Realtor in 02467

Luxury Houses in Chestnut Hill MA: Days on Market Getting Shorter

Chestnut Hill MA houses come in a wide variety of styles and prices.  The most obvious reason is Chesnut Hill is not a municipality, but a zip code including parts of several towns: Pieces of  Brookline, Newton, West Roxbury and a nibble of Brighton.  Houses in West Roxbury will be priced lower than Brookline, even if next door to each other.  This is due to the difference in amenities, namely schools, in which Brookline exceeds Boston.

Houses in 02467 range from the modest Cape to the most magnificent mansions Brookline has to offer.  All of them have an improving market and find buyers fairly quickly.  Below find a break-down of the four quartiles of current Chestnut Hill single-family listings, their median price range and average days on market:

7-day Market Stats by Quartile for Single Family properties in
CHESTNUT HILL, MA 02467 as of 08 Nov 2013
Quartile Median Price Sq. Ft. Lot Size Beds Baths Age Inventory New Absorbed DOM
Top/First $4,500,000 6,000 40,075 6.18 6.00 64 11 1 1 55
Upper/Second $2,285,000 5,400 22,651 5.82 5.05 42 11 0 1 85
Lower/Third $1,595,000 4,000 14,810 4.64 4.32 36 11 0 1 80
Bottom/Fourth $1,075,000 2,612 7,841 4.18 2.73 62 11 0 0 76

 

A snapshot of current market conditions shows an unexpected market trend: Days on market for the most expensive houses is the shortest!  Conventional wisdom says the higher the price, the longer it takes to sell.  Because this is a snapshot of current conditions, we don’t know how long these houses will take to sell, but we do know the eleven most expensive houses have been on market, on average, less time than the least expensive eleven houses in Chestnut Hill.

The graph below shows the trend of recent months.  Although in general expensive homes have taken longer to sell than the rest of the market, in recent weeks the most expensive houses sitting on market haven’t been there for long.

Large Chart

What does this mean?  1. New luxury homes are coming on market, pulling down the average days on market of old listings. 2. Luxury Chestnut Hill homes which have been sitting on market for a long time are now off market – either under contract or terminated listings.

The luxury housing market in 02467 is strong, and will probably continue to show signs of strength though the spring market.

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