market analysis

Brookline Real Estate Market 2015 Summary

It was a hot hot hot market in Brookline in 2015, as predicted.  What was not predicted was that the inventory would barely budge.  This pushed the prices higher as demand outstripped supply yet again.

brooklineCondominiums account for the bulk of the transactions in Brookline.  Average prices increased by 8%, the same as the average price increase the previous year.

Year Number of Sales Average Days on Market Average Sale Price
2013 541 26 $689,000
2014 496 37 $744,000
2015 521 31 $804,000

The single family housing market in Brookline is also suffering from a shortage, which pushed the average price up by 11.8% in 2015.  The average price of a single family house in Brookline now exceeds $2,000,000.

brookline house

Year Number of Sales Average Days on Market Average Sale Price
2013 179 80 $1,544,000
2014 169 83 $1,803,000
2015 175 71 $2,015,000

 

Days on market for houses are much longer than in the condominium market, but probably skewed by the length of time it takes to sell the higher end homes, where prices are $3,000,000 and up.  Those houses alone average 155 days on market.  So, the 71 days on market average to sell a house in Brookline overstate the majority of the market, which is much more nimble at lower prices.

What to expect from the Brookline real estate market in 2016?  A similar condominium market, but with about a 10-15% increase in inventory, and a slightly smaller increase in price.  The single family market will also see a tamer increase in prices, but still a robust market.  The higher end may see a bit more inventory and thus will slow down.

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