Condo Market Report for Brookline MA, January 2014

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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