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general info

Four Seasons Pricing – Boston

Interesting post by Scott.

Four Seasons Pricing

 

The Four Seasons tower (shown in the center) will open in 2017.

The Four Seasons tower (shown in the center) will open in 2017.

Cambridge Seven Associates

By Scott Van Voorhis

 

Boston.com Correspondent |

 

Condos selling for more than $20 or even $30 million are poised to become the new normal in downtown Boston’s condo market as a bevy of uber luxury towers takes shape on the skyline, experts say.

Leading the pack is likely to be the new Four Seasons Tower, which could see its three, gold-plated penthouses on its 61st floor each fetch upwards of $20 million, according to preliminary price estimates.

That means the Back Bay tower’s top floor may reap a total of $60 million to $70 million in sales. That figure would dwarf the $37.5 million that the 60-story Millennium Tower — now under construction in Downtown Crossing — is seeking for its top floor penthouse suite.

Construction recently kicked off on the $750 million Four Seasons tower taking shape near the Christian Science Plaza, with an opening day pegged for 2017. It will be Boston’s tallest residential building.

“This is absolutely like nothing Boston has ever seen before,” said downtown Boston broker Tracy Campion, whose Campion & Co. is selling the Four Seasons condos. “I am absolutely sure they will set records.”

So what exactly will it cost to buy one of the two-story penthouses that will crown the new tower?

Campion declined to offer up an official pricetag but indicated that a “ballpark” estimate of $3,000 per square foot was not off the mark.

Other brokers not connected with the new tower offered similar price estimates for the Four Season condos of roughly $2,500 to $3,000 a square foot.

With each unit offering 8,000 square feet of living space atop Boston, that would put the penthouses in the $24 million range.

That’s practically double the previous price record set by a condo at the posh Mandarin Oriental, also in the Back Bay, which fetched $13 million.

The Four Seasons penthouses will have a number of features — for instance, a “huge” staircase, an elevator that opens into the unit, 14-foot high ceilings — that will likely make them a hot item, especially among the deep-pocketed international investors who have begun to flood the Boston market.

And while the prices are likely to come as a shock to the Boston area, jet-setting buyers used to stratospheric New York and London values are not likely to bat an eyebrow, brokers say.

In fact, $2,300 to $3,300 a square foot is simply considered “luxury” in the New York market, with “uber luxury” in the Big Apple now priced at $5,000 a square foot, according to Otis & Ahearn, a downtown Boston luxury condo marketing and brokerage firm.

“We are not used to those numbers but those are numbers we are going to start to see,” notes David Crowley, director of sales and marketing at Raveis Marketing Group. “They are building these properties to appeal not necessarily to a local market, but to international buyers and investors.”

“International tastes are driving a lot of the finishes, layouts and amenities,” Crowley added.

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style trends

Ten Hot Housing Trends For 2015

Below is a great post by Mike Wheatley of RealtyBiz. Emerging trends include specialized storage, charging stations, porcelain floors, quartzite counters and more – an interesting rundown on design trends we will see in 2015.

 Ten Hot Trends For 2015

This time of the year, we hear from just about every sector of the economy what’s expected to be popular in the coming year. Foodies with their fingers on the pulse of the restaurant industry and hot TV chefs will tell us to say goodbye to beet-and-goat cheese salad and hello roasted cauliflower, and there’s no end to the gadgets touted as the next big thing.

In real estate, however, trends typically come slowly, often well after they appear in commercial spaces and fashion. And though they may entice buyers and sellers, remind them that trends are just that—a change in direction that may captivate, go mainstream, then disappear (though some will gain momentum and remain as classics). Which way they’ll go is hard to predict, but here are a few trends that experts expect to draw great appeal this year

Coral shades

A blast of a new color is often the easiest change for sellers to make, offering the biggest bang for their buck. Sherwin-Williams says Coral Reef (#6606) is 2015’s color of the year because it reflects the country’s optimism about the future. “We have a brighter outlook now that we’re out of the recession. But this isn’t a bravado color; it’s more youthful, yet still sophisticated,” says Jackie Jordan, the company’s director of color marketing. She suggests using it outside or on an accent wall. Pair it with crisp white, gray, or similar saturations of lilac, green, and violet.

Open spaces go mainstream

An open floor plan may feel like old hat, but it’s becoming a wish beyond the young hipster demographic, so you’ll increasingly see this layout in traditional condo buildings and single-family suburban homes in 2015. The reason? After the kitchen became the home’s hub, the next step was to remove all walls for greater togetherness. Design experts at Nurzia Construction Corp. recommend going a step further and adding windows to better meld indoors and outdoors.

Off-the-shelf plans

Buyers who don’t want to spend time or money for a custom house have another option. House plan companies offer myriad blueprints to modify for site, code, budget, and climate conditions, says James Roche, whose Houseplans.com firm has 40,000 choices. There are lots of companies to consider, but the best bets are ones that are updating layouts for today’s wish lists—open-plan living, multiple master suites, greater energy efficiency, and smaller footprints for downsizers (in fact, Roche says, their plans’ average now is 2,300 square feet, versus 3,500 a few years ago). Many builders will accept these outsiders’ plans, though they may charge to adapt them

Freestanding tubs

Freestanding tubs may conjure images of Victorian-era opulence, but the newest iteration from companies like Kohler shows a cool sculptural hand. One caveat: Some may find it hard to climb in and out. These tubs complement other bathroom trends: open wall niches and single wash basins, since two people rarely use the room simultaneously.

medium_3551512487

photo credit: Rev Stan via photopin cc

Quartzite

While granite still appeals, quartzite is becoming the new hot contender, thanks to its reputation as a natural stone that’s virtually indestructible. It also more closely resembles the most luxe classic—marble—without the drawbacks of staining easily. Quartzite is moving ahead of last year’s favorite, quartz, which is also tough but is manmade.

Porcelain floors

If you’re going to go with imitation wood, porcelain will be your 2015 go-to. It’s less expensive and wears as well as or better than the real thing, says architect Stephen Alton. Porcelain can be found in traditional small tiles or long, linear planks. It’s also available in numerous colors and textures, including popular one-color combos with slight variations for a hint of differentiation. Good places to use this material are high-traffic rooms, hallways, and areas exposed to moisture.

Almost Jetson-ready

Prices have come down for technologies such as web-controlled security cameras and motion sensors for pets. Newer models are also easier to install and operate since many are powered by batteries, rather than requiring an electrician to rewire an entire house, says Bob Cooper at Zonoff, which offers a software platform that allows multiple smart devices to communicate with each other. “You no longer have to worry about different standards,” Cooper says.

Charging stations

With the size of electronic devices shrinking and the proliferation of Wi-Fi, demand for large desks and separate home office is waning. However, home owners still need a dedicated space for charging devices, and the most popular locations are a corner of a kitchen, entrance from the garage, and the mud room. In some two-story Lexington Homes plans, a niche is set aside on a landing everyone passes by daily.

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photo credit: the tartanpodcast via photopin cc

Wellness systems

Builders are now addressing environmental and health concerns with holistic solutions, such as heat recovery ventilation systems that filter air continuously and use little energy, says real estate developer Gregory Malin of Troon Pacific. Other new ways to improve healthfulness include lighting systems that utilize sunshine, swimming pools that eschew chlorine and salt by featuring a second adjacent pool with plants and gravel that cleanse water, and edible gardens starring ingredients such as curly blue kale.

Special storage

The new buzzword is “specialized storage,” placed right where it’s needed. “Home owners want everything to have its place,” says designer Jennifer Adams. More home owners are increasingly willing to pare the dimensions of a second or third bedroom in order to gain a suitably sized walk-in closet in their master bedroom, Alton says. In a kitchen, it may mean a “super pantry”—a butler’s pantry on steroids with prep space, open storage, secondary appliances, and even a room for wrapping gifts. “It minimizes clutter in the main kitchen,” says architect Fred Wilson of Morgante-Wilson.

Categories
analytics

Boston Is 7th Most Valuable Market

A repost of Scott’s Zillow findings.

 Boston is Nation’s 7th Most Valuable Real Estate Market

 

Boston’s real estate market jumped $28 billion this year, according to Zillow.
Boston’s real estate market jumped $28 billion this year, according to Zillow.

The Boston Globe

By Scott Van Voorhis

Boston.com Correspondent

 

Feeling any richer? You should be. The total value of all homes and condos in Greater Boston came in just under the $600 billion mark in 2014, a new report finds.

 

 

Boston area residential values have jumped $28 billion this year, for a nearly 5 percent gain, according to Zillow.

The Zillow Home Value Index, a blend of property assessments by local officials and market prices, pegs the median home value for the Boston area at $364,900. (Zillow pegs the median rent at $2,137.)

The increase makes Boston the seventh most valuable real estate market in the country, behind Los Angeles ($2.2 trillion), New York ($2.1 trillion), San Francisco ($1 trillion), Washington ($943 billion) Chicago ($738 billion) and Miami/Fort Lauderdale ($717 billion).

Boston edged out Philadelphia ($573 billion) and San Diego ($538 billion) and smoked Seattle ($465 billion) and Minneapolis-St. Paul ($292 billion).

However, for buyers, there are two bits of good news.

First, the pace at which home prices are rising appears to be slacking off a bit. This year’s 4.9 percent jump in overall home and condo values is a step down from 2013, when Boston area real estate values hot up 8.1 percent, or $46.5 billion.

Second, inventory, or the number of homes on the market, also shows signs of improving, with 8.2 percent more listings this year compared to 2013.

Categories
trends

Boston Seaport Buildings May Rein In Rents

 

Good post by Scott at Boston.com. Check out the gorgeous renderings.

One Seaport Square May Rein In Boston’s Runaway Rents

 

Rendering of One Seaport Square, slated to open in 2017.
Rendering of One Seaport Square, slated to open in 2017.

Elkus Manfredi
By Scott Van Voorhis
Boston.com Correspondent

Take that, rising rents. More than 800 new apartments are poised to take shape near Boston’s waterfront in a massive project so large it might just help rein in the Hub’s runaway rents.

Developers of the $600 million One Seaport Square broke ground Friday on the 1.5-million-square-foot project, just across the street from Fan Pier and the new ICA in Boston’s Seaport/Innovation District.

A centerpiece of the new development will be a pair of new towers, 20 and 22 stories tall, that will be packed with 832 apartments ranging from tiny “innovation units” to spacious luxury digs.

Slated to open in 2017, the new development will put more new apartments on the market in Boston than any single project in decades.

The two towers, named VIA and The Benjamin, will come with an array of shared spaces, including gardens, places to grill, lounges, and a heated outdoor pool overlooking the skyline.

“When you bring so many new apartments, the market will adjust,” predicts Vivien Li, executive director of the Boston Harbor Association and a long-time observer of development along the city’s waterfront. “What we may find is that rents may start to level out.”

The new development will also feature oodles of new places to eat and shop, with 250,000 square feet of retail space planned for the largest shopping and dining venue yet in the Seaport. Coming attractions include the upscale ShowPlace ICON Theater, a Kings Bowl, and an Equinox fitness center.

The project is the work of a trio of high-powered developers. Veteran tower builder John Hynes, son of legendary newscaster Jack Hynes and grandson of one of Boston’s influential mayors of the last century, snapped up the sprawling collection of parking lots nearly a decade ago.

He later teamed up with the Berkshire Group and WS Development, which has rolled out a number of suburban life-style centers, including The Street in Newton and Legacy Place in Dedham.

“One Seaport Square will be our largest project in Boston,” Hynes said in a statement. “It will set the tone for just how dynamic this new neighborhood will be in all categories: commercial, residential, shopping, dining and entertainment. We cannot wait to bring it to life.”

While Hynes and his partners are mum on what rents will be for the new apartments, the developers say they aren’t looking to do just another luxury rental high-rise, but are aiming to have a wider range of apartments.

The innovation units in particular, will be aimed at young professionals, with relatively tiny apartments featuring just a few hundred square feet of space aimed at offering a more reasonable rent. But the luxury apartments are likely to draw a wide range of prospective tenants, including wealthy empty nesters attracted to the cachet of Boston’s vibrant and growing waterfront, Li said.

The apartments will join a neighborhood that’s seeing billions in new construction take shape, from office and hotel towers, to luxury condos and a $1 billion expansion of the Boston Convention & Exhibition Center.

Just across the street at Fan Pier, waterfront developer Joe Fallon has been selling dozens of multimillion-dollar condos.

“The market has really made this area hot,” Li said.

 

Aerial view of the One Seaport Square location.
Aerial view of the One Seaport Square location.

Hannah Cohen for Boston.com

 

Approximate views from the One Seaport Square location.
Approximate views from the One Seaport Square location.

Mike Diskin

 

Approximate nighttime view from the One Seaport Square location.
Approximate nighttime view from the One Seaport Square location.

Mike Diskin
Categories
analytics trends

Q4 Boston…what to expect

 

What David Bates thinks about Q4!

Boston Condos in the Last Bit of 2014: What to Expect

CurbedBoston.com by Tom Acitelli

Here’s the latest installment of Bates By the Numbers, a weekly feature by Boston real estate agent David Bates that drills down into the Hub’s housing market to uncover those trends and people you would not otherwise notice.Follow him on Twitter and check out his ebook, Context: Nine Key Condo Markets, 2.0.

holiday-house_283.jpgIt’s Q4. And while Q4 is packed with holidays, let’s not forget that it’s also chock-full of home sales. Nearly 1,000 Boston condos went under agreement during the fourth quarter of 2013, and sometimes holidays and sales were linked—like last Halloween when 12 Boston condos went under agreement, what a treat. And, on Thanksgiving 2013, twoBoston condos sellers gave thanks as they signed offers with one hand and presumably held drumsticks with the other. Also, while you might have missed the real estate door-buster last Black Friday, four Boston condo buyers didn’t; they put condos under agreement that day.

Even on the night before Christmas, when all through the house, not a creature was stirring, not even a mouse… three Boston condo sellers could be heard countersigning offers. At least that’s what the MLS data shows. Then, on Christmas itself, one Boston condo seller got a present they may not soon forget. It wasn’t an ugly sweater or something to be re-gifted, it was an acceptable sales price, so they wrapped up the paperwork and went on their merry way.

Will Q4 bring joy to Boston-area real estaters in 2014. Why not? There are plenty of reasons to buy this Q4. Interest rates are low; and, for many, new babies and new jobs crank up the home-buying motivation. And let’s not forget that what we often want most in a new year is positive change. Hey, what’s more positive change than a new home? In the last week of 2013, a week where almost nothing of consequence happens for most, 45 Boston condo buyers put units under agreement, guaranteeing their new year would start off on the right foot.

Today’s buyers, who for one reason or another missed the spring market, will note that more Boston condos were available for sale on Oct. 1 than were available for sale on April 1. Additionally, it is highly likely that there will be more Boston condos available on Nov. 1 than were available on May 1. So, if you like selection, put on your condo-buying shoes. Of course, while buyers note more selection, they’ll also note fewer competitors as it’s traditionally a slower time of the sales year—even more reason to buy in Q4 2014.

While there are many reasons to buy this Q4, it would be an injustice not to point out that it can be a great time to sell as well. Last year, 865Boston condo sellers listed their homes for sale in Q4. And, although Q4 is not known for its buyer quantity, it might be remembered for its buyer quality. That’s because the median list price of a Boston condo that went under agreement in December 2013 was $449,000. Heck, the median list price of a Boston condo that went under agreement in April 2013 was only $429,900. Can there be any doubt that holiday décor and wishes for joy, peace and goodwill toward all adds to home values?
· Our Bates By the Numbers archive [Curbed Boston]

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analytics style

Cost Of Waterfront Homes

 

A fun if not oversimplified post from Zillow.com.

 

What Would You Pay to Live on the Water?

 AUTHOR:, Zillow blog

Millions of Americans dream of one day owning a home on the water, and for good reason: The views are often to die for, the array of activities is seemingly endless and the peace of mind gained by knowing you’ll never have a neighbor on at least one side of your home is priceless. But the very things that make waterfront living so appealing can also make it incredibly expensive.

Nationwide, the typical oceanfront or lakefront single-family home is worth more than double the median value of all homes, and in some communities the median waterfront house could be worth more than 10 times the median value of non-waterfront houses, according to a new analysis by Zillow. The median single-family home in the U.S. is worth about $171,600, while the median waterfront house is valued at $370,900, a waterfront premium of 116.1 percent.

Zillow analyzed the 250 largest communities with at least 100 waterfront homes. The analysis only considered oceanfront homes or those on a lake larger than 10 square kilometers. Homes also had to be within 150 feet of the waterline to be considered waterfront. Riverfront and water-view homes were not considered.

Overall, the most expensive waterfront homes are found in communities in coastal California. Laguna Beach tops this list with median waterfront home values of almost $10.1 million. Malibu ($6.3 million) and Hermosa Beach ($4.8 million) round out the top three.

The most affordable waterfront homes in the country are found in Holiday, FL, with median waterfront home values of $103,000. In the top 10 least valuable waterfront communities, eight of the remaining nine cities with the cheapest waterfront homes are located in Florida. In other words, potential buyers looking for the lowest entry point into the waterfront market should consider the lesser-known cities of the Sunshine State.

Among the largest of the 250 cities analyzed (those with populations of 100,000 or greater), the biggest difference between median non-waterfront single-family home values and median waterfront house values are in Tampa (waterfront premium of 733 percent), Honolulu (waterfront premium of 334.5 percent) and Long Beach, CA (waterfront premium of 321.6 percent).

“The allure of ocean and lakefront living is powerful and undeniable, and millions of homeowners nationwide dream of one day owning a home on the water. But those dreams come at a price,” said Zillow Chief Economist Dr. Stan Humphries. “Waterfront properties are both relatively scarce and highly coveted, and that high demand and limited supply leads to higher home prices. Additionally, added insurance, floods, environmental mitigation and infrastructure costs are often part of the tab when buying a waterfront home. Still, as long as buyers understand the added costs and potential headaches, waterfront living is likely to remain one of life’s simple pleasures for many, many years to come.”

Information on all 250 cities analyzed can be found on Zillow Research here.

Blog_ZHVI_Zillow_Sept2014_a_01

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general info

Summer Sizzle

 

Good post from Scott.

 

More Sellers Make Summer Sizzle

Posted by Scott Van Voorhis

Plymouth_Harbor.JPG
Summer is typically a sleepy time for the real estate market, but not this year.

“For sale” signs are popping up across Greater Boston and other parts of the state, with a significant uptick in homes hitting the market, says Peter Ruffini, president of the Massachusetts Association of Realtors.

That, in turn, is likely to mean good news for home buyers stressed over rising prices, Ruffini says.

Certain communities, like Plymouth, seen above, are particularly seeing a pick-up in listings.

Several dozen additional homes have hit the market in Plymouth this summer, providing a significant boost to the market, notes Ruffini, a regional vice president at Jack Conway & Co. in Hanover.

That’s significant given the coastal town is often a bellwether for the South Shore real estate market, he says.

“The good news is that there are fewer (sellers) sitting on the sidelines than there were earlier this year,” Ruffini says.

Overall, June saw 8,418 homes hit the market across the state, a 13 percent jump over the same period in 2013, MAR numbers show.

More listings, in turn, could also take some of the pressure off buyers, who are too often faced with bidding wars given the long-standing shortage of homes on the market, he says.

And while the median home price in Massachusetts hasn’t quite caught up to where it was during the housing bubble years in the mid-2000s, Ruffini is OK with that.

“In my view the market recovery is more about sustainability and affordability,” Ruffini says. “It has to be a sustainable market.”

Cheers to that.

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general info

S&P Case Shiller Composite: Prices Up 9.3%

Growth continues to cool

20-city index shows yearly price growth dropped to single digits in May

Teke WigginStaff Writer INMAN NEWS

Yearly growth in U.S. home prices continued to slow in May, but still remained well above average.

The S&P/Case Shiller 20-City Composite Index showed prices rising 9.3 percent year over year in May, down from 10.8 percent in April. Annual price gains slowed in May for all cities tracked by the index besides Charlotte and Tampa.

Source: S&P Dow Jones Indices and CoreLogic
Source: S&P Dow Jones Indices and CoreLogic
Still, prices climbed 1.1 percent month over month in May, with all 20 cities posting monthly increases for the second straight month.

Tampa registered the highest monthly price gain (1.8 percent), followed by San Francisco (1.6 percent) and Chicago (1.5 percent). Phoenix and San Diego were the only cities to show monthly increases of less than 1 percent in May, with gains of 0.4 percent and 0.5 percent, respectively.

The picture changes when adjusting for seasonal factors.

After factoring in the spring’s typical influence on home prices, prices decreased 0.3 percent month over month in May, with only six out of 20 cities showing gains.

 

Home to seven of the top eight cities showing the most annual price growth, the Sun Belt continued to lead price gains.

Despite seeing their annual price growth decrease by 2 to 3 percentage points, Las Vegas (16.9 percent) and San Francisco (15.4 percent) still posted the largest annual price increases.

The other cities that showed double-digit annual gains were: Miami (13.2 percent), San Diego (12.4 percent), Los Angeles (12.3 percent), Detroit (11.9 percent), Atlanta (11.2 percent), Tampa (10.2 percent) and Portland (10 percent).

Expanding home inventory has helped cool home prices in recent months. Economists generally view the trend as favorable because it will keep prices from rising too quickly, which hurts affordability and reduces buyers’ options.

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general info

Boston Values Rise Fastest Since 1987

Good Globe article.

Boston home values rise at fastest since 1987

By Chris Reidy

| GLOBE STAFF

Home values in Greater Boston rose 2.9 percent from March to April, the greatest monthly gain for the area since 1987, according to new S&P/Case-Shiller Home Price Indices data issued Tuesday.

The S&P/Case-Shiller Home Price Indices tracks repeat home sales. Other surveys, such as those issued by the Warren Group and the Massachusetts Association of Realtors, look at much wider segments of the market, and they often report data on a year-to-year comparison basis.

The S&P/Case-Shiller Home Price Indices looks at data for 20 metropolitan areas around the country, including Atlanta, Boston, Chicago, Los Angeles, and New York.

“Nineteen of the 20 cities saw lower annual gains in April than in March,” the S&P/Case-Shiller Home Price Indices said in its press release. “California (Los Angeles, San Diego, and San Francisco) saw their returns worsen by approximately three percentage points. Boston was the only city to see its annual rate improve.”

Boston’s annual rate went from 8.3 percent in March to 9 percent in April, the release said.

In a statement, David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said: “Near term economic factors favor further gains in housing: mortgage rates are lower than a year ago, the Fed is expected to keep interest rates steady until mid-2015, and the labor market is improving. However, housing is not back to normal: prices are being supported by cash sales, low inventories, and declining foreclosure and REO (real estate owned) sales. First time home buyers are not back in force, and qualifying for a mortgage remains challenging. The question is whether housing will bounce back before the Fed begins to tighten sometime next year.”

Chris Reidy can be reached at [email protected].

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general info

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.