Cambridge Condo Trends – February 2013

Cambridge Condos February 2013
Sold condos divided by condos for sale shows % of market sold for the month. Absorption rate = how long to sell the inventory based on the % sold for that month.

Cambridge Summary: Inventory remains lower than a year ago by 14%,a real challenge for buyers. Demand remains high and inventory low. ~ Condo for sale market value is flat, down 0.2% at $61.5  million in condo listing volume. ~ The median list price rose 6% with the  days on market dropping 32% or by 44 days before going off market. ~ Condos that went under agreement for the month are up 20%.

Cambridge condo sales 2.13

Cambridge condo sales, month to date, are down by 26% whereas the year to date is up by 5%. Sold market value is down 14% to $9,027 million in sales.  The average sale price was up 16% to $531,000 ~ Multiple offers and quick sales put the original price to sale price at 100%. ~ The average square foot price in February was $516 per square foot up 11%  from last year.

Somerville Condo Trends – February 2013

Somerville Condos 2/13
Sold condos divided by condos for sale shows % of market sold for the month. Absorption rate = how long to sell the inventory based on the % sold for that month.

Somerville Summary: February condo inventory is at record lows, down 42% from a year ago. ~ Listing market value was down by 33% to $26,212,000 in value. ~ The median list price increased by 19% with the active days on market shrank 56% or 37 days. ~ Condos going under agreement were down 16% from a year ago.

Somerville Condo sales chart 2/13 2.13

 

The number of condos sold in February were the same, which resulted in a 13% increase year to date. ~ Somerville sold condo market value went up 31% to $15,312,350. ~ The average sales price was up 29% at $487,855. Days on market improved 37% by 41 days. The original price to sale price ratio was at 99% of original list price due to competitive bidding. ~ The average square foot price was $359, up 7% per square foot with the living area increasing by 66 square feet.

The Money Test: How To Avoid Your Own Fiscal Cliff.

Our Own Tim Schmidt highlighted on Channel 4!


BOSTON (CBS) – In the past couple of months, we’ve heard a lot about the government standing on the edge of a fiscal cliff.

But many families can be standing on the edge of their own fiscal cliff without even realizing it.

There are money questions everyone should ask so they can assess where they really stand.

Saving isn’t much fun, but it is a necessity. Ask yourself how long you could get by if you lost your current salary. The answer should be six months.

Brookline resident Matthew Zappala says it isn’t easy to put money aside. “I just spend too much money on things like food and clothing.”

Dana Levit of Paragon Financial Advisors in Newton said six months is a standard number when it comes to emergency funds. “Reason being, how long will it take you to get another job, that is what it is tied to.”

If you’re dreaming of golf and warm weather in your golden years, there is a savings bench mark for that too.

“Ten percent of your gross income, compounded over a lifetime should get you in a pretty good position for retirement,” said Levit. “If you’re one of those people that didn’t start saving until you are 30 or 40, that number goes up significantly.”

But saving is tough after paying for necessities, like putting a roof over your head.

Experts say rent or mortgage expenses should not exceed 25% of your income. Cambridge realtor Tim Schmidt of RE/MAX Destiny says that is a difficult goal in the Boston area.

“It is a tough market for sales and rentals right now, and there is nowhere for people to go,” added Schmidt.

Americans have gotten better with their credit cards, but there is a warning sign here too. Are balances getting smaller from year to year?

“The red flag for me is that means people are living pay check to pay check,” said Levit.

Another potential pothole are deals which let consumers make a big purchase with payments and interest being deferred.

It might sound like a great way to get a new TV, but if you don’t pay it off in time, the interest clock gets reset, back to the beginning.

Levit said the rates on these types of programs can be very high.

Experts also say these deals can cause us to spend more overall. That’s because it’s easy to forget about a payment that’s years away, and buy other things in the meantime.

RE/MAX rolls out 2013 national ad campaign


Real estate franchisor RE/MAX will continue its “For All the Things That Move You” national ad campaign in 2013 using an integrated strategy that includes network and cable television, radio, print, digital and social media.

A TV ad campaign that debuts Feb. 25 will feature three 30-second ads, two 15-second spots and one Spanish language ad that will air throughout the U.S.

RE/MAX says creative agency R&R Partners of Las Vegas and media buying agency Carat will help it “maintain a consistent presence throughout the year” with “year-round visibility.”

The franchisor says it intends to maintain its leading national television “share of voice” among real estate companies, which the company claims to have held on to since 2002.

Rival franchisors Century 21 and Coldwell Banker are also seeking to raise brand awareness on TV.

After suspending national TV advertising in 2009, Century 21 returned to the medium with a splash last year, running a Super Bowl ad and spots during the Olympics. Saying last year’s Super Bowl ad helped drive traffic to its website, Century 21 also bought spots before and during this year’s game.

Coldwell Banker’s “Blue Carpet” ad campaign includes 30-second TV spotsairing nationally during music, movie and TV award shows.

According to a survey taken last year, Century 21, RE/MAX and Coldwell Banker are the most recognized real estate brand names used by brokerages. The survey was commissioned by Century 21 and conducted by Millward Brown, a global brand research company.

The new RE/MAX TV ads highlight the “things” that trigger consumers to buy and sell homes.

“The TV spots capture the individual style of consumers from every walk of life, and convey the pride and honor felt by RE/MAX agents who help consumers find a house they can call their home,” said Mike Ryan, RE/MAX’s executive vice president of global communications and branding, in a statement.

To reach the brand’s global market, print and digital ads will be translated into Spanish, Italian, Portuguese, Hindi and Mandarin Chinese.

RE/MAX, which has a partnership with Homes.com, had the most-visited real estate-related website of any real estate franchise in January with 3.99 million total visits, according to Experian Marketing Services.

Join Us In Welcoming Our Newest Member !

Please join us in welcoming Erik Williams to RE/MAX Destiny.                                                                                        Erik is a lifelong resident of Massachusetts, Erik Williamsearning his undergraduate degree in business from Boston University and his MBA from Babson College. Erik joined the Cambridge real estate community in 2011 and prides himself on his open and consistent communication, creative problem solving skills and empathy. His past clients have found him to be an effective negotiator and a natural leader, assuring that transactions go smoothly and favorably.

Erik enjoys the vibrancy and energy of city life and takes frequent advantage of the great restaurant scene and cultural offerings. Erik is also passionate about the environment and sustainable building practices and has completed graduate work at the Boston Architectural College. He stays current with the constantly evolving field of real estate through frequent participation in continuing education and professional development. Erik brings all of his academic and professional experiences together to provide his clients with a well-rounded real estate perspective. Erik is a member of the Boston Society of Architects and the Friends of Fresh Pond.

When asked why he joined Erik said, “I joined RE/MAX Destiny to better serve my clients. RE/MAX provides all the tools and support to make me more productive and to provide an even higher level of service to my clients. My most important goal is client satisfaction and RE/MAX Destiny supports me in delivering on it.”

RE/MAX.com Remains Most-Visited Real Estate Franchise Site

WebCompetitorChart_Hitwise-20122/12/13 – Averaging more than 4 million consumer visits a month, remax.com remained the most visited U.S. real estate franchise website in 2012. And that’s good news for RE/MAX agents who have received more than 12 million free leads from the site since 2006.

Data provided by Experian Hitwise shows that remax.com attracted 52.5 million visits – nearly 28 percent more than the nearest competitor, century21.com, and more than twice as many as fifth-place kw.com.

The remax.com traffic was up nearly 6 percent over 2011 when it also outdistanced all other U.S. real estate franchise websites.

Download the 2012 comparison chart (JPGPDF) showing remax.com ahead of nine competing websites, including coldwellbanker.com, weichert.com and prudentialproperties.com.

Consumer visits to remax.com are bolstered by RE/MAX advertising, principally on TV. The visits, in turn, generate free leads for RE/MAX agents that are distributed through LeadStreet.

Since Hitwise introduced the total-visits metric in November 2009, remax.com has been No. 1 among real estate franchise websites 36 of 38 months through Jan., 2013. Experian Hitwise has the world’s largest sample of online consumer behavioral and search intelligence, and monitors more than 10 million U.S. users.

RE/MAX Affiliates may share this article, provided they do not charge for it and this notice is included. All other rights reserved.

Dramatic 2012 Sales, Volume Increases at RE/MAX

                                                                              remax

February 12, 2013 – With a housing recovery in full swing, RE/MAX LLC experienced significant improvement in closed transactions and sales volume in 2012. In the U.S., RE/MAX agents were involved with nearly 840,000 transaction sides, an increase of 12% over 2011. The 2012 U.S. sales volume for RE/MAX agents was $165 billion, up 18% from last year. Most importantly, individual productivity within the RE/MAX network rose 15% to an average of 16.3 transaction sides per agent.

“For several years in a row, RE/MAX agents have averaged more sales than other agents. Again in 2012, RE/MAX agents closed more real estate deals than agents with any other brand,” said Margaret Kelly, RE/MAX CEO. “It’s clear that the advanced tools and technology resources RE/MAX offers makes our agents the best prepared to assist home buyers and sellers in this recovering market.”

Since 1997, closed transaction sides in the RE/MAX organization have never fallen below 1 million and have never been exceeded by any competitor. Worldwide in 2012, RE/MAX transaction sides rose 8.4% to 1.3 million and sales volume was up 10.1% to $296 billion.

RE/MAX saw franchise sales growth in 2012, as well. The global franchisor added 739 new franchises and six new countries, including mainland China. RE/MAX ended the year with a country count of 89, an international presence greater than any of its competitors.

In addition to residential performance, nearly 440 commercial offices and divisions increased their transactions by 8.4% and sales volume by 17.4%.

“RE/MAX adapted to the market over the last few years, and trained our agents to succeed. That training paid off, and our agents are now the best positioned for a real estate market that is coming back strong,” Kelly added.

Industry recognition also came to RE/MAX in 2012. For the 10th time in 14 years, RE/MAX, LLC was recognized as the #1 real estate franchisor in Entrepreneur magazine’s 34th annual “Franchise 500.” For the 4th year in a row, RE/MAX earned the top real estate ranking in the Franchise Times Top 200 survey, and was named one of the “Top 50 Franchises for Minorities” by the National Minority Franchising Initiative through the World Franchising Network.

Last year also saw the launch of a redesigned consumer-facing website, remax.com, which is the first real estate franchisor to provide consumers with a personal, consistent web experience across desktops, tablets, and smartphones. Remax.com has been the most visited real estate brand website for the last 3 years according to Experian Hitwise.

As part of the RE/MAX system, brokers and agents have access to comprehensive professional training from the award-winning, on-demand RE/MAX University, as well as technology resources like the RE/MAX Mobile Suite, RE/MAX LeadStreet® and the online customizable marketing toolkit, Design Center.

For more information, please visit www.joinremax.com.

Welcome Edana Spicker

We are pleased to announce that Edana Spicker is now affiliated with our soon-to-open                                   RE/MAX Destiny office in WebJamaica Plain’s Hyde Square. Edana is a licensed Realtor who has specialized in helping people buy and sell homes in Jamaica Plain and nearby communities for over ten years.

She chose to be one of the first agents to affiliate with the new branch of RE/MAX Destiny in Jamaica Plain for several reasons. According to her,  “I am attracted to the collaborative and supportive culture and the powerful, yet accessible marketing tools which will help me to handle my client’s needs even more effectively. Plus, I am excited at the practical matter of being able to serve customer’s from the brand new, conveniently located office in the vital Hyde Square neighborhood. Edana can be reached at agentedana@gmail.com or by calling 617-821-1102.

Client Comments:

Edana,

“HOO-RAY! This week has been so hectic–I am still absorbing the reality. You have been so wonderful though–we really can’t thank you enough. We will certainly refer anyone who’s at any stage of the home-buying process to you!!

Thankyouthankyouthankyou,

– R.H.

Edana,

Thank you soo so sooooooo much for all of your above and beyond help getting me this beautiful home and studio. You are a friend for life.

– F.M.

We have worked with Edana over the years buying and selling several properties.  Edana is a very diligent, responsive and organized real estate professional. I especially appreciate her meticulous eye for details – especially handy with all the contracts and paper work. I have been more than happy to refer Edana to several of my friends over the years. 

– E.K.

Cambridge Condo Trends

Cambridge Condo Trends Jan. 2013

Cambridge Summary: Inventory is slightly lower than a year ago by 2% and remains a challenge for buyers.  Demand remains high and inventory low. ~ condo Listing $ Volume is up 27% from $ 49 million to over 62 million in total condo listing market value as is the median list price. ~ The days on market dropped 66 days to 71 days before going off market. ~ Condos that went under agreement for the month are up sharply by 88%. Cambridge condo sales, month to date, are also up by 12% as we begin 2013.

Cambridge Condo Sales Chart

Sold $ Volume is starting strong up 49% from $5.6 million in 2012 to $8.4 million in 2013. The median sale price increased by 10%. ~ The average square foot price in January was $508 per square foot up 16% from last year with the average living shrunk by 111 square feet.