To help our readers snap out of their tryptophan induced haze this Thanksgiving we here at Boston Real Estate by the Numbers thought we'd give you five amazing statistics about the local real estate market in 2013. Feel free to use these facts to sound smart in front of your family over the Holidays and most importantly one up your know-it-all uncle.
1. Is the inventory shortage over?
We've talked a lot about inventory shortages all year, however, as of today there are 731 active listings citywide compared to 769 listings at this time last year. Things are beginning to change a bit in Boston as properties are starting to sit a bit longer before going under agreement and inventory is starting to grow again. Nowhere is this growth seen more than in South Boston, whose market is being flooded by new developments. Today there are 95 listings actively for sale in South Boston, this is an increase of 41 properties from last year. Even with the increase in inventory current listings in Southie are still only averaging 61 days on market, 10 less than this time last year.
2. Cambridge Condos are H-O-T!
In the last 60 days there have been 114 sales of condos in Cambridge. Of these 114 sales 77 of them (67.5%) have gone for over asking price. If you remove the 02141 and 02142 zip codes, which account for East Cambridge, the numbers become even more staggering as in the remaining 91 condo sales in the rest of Cambridge 67 of them (73.6%) went for over asking.
3. Welcome Investors!
Multifamily homes in Boston have been just as hot as their condo and single family cohorts in 2013. We've seen a large increase of buyers trying to offset their mortgage with rental income and those looking to buy into Boston for long term investment potential due to the strong rental market. Last year between 01/01/12 and 11/24/12 Boston saw 650 sales of multifamily homes. Thus far in 2013 we've seen 682 such sale, a modest increase of 4.9%. The real news however, comes in pricing, as the increased demand for these properties has helped increase the average sale price to $648,842. This represents an increase of $129,991 in just one year.
4. 3+ Bedroom Units Sell Slower in Boston
Condos with 3 or more bedrooms sell slower in Boston than 2 Bedroom condos. In the past two months 2 Bedroom Boston condos have gone off the market in an average of 46 days, compared to 59 days for condos with 3+ bedrooms, a difference of almost 2 weeks. With 3+ Bedrooms sporting an average list price of over $1million over this time period it's no shock that they have taken two weeks longer on average to find a buyer.
5. 100 condos over $1Million
In the past 60 days Boston has seen 100 condos sell for a minimum of $1,000,000. The average square footage on these sales comes in at 1,840 which equates to an average price per square foot of $944. Last year at this time saw only 76 such sales, 24% less than this year. Currently the Boston condo market sports 142 condos listed above $1,000,000.
Bonus - Last year from 01/01 - 11/24 Boston had 490 condo and single family sales under $200,000. So far 2013 has seen 248 such sales. That's a decrease of a little less than 50%. With the market trending towards continued price increases listings within city limits and under $200,000 should push closer to extinction in 2014.