Being new to the real estate business I have been doing my best to read, learn and understand the current market. But how can I expect to understand the real estate market when experienced agents are being quoted in the Boston Globe as saying the market is “schizophrenic,” “weird,” and “baffling.” I guess it isn’t behaving the way it is supposed to? Maybe I am naive, but when has the market behaved the way it is “supposed to?”
The Boston Globe discussed the market and recovery in Massachusetts this week in “A Very Strange Housing Recovery in Massachusetts.” The second paragraph says:
Sales are down, foreclosures are up, and buyers are walking away from pending deals. Construction of new housing is falling again. To top it off: Single-family home prices in September fell compared with the same month in 2013, the first such price decline in two years…
OMG, the sky is falling! And yet, the article also points out that:
…the state’s median home price, adjusted for inflation, has climbed back to within 15 percent of pre-recession highs; nationally, prices are still down 30 percent…
The media always likes to focus on the gloom and doom. In my area, what I would call “greater metro-west Boston,” we are generally seeing an increase in inventory (with some exceptions), a decrease in units sold and an increase in sales price. Here are some real numbers for select communities (source: Century 21 Commonwealth):
Single-family Inventory, 10/21/13 vs 10/21/14:
- Brookline -15.3%
- Dover 1.6%
- Framingham 25.5%
- Holliston 57.1%
- Hopkinton 28.3%
- Medfield 8.5%
- Natick 15.0%
- Needham 58.1%
- Newton 22.9%
- Sherborn -27.9%
- Wellesley 47.6%
Median Price Change, first 3 quarters 2013 vs 2104:
- Brookline 16.0%
- Dover 3.8%
- Framingham 2.9%
- Holliston 14.1%
- Hopkinton 3.8%
- Medfield 9.2%
- Natick 7.5%
- Needham 2.9%
- Newton 8.3%
- Sherborn 2.4%
- Wellesley 8.7%
You could make a case that it is a good time for buyers (as inventory levels are up) or sellers (as selling prices are up). Maybe I am really, really naive, but I think if you are looking to buy, there is always a house out there for you, and if you are looking to sell, a home priced right will always sell. If you are interested in a market analysis of your home, or if you are interested in seeing what is out there in the market to buy, contact me…I will try to help you wade through this “schizophrenic, weird and baffling” market.