The Newton and Brookline Market Downturn
Yes, the market took a turn. Everyone in the country knows about our real estate downturn. But in Brookline and Newton, this downturn disappointed many hopeful buyers.
While Massachusetts real estate numbers are showing us in a continued slump, Newton and Brookline have proved remarkably resilient. I’m looking at the Multiple Listing Service statistics for the years 2007-2011. In Brookline, the downturn single family house prices dipped from their 2007 peak of $1.43 million to the low of $1.32 million in 2009. In 2011 the average Brookline house price was back up to $1.41 million.
Condos, on the other hand, experienced a price hike. On average, a condo in Brookline cost $503,600 in 2007, and in 2011 the price was up to $562,100. This is approximately at 12% increase in condo prices and a leveled single family market.
In Newton, the numbers for a single family are different but point to a similar trend. In 2007, the average Newton house cost $936,100, dipped all the way to $842,100 in 2009 and in 2011 went back up to $908,900. The volume is still lower, 617 houses sold in 2007 versus 518 sold in 2011. But this Spring’s market has been extremely busy, and multiple offers are common. Sorry, buyers. Hooray sellers.
Digging a bit deeper, though, you find some interesting details. The hottest segment of the single family homes in the Newton market is those in price ranges lower than the average price. While the larger homes take longer to sell, and go through more price reductions and negotiations, the smaller homes are selling fairly quickly.
These numbers tell me this is a great time for a move-up. If you are both buying and selling in Brookline or Newton, don’t feel you missed the boat for an upgrade. At least request an updated market analysis on your home.
A market analysis is a free service most Brookline and Newton real estate agents provide. I recommend you get a couple of opinions. Zillow doesn’t count!!!