Following the Market-Today in Real Estate. Real estate is a fluid market. The pendulum swings from Buyers to Sellers, from an Up market to a Down market, the fluidity can be momentary. For instance last year it was a crazy busy Spring Market. If you remember there were multiply offers on each and every listing that came on the market at that time. By the time July rolled around those listings that waited were hurt by the fact the market stalled through the end of the summer. This Spring it feels as though the market is slowing again. This is all boots on the ground feeling. Less calls, less offers, less clients offering is what many are feeling in the Boston Area Move In Homes location. The photos here are from MLS listing #71679577. 1391 Hyde Park Avenue Studio A, Hyde Park, Boston, MA
For the Wellesley, Weston, Wayland, Westwood, Milton, Newton and Back Bay areas from March of 2013 to today Single Family Listings: 223 Avg. Liv.Area SqFt: 3,219.04 Avg. List$: $1,204,496 Avg. List$/SqFt: $358 Avg. DOM: 90.35 Avg. Sale$: $1,157,160 Avg. Sale$/SqFt: $353
This year the statistics are remarkably similar . Single Family Listings: 218 Avg. Liv.Area SqFt: 3,303.20 Avg. List$: $1,242,615 Avg. List$/SqFt: $381 Avg. DOM: 86.99 Avg. Sale$: $1,219,619 Avg. Sale$/SqFt: $380. The number of homes is similar, Days on Market is not too different, both Sales Price and Average Square foot price are both up. So the statistics do not back up my feeling today.
Reading what the media writes about real estate is not the true up to date information. Much of it has to do with what is going on in the street during the day. With less activity the numbers will fall off. We know the numbers fell off after July of last year and so if you are planning on selling, now is a better time than later this Spring/Summer.
From March 2013 to May 19,2013 Condominium Listings: 114 Avg. Liv.Area SqFt: 1,792.67 Avg. List$: $1,302,116 Avg. List$/SqFt: $740 Avg. DOM: 73.49 Avg. Sale$: $1,257,495 Avg. Sale$/SqFt: $719
From March 2014 until today. Condominium Listings: 113 Avg. Liv.Area SqFt: 2,028.19 Avg. List$: $1,577,096 Avg. List$/SqFt: $757 Avg. DOM: 78.77 Avg. Sale$: $1,521,160 Avg. Sale$/SqFt: $741 Number of condo Sales is almost the same with the Days on Market dropping 10 days on average while the pricing and the price per square foot has gone up. So all of you who bought last year have made some new equity because of the market growth. It is still a good time and statistically a better time to sell now if you are considering do so at all this year. Following the Market is something all Agents must do so they can inform you on Today in Real Estate.