Condo Market Report for Brookline MA, January 2014
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Brookline MA
Condominium Market Report
Town of Brookline and Coolidge Corner condo market analysis and forecast
January 2014
Brookline’s Condo Market Trend
• Strong seller’s market
• Extremely low inventory of condos available
• Coolidge Corner experiencing exceptionally tight market
• Where is the trend heading in 2014?
Brookline: Market Action Index
Strong Seller’s Market, but Cooling
• An MAI over 30 indicates a seller’s market
• Still a strong seller’s market, but it has cooled considerably since Spring 2013.
Brookline: MAI by Price Quartiles
• Second quartile, with a median price of approximately $700,000 is the strongest seller’s market.
• Bottom quartile, with a median price of approximately $350,000, is the weakest, due to lower demand.
Seller’s market in all price ranges
Market Recovery, early 2012
Market heats up, through 2013
Brookline: Median Asking Price by Quartiles
Median asking price of listings on market.
• Asking price is a good leading indicator. Real estate stats are usually of sold properties
• Top quartile median prices are climbing due to demand for luxury condominiums.
Brookline: Inventory of Listings
Number of condos available for sale. • Current inventory of about 50 condos, 25% of peak inventory.
• Peak inventory in July 2011 if approximately 200 condos.
• Seasonal dips are normal, but this year’s seasonal low is exceptionally low.
Brookline: Median Asking Prices
Median Prices of on-market listings
• Seasonal dips are normal.
• Current seasonal low still above seasonal lows of previous years.
• This is probably due to lack of inventory, especially in high-end condominiums.
Brookline:
Median Asking Price per Square Foot
Per Square foot prices are climbing
• Per Square Foot is a great way to look at price changes.
• From trough of July 2012 to today’s peak, a rise of approximately 16%.
Focused Look at the Coolidge Corner
condominium market, zip code 02446
Coolidge Corner:
Inventory of Condominiums for Sale
Incredible drop in inventory.
• Condo inventory in Coolidge Corner peaked in July 2011, with about 114 properties.
• In January 2014 there are approximately 23 properties, lower than off season inventory of 2013!
Coolidge Corner:
Median Asking Price per Square Foot
Coolidge Corner prices soar.
• Price per square foot is approximately 13% higher than the low in July 2012.
• Price per square foot for Coolidge Corner condos is higher than the rest of Brookline.
Coolidge Corner: Average Days on Market
Condos Sell Quickly
• Stale inventory sell off quickly second half of 2013, as fewer new listings come on market. • Average days on market of condos in Coolidge Corner is approximately 32 days.
Coolidge Corner:
Market Action Index Still a Sellers’ Market
Seller’s market cooling off.
• Seller’s market when MAI is above 30.
• Market cooling off, but still in seller’s favor.
• Coolidge corner condo market mirrors the rest of the town of Brookline in the MAI level.
What to Expect in 2014
• Market more even handed in buyer’s favor, but still tight.
• Many more buyers entering the market.
• Many sellers ready to sell as they realize the appreciation of their properties.
• Multiple offers and “frenzy” quiets by summer 2014.
What About Home Sellers?
• Condo sellers in Brookline will do well in 2014 and 2015.
• Current conditions are ripe for a quicker sale.
• Ultimately, it is up to you and your timeline and needs.
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