The market is hot right now in Boston, Brookline and Brighton. Will it stay that way? I’ve been helping clients make great real estate decisions for over 15 years. Here’s my thoughts on the Boston real estate market right now:
Hi, everybody. It’s Ruth. I want to give a quick market update. It is the end of July 2018, and we have had really a very robust and unusually busy market this summer. July is quiet, and August, are usually quite slow in Boston in real estate. So what is attributing to this market? I think I’ve spoken to this, about this before.
Some people are saying, “Well, the weather was really terrible through mid-April; therefore, buyers were not out, and sellers were not coming on the market until late April, early May.” More likely culprit was all the market jitters we had in the beginning of the year, plus the interest rate hikes that started, and are going to continue through the rest of the year. Everybody kind of took a pause to see what’s going on with their finances.
We’re also seeing this trend throughout the country. I’ve spoken to agents all around the country, where they do have a seasonal market, like we do here in Boston. And they are saying July is unusually busy after a very slow first quarter 2018. National statistics are out. May home sales have declined nationwide. We are looking at an inventory shortage, a story throughout this country. The people who are suffering the most are the first time home buyers, the young families, the entry-level buyers. For us here in Boston metro, we’re looking in the smaller condo, the two-bedroom condo market, and this is a problem nationwide with smaller homes.
I did some research for a client of mine and we looked at the numbers. In the past four years, four years, the average prices of condominiums in Brighton have gone up 55%, 55%. The past four years, the average price of condominium Brookline have gone up 40%. Wow, what an investment in the past few years to own a condominium in Brookline, Brighton, and really, in most of greater Boston.
But if the average price has gone up by 55%, does that mean your condo is worth 55% more? Well, not necessarily and probably not. That average price is really being pulled up by a lot of the, kind of the luxury, and the new construction, and the larger units being built this past couple of years in Brighton, and now are being sold. They are pulling this number up. Your home is not necessarily worth 55% more than it was just four years ago. But it is worth a lot more. It has been a very dynamic and generous market to home sellers in almost all of Boston’s neighborhoods, Brookline, as well as Newton.
If you have any questions about the real estate market, don’t hesitate to contact me. Text, write me, call me. I love hearing from you. Have a fantastic rest of the summer.
22 Abbey Road #3 is a young Brighton townhouse for sale, offering a rare opportunity minutes from Harvard Square!
SOLD $452,000. Brighton MA is often overlooked by home buyers searching for a condo in Cambridge MA. Sometimes we forget how Brighton and Allston border Cambridge separated only by the Charles River. Some people don’t know Brighton used to part of of Cambridge until the late 19th century. Bostonians (like myself) choose to forget Brighton used to be called Little Cambridge.
If you are priced out of your search of a Harvard Square condo for sale, it’s hard to believe you can find a beautiful young townhouse with all the amenities you can fathom, and stay within your budget. 22 Abbey Road #3 in Brighton offers you the incredibly rare combination of luxury, convenience and affordability.
This home is ideal for commuting into Boston, Cambridge, Waltham, and Arlington. It has easy access to Storrow Drive and the Mass Pike. From Abbey Road, you are minutes away from the Arsenal Mall and even closer to the Brighton Mills shopping area. I timed a six minute drive to Harvard Square in heavy traffic!
SOLD, $265,500. On the corner of Sutherland Road and Lanark Road stands a German style stucco house with a red roof and shutters which is unlike anything else in the area. This is a row of two family houses, and in a rare opportunity, one of the condos just came on market.
Not only is this condo special outside, but it has features you will find nowhere else. 137A Sutherland Road is a loft-like open concept condo with an exposed brick wall and hardwood floors. You have direct access to outdoor space, and exclusive use and access to the basement of the building. Walk downstairs to find plenty of storage space and your very own washer and dryer.
The condo fee is only $135, and the heating bills are low. Walk to the B, C, D lines, walk to the park, Reservoir, Chansky’s, Cleveland Circle.
This home is perfect if you:
Love to balance the City life with quiet solitude
Have a dog who deserves some space and freedom
Need an alternative to the high condo fee, shared amenities lifestyle
Want a home that’s really special
137A Sutherland Road is priced at $260,000. It debuts on MLS 10/9, first open house is 10/14, but you don’t have to wait! Private showings can be scheduled immediately.
This is not the first post I am writing about Brighton condo market getting tighter. A few weeks ago I wrote about dwindling inventory of condos available for sale and the huge drop in time on market, which I named, “Brighton Feels like 2004.”
Inventory and days on market go hand in hand. These indicators are usually interpreted as the homeowners’ belief in immanent rising prices. Time on market fell from 70 days on market in May 2010 to 33 days on market this past May.
Steady downward trend, with lower peaks and lower valleys.
Time on market for sold condos in Brighton.
If the claustrophobia in your Brighton condo is getting a bit much, give me a call at 617-291-0323. This may be your opportunity for a move-up.
http://www.ruthmalkinlerner.com/wp-content/uploads/2012/06/BrightonInventory1.png280360Ruth Malkinhttp://www.ruthmalkinlerner.com/wp-content/uploads/2017/04/RuthMalkin-NoTagLine-sm.jpgRuth Malkin2012-06-21 10:41:102014-02-10 12:19:40Brighton Condo Inventory and Time on Market
Ruth Malkin, Realtor
191 Grove Street
Brookline, MA 02467
Phone: (617) 807-0471