Category – % Change – YTD 2012 – YTD 2011
Transactions: +31.84 % – 3089 – 2343
Absorption: +32.87% – $2,052,482,415 – $1,544,736,304
Average: +0.78% – $664,449 – $659,298
Median: +5.91% – $492,500 – $465,000
High End Data Points;
- YTD Sales $1,000+/Sq.Ft. 126, $1MM+: 418, $2MM+: 90, $3MM+: 38, $1MM+ as % of total sales: 13.5%
Headlines:
Boston Herald 11/07/12 – Navy Yard Development Sails Ahead – “The developer hopes to break ground by June on a four-story brick building with 54 rental units, a mix of studios and one-bedrooms with 20 percent designated as affordable. Market-rate rents will range from $1,800 to $3,000.”
Boston Herald 11/08/12 – Million Dollar Sales – “The number of homes selling for $1 million and over in Massachusetts was 1,915 during the past year, almost unchanged from the 1,913 homes that sold for $1 million and over the year before.”
Wall Street Journal – 11/07/12 – New Households Sprouting Up – “Americans are setting up house at the fastest rate in more than six years, an indication that recession anxiety, which prompted adult children to move in with their parents and single people to postpone marriage, is starting to ease. The nation added 1.15 million households in the 12 months that ended in September, according to the most recent Census Bureau data.”
Wall Street Journal – 11/8/12 – Home Prices Across U.S. Climb 7.6% From Year Ago – “Home prices appreciated in a growing number of cities during the third quarter, the latest evidence that the real estate recovery is gaining momentum and breadth. The median price for an existing single-family home was $186,000 in the third quarter”
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The headlines on housing continue to reflect improvement in the national and regional market with price on the rise. Downtown Boston has been out ahead of the trend holding values over the past five years and trending well over last year’s solid performance. Our internal projections for year end of 3584 total transactions and $2,386,847,698 in total sales volume compare favorably with the pre-financial crisis years of 2004-2008.
The suburban Boston markets, specifically Metro-West continue to sell off inventory, show price stability and are experiencing lift in total sales volume. As the Boston Herald notes above, sales over $1 Million have held steady across the state. What we know from our data is that, in Downtown Boston, sales over $1 Million are well ahead of last year; 418 YTD 2012 vs. 318 YTD 2011, a 31.5% increase. Demand for housing in Downtown Boston continues to be strong and available inventory holds steady insuring upward pressure on pricing.
robertmbyrne 