, Sarma, in Somerville.
134 HAMPSHIRE ST., CAMBRIDGE, MA 02139
(617) 661-0505
Bondir has just blown everyone away, most notably by being named one of the ten Best New Restaurants in America in 2011 by Bon Appetit in addition to racking up about as many local accolades as you can get. It took what a lot of restaurants were already doing – the classed-up, local, rootsy thing – and managed to tighten the screws, add some flourishes, and still make it distinct and feel fresh. A Concord outpost opened up in fall 2013.
279A BROADWAY, CAMBRIDGE, MA 02139
(617) 661-0009
There are other restaurants that do local ingredients, French technique, or Southern recipes, but not under one roof. It’s amazing that shrimp and grits can taste this good so far north.
233 CARDINAL MEDEIROS AVE, CAMBRIDGE, MA 02141
(617) 499-0090
Since opening in late spring 2012, West Bridge quickly became the darling of Kendall Square, among many existing darlings. The French-inspired menu comes from Aquitaine Bistro alumni chef Matthew Gaudet. Don’t miss the egg in a jar.
1 KENDALL SQUARE, CAMBRIDGE, MA 02139
(617) 899-6088
A local legend of the prodigal son and former chef de cuisine at Momofuku Ssam Bar, who came home to run dad’s diner and put lots of octopus on the menu. The junior Maslow now owns his own spot as well — Ribelle in Brookline.
93 SCHOOL ST, WATERTOWN, MA 02472
(617) 923-4330
Western Mediterranean accents appear on chef-owner Steve Johnson’s menu, which is enhanced by a rooftop herb garden (in season). Sit at the bar for the full cocktail experience.
502 MASSACHUSETTS AVE, CAMBRIDGE, MA 02139
(617) 576-1900
Craigie is known for making simple dishes like roasted chicken extraordinary by using advanced techniques and technology — and for serving dishes that are just plain extraordinary, like a shareable confit and roasted milk-fed pig’s head with spicy pumpkin sambal and boudin noir-hoisin sauce. Owner Tony Maws recently opened up a new, more casual restaurant, The Kirkland Tap & Trotter, on the edge of Somerville and Cambridge.
853 MAIN ST, CAMBRIDGE, MA 02139
(617) 497-5511
The North End is generally known for Italian, which makes it all the more impressive that a seafood restaurant has made its name as one of the neighborhood’s best places to eat. The lines are long, but the lobster rolls are beloved. Choose cold with mayo or hot with butter.
63 SALEM ST., BOSTON, MA 02113
(617) 742-3474
This instant industry-approved classic has helped revitalize Downtown Crossing dining with its small, meaty menu, adult milkshakes, late-night dining and blunt rules for patrons. Opening executive chef Sam Monsour put a creative twist on junk food until leaving in the end of 2013, and his sous chef Chris Bauers has stepped up to take his place, continuing the tradition. Diners who want something more upscale can sidle into Bogie’s Place, the tiny steakhouse hidden inside.
21 TEMPLE PLACE, BOSTON, MA 02111
(617) 338-5333
Lovely views of the common and proximity to a variety of theaters give Troquet an advantage location-wise, but the food is outstanding as well, and the wine list is deservedly award-winning. Plus, it’s probably the only place you’ll see servers scooping butter out of a giant basket that is completely full of butter.
140 BOYLSTON ST, BOSTON, MA 02116
(617) 695-9463
A favorite of food nerds ’round the city, Taiwan Cafe is an easy answer when a Chinatown first-timer is wondering where to go. The soup dumplings rival other options in the neighborhood, and the Szechuan fish is another must-try.[Photo: Official Site]
34 OXFORD ST, BOSTON, MA 02111
(617) 426-8181
Sushi lovers who have not yet embarked on O Ya’s grand omakase have not yet lived. And it’s not just the seafood — the wagyu beef is so tender that it may bring a tear to your eye. Hidden in the Leather District, this tiny spot has accumulated numerous awards, including a James Beard for chef Tim Cushman.
9 EAST ST, BOSTON, MA 02111
(617) 654-9900
Superbly executed Shanghai-style dishes like lion’s head meatball and xiao long bao manage to be just as flavorful as their Sichuan counterparts, minus the heat. Considered by many to be the city’s best Chinese — and it’s nowhere near Chinatown.
204 HARVARD AVE, ALLSTON, MA 02134
(617) 566-7344
Island Creek Oyster bar looks more slick than the restaurant you would expect an oyster farm to operate, but it’s no less legit. The seafood-centric menu straddles straightforward and fun. The team is opening up a new restaurant, Row 34, in Fort Point later this fall.
500 COMMONWEALTH AVE, BOSTON, MA 02215
(617) 532-5300
Since opening in January 2013, Asta has quietly built up a devoted following for its tasting menu-only format. The mysterious restaurant has a minimal website, little to no marketing or social media presence, and an amazing Zeus painted on the wall, salvaged from the restaurant formerly in the space.
47 MASSACHUSETTS AVE, BOSTON, MA 02115
(617) 585-9575
Going strong since 1978, with a few location moves over the years, L’Espalier is revered for chef/owner Frank McClelland’s hybrid of French and New England cuisine, which makes extensive use of local, seasonal ingredients. If money’s no object, let him take you on his Tasting Journey, “a unique menu inspired by the seasons of New England crafted for your table.” Or stop by for a Cheese Tuesday to eat cheese and sing along to classic hits like “Don’t Stop Blue Cheesing.”
774 BOYLSTON ST, BOSTON, MA 02199
(617) 262-3023
Perhaps the only Boston restaurant to serve elaborately prepared sunflower buds, Erbaluce is no stranger to the title of the city’s “best Italian restaurant.” Chef/owner Charles Draghi changes the menu nightly.
69 CHURCH ST, BOSTON, MA 02116
(617) 426-6969
Open just over a year, Shōjō has managed to create a wildly successful Asian fusion menu — in Chinatown, no less — in a time when “Asian fusion” is not always enthusiastically received. Diners will find dishes like a “pot o’kimchi” alongside a charcuterie board. And then there’s the duck fat fries with Sriracha aioli.
9 TYLER ST, BOSTON, MA 02111
The most approachable of Barbara Lynch’s local empire, where tagliatelle with bolognese rubs elbows with dishes like strozzapreti with braised rabbit. Lunch, dinner, and weekend brunch are served on a diner-like counter. Doubles as a bakery with early-morning hours, offering delicacies like cronuts and apple cider donuts as weekly specials, depending on the season.
348 CONGRESS ST, BOSTON, MA 02210
(617) 737-1234
One of the priciest seats in town, Menton is Barbara Lynch’s crown jewel, boasting Relais & Châteaux status. After Kristen Kish, chef de cuisine at Lynch’s demo kitchen Stir, won Top Chef, she was swiftly promoted to chef de cuisine at Menton.[Photo: Official Site]
354 CONGRESS ST, BOSTON, MA 02210
(617) 737-0099
A veteran of the dining scene for over 20 years, this restaurant stakes its reputation partly on its infamous roasted chicken. Over the years it has changed exactly as much as it should. President Obama has been known to eat here.
553 TREMONT ST, BOSTON, MA 02116
(617) 423-2700
What’s not to like? Some dishes are Chinese, some Thai, some Vietnamese, and some a fantasy amalgam of various nationalities, but no one would dare call Myers+Chang Pan-Asian. One of the city’s most vibrant restaurants, it has an atmosphere that seems buoyed by a sense of chef Joanne Chang’s other successes with Flour Bakery. The badass dragon on the window doesn’t hurt either.
1145 WASHINGTON ST., BOSTON, MA 02118
(617) 542-5200
Scotch egg, suckling pig tacos, and at least three kinds of poutine. The dark humor in the name and decor continues through the menu, where heirloom vegetables appear alongside oysters “Rockafella.”
1395 WASHINGTON ST, BOSTON, MA 02118
(617) 425-0200
TORO
Chef-owner Ken Oringer and chef Jamie Bissonnette team up for one of the city’s hardest-to-get-into restaurants. Toro serves modern and traditional tapas ranging from simple grilled corn to elaborate dishes pairing seafood and charcuterie with rich, bold flavors that keep the crowds lining up. And now they’re lining up in New York City as well — Oringer and Bissonnette recently opened a new location in Chelsea.
1704 WASHINGTON ST, BOSTON, MA 02118
(617) 536-4300
Helmed by David Punch of Ten Tables, Sycamore has been turning heads in Newton since opening a year ago thanks to its refined contemporary American cuisine and solid beverage program.[Photo: Facebook]
755 BEACON ST, NEWTON, MA 02459
(617) 244-4445
The flagship of an expanding mini-empire now in Cambridge, P-town, and the burger biz, this tiny space is where it all began. The $48 tasting menu rivals ones that cost at least twice as much.
597 CENTRE ST, JAMAICA PLAIN, MA 02130
(617) 524-8810

 

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How Cool Is This Chart?

How far will a million bucks go in NYC?

$1 million will likely net more space in NYC versus San Francisco and Boston.


By Business Insider

According to Knight Frank data cited by CNBC’s Robert Frank, a million dollars goes a lot further in Cape Town than it would in Monaco.

But what about in the U.S.?

We looked at housing list price data from real estate brokerage Movoto.com and real estate marketplace Zillow.com. The diagram below shows the number of square feet of housing that you can buy for $1,000,000, based on the median price per square foot in each city:

city-real-estate-chart-corrected

With a median list price of $666 per square foot, San Francisco’s real estate boom limits a million dollars to buying about 1,500 square feet. On the other end of the spectrum, the median list price in beleaguered Detroit is just $12 per square foot — 55 times cheaper than in San Francisco.

Considering all five boroughs, the median price per square foot in New York City is $424. Looking just at Manhattan however, that price jumps to an astronomical $1,538 per square foot, leading to $1,000,000 buying just 650 square feet.

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Boston’s Best Selling Condo Buildings

Interesting post by  Tom Acitelli at CurbedBoston – with some surprising results.

 

Boston’s Best-Selling Condo Buildings

Tuesday, March 11, 2014, by Tom Acitelli

dorave141.jpg
[141 Dorchester Avenue]

‘Tis a busy, busy time in the Boston condo market, what with lightning-fast sales and super-low inventory (two not-unrelated phenomena). But which are the busiest of the busiest condo buildings in the city? Thanks to the crackerjack research of our pals at PropertyShark, we can give you a very good idea. Herewith the 10 Boston condos with the most sales in 2013. Some of the usual suspects are here—Harbor Towers, the W Boston—but also a few surprises (and surprise omissions, we think:paging Millennium Place?). A couple of caveats: The 10 cover closed deals in calendar year 2013, and only deals of at least $10,000.

42 EIGHTH STREET
Number of sales: 48
Median sales price: $380,000
Notable sale: a 1,295-square-foot 1-BR, 2-BA for $700,000
42 8TH STREET, BOSTON, MA 02129
141 DORCHESTER AVENUE
Number of sales: 46
Median sales price: $610,000
Notable sale: a 1,690-square-foot 2-BR, 2-BA for $845,000
141 DORCHESTER AVENUE, BOSTON, MA 02127
45 PROVINCE
Number of sales: 36
Median sales price: $1,262,500
Notable sale: a 2,628-square-foot 3-BR, 3-BA for $4,100,000
45 PROVINCE STREET, BOSTON, MA 02108
WHITTIER PLACE
34
$434,500
A 536-square-foot 1-BR, 1-BA for $360,000
6 WHITTIER PLACE, BOSTON, MA 02114
ONE CHARLES BOSTON
29
$1,345,000
A 761-square-foot 1-BR, 1-BA for $625,000
1 CHARLES STREET SOUTH, BOSTON, MA 02116
RESIDENCES AT RITZ-CARLTON
27
$747,000
A 2,667-square-foot 3-BR, 4.5-BA for $3,162,500.
1 AVERY STREET, BOSTON, MA 02111
W BOSTON
27
$1,730,000
A 427-square-foot studio for $530,000
110 STUART STREET, BOSTON, MA 02116
RESIDENCES AT THE INTERCONTINENTAL
23
$1,425,000
A 3,385-square-foot 3-BR, 4.5-BA for $3,223,000
500 ATLANTIC AVENUE, BOSTON, MA 02110
PORTER 156
22
$349,500
A 686-square-foot 1-BR, 1-BA for $300,000
156 PORTER STREET, BOSTON, MA 02128
HARBOR TOWERS
22
$737,750
A 1,223-square-foot 1-BR, 1-BA for $780,000
65 EAST INDIA ROW, BOSTON, MA 02110
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Condo Prices Shatter Record

 

Great post from Scott.

Mass condo prices shatter record

Posted by Scott Van Voorhis
Yes, condo prices are getting nutty again.

The median price of a condo in Massachusetts crossed the $300,000 threshold in January.

That’s the highest condo price ever for a January since The Warren Group, publisher of Banker & Tradesman, began tracking condo prices back in 1987.

It also represents a 24 percent increase from January 2013, when the median price for a condo in the Bay State was at a relatively more affordable $242,000.

By comparison, the median U.S. home price weighs in at $188,900. And that’s after a 10 percent increase in January.

Condo sales were also up by a pretty sizable 16 percent, with 1,144 units changing hands the first month of the year, The Warren Group reports.

What’s even more amazing, condo prices are not all that far behind single-family home prices in Massachusetts, with the median home price in January rising 16 percent, to $315,000.

Condos have long been a starter home alternative in pricey Greater Boston, but it’s not clear how much longer that’s going to last given current trends.

Certainly condo prices are out of sight now in Cambridge, Boston and the inner suburbs.

Of course, the price increases might be good news for sellers, but it’s hardly anything for buyers to cheer about. Even if you are trying to sell a house in order to move up into something grander, you are still going to be scrambling to keep up when prices are rising at double digits.

So what’s driving this price escalation? Some of it is due to pent-up demand, but low inventory – basically not enough listings for all the buyers out there – is the bigger problem right now.

The inventory of single-family homes dropped more than 20 percent in January compared to January 2013, the Massachusetts Association of Realtors reports this morning. (There were 15,246 listings this past January, compared to 19,142 the year before.)

Condo inventory was down even more, by 27 percent, to 4,232, MAR reports.

Anyway, it should be an interesting spring market. At a time when sales and prices in many other parts of the country are starting to moderate, the market in Massachusetts kicking into high gear.

 

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S&P/Case-Shiller: Greater Boston Values Up 10%

Good article by Chris Reidy below. November S&P/Case-Shiller numbers certainly forecast year end figures we have been reporting of Boston neighborhood sales prices up an average of 8% in 2013. The most important result of this good news is in the last paragraph which does follow what we are hearing and experiencing in the field. Sales are moderating and even declining in some neighborhoods while prices do continue to rise.

S&P/Case-Shiller: Greater Boston home values up nearly 10 percent

By Chris Reidy / Globe Staff / January 28, 2014

Home values in Greater Boston rose 9.8 percent in November on a year-to-year comparison basis, according to a report on the US housing market issued Tuesday by the S&P/Case-Shiller Home Price Indices.

The widely watched indices tracks repeat home sales around the United States.

The Boston area’s annual rate of 9.8 percent for November represented an improvement of 1.2 percentage points from the previous month. In the 20-city universe that the indices track, Boston was one of nine cities where values accelerated on an annual basis.

From October to November, home values in Greater Boston rose 1.3 percent on a seasonally adjusted basis, the S&P/Case-Shiller Home Price Indices added.

The November report included a statement from David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, commenting on the latest US results.

“Beginning June 2012, we saw a steady rise in year-over-year increases,” Blitzer said. “November continued that trend with another strong month although the rate of increase slowed.”

The Warren Group and the Massachusetts Association of Realtors are expected to issue separate reports on the state’s housing markets later this week. Those reports will focus on Massachusetts home sales in December.

In reporting on November sales, Warren Group chief executive Timothy M. Warren Jr. stated: “This has been a banner year in local real estate, but one with a focus on rising prices. The sales volume growth has been more restrained and now we see a modest decline. We’re seeing the same thing in Massachusetts that the rest of the country is experiencing: a slight slowdown in home sales, driven by increasing interest rates and tight supply.”

Chris Reidy can be reached at [email protected].

© Copyright 2014 Globe Newspaper Company.
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Goode & Farmer Report – Boston Year End 2013

 Goode & Farmer Report – Boston Year End 2013

January 15, 2014

The challenge remains lack of inventory.

The Big Numbers are 6, 8 and 44! Combined, all Boston neighborhoods saw a 6% increase in the number of condos sold in 2013 to 4,605 from 4,361 sales in 2012. The average sales price of condominiums increased 8% to $608K from $563K in 2012. Average days on market dropped 44% to an average of only 46 days from an already historic low last year of 82. This real estate market is healthy except for the continuing decrease in inventory levels. There are only 374 condominiums for sale in downtown Boston, a slight increase from the 347 last year at this time, but still a very low number.

The Back Bay, saw a 4% increase in the average sales price of a condominium to $1.228 from $1.18M. Total sales of condos were down 12% to 474 from 537 in 2012 with the average days on market down a remarkable 44% to only 59. There are only 58 condos available for sale in the Back Bay today.

The South End saw a 7% increase in the number of condo sales to 578 from 540 condos sold last year. The average price of a condo sold increased 14% to $802K compared with $704K last year. Total sales volume was up 22% to $463M. Interestingly there are only 28 condos for sale today.

South Boston saw an 8% increase in the number of condos sold to 630 from 585 in 2012. The average sales price of a condo increased by 10% to $467K compared with $423K in 2012. South Boston had the largest drop in average days on market to only 32. There are only 54 condos on the market today.

It is so evident that inventory remains the problem in all of the downtown Boston markets, but as I have said repeatedly this market is so resilient and so desirable that declining inventory levels have not  affected the steady increase in prices in most neighborhoods. Although in some neighborhoods like Beacon Hill sales have decreased 25% to 140 from 186 last year – due to the total lack of inventory available for sale. There are a total of only 6 condos for sale on The Hill. Time will tell if this dynamic continues. The addition of Ink Block and numerous other condominium projects just may signal an end to the seemingly endless lack of inventory.

 

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I hope this clean and simple year end analysis of some favorite and important Boston neighborhoods has been interesting.