Condo Comparison, Feb 2017

Hard to believe that we’re nearing the end the 1st quarter with lower inventories than ever before.  Being an optimist and given the current numbers there is only one way from here and that’s up.  Looking forward to a crazy spring market with a few surprises as the market slowly shifts.

JP vs Roslindale

 

South End Opening Celebration

South End Office

We had a wonderful Grand Opening with friends and colleagues, old and new. Visit facebook.com/remaxdestiny to see more photos or comment.

For Immediate Release

RE/MAX Destiny Opens Collection Office  in Boston’s South End.

Boston, MA– September 24, 2015 – RE/MAX INTEGRA, New England is pleased to announce that RE/MAX Destiny has opened a new RE/MAX Collection office located in Boston’s South End at 55 Waltham Street. The office is owned and operated by Broker/Owner Paul Turcotte and marks his third RE/MAX Collection office, joining locations in Cambridge and Jamaica Plain.

RE/MAX Collection offices and agents specialize in marketing luxury homes, and have access to unique tools and resources that allow them to deliver premier service. RE/MAX has more Certified Luxury Home Marketing (CLHMS) designated agents than any other real estate brand.

“The new South End location is a great addition for Paul and his team,” said Dan Breault, Executive Vice President and Regional Director of RE/MAX INTEGRA, New England. “The city of Boston is experiencing a boom in the luxury market, and this office is perfectly timed to react to high consumer demand.”

Opening Friends RE/MAX Destiny specializes in luxury condominium marketing, condo        conversion and development. They rank consistently as one of the top ten  companies for condominium sales in Massachusetts. RE/MAX Destiny has  seen a 23% increase in agent count since 2012, and sales volume has increased  107% from January to July of 2015, over the same period in 2012.*

 Turcotte has more than 25 years of real estate experience and  opened his first RE/MAX Destiny office in 1999. His team is comprised  of 65 experienced, professional agents.

 “The new office is a perfect complement to our other two locations in Cambridge and Jamaica Plain,” said Turcotte. “The South End location fills the gap right in the heart of the city, which allows us to fully cover all aspects of Boston’s luxury real estate market.”

*Data provided by RE Stats.

About RE/MAX INTEGRA, New England:

Since its inception in 1985, RE/MAX INTEGRA, New England has grown to over 200 offices and 2,700 sales associates throughout Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont, providing franchised residential and commercial real estate services to its franchisees and their real estate professionals.

RE/MAX of New England is owned by RE/MAX INTEGRA, a privately-held company headquartered in Toronto, Canada. RE/MAX Integra is the largest sub-franchisor of RE/MAX, LLC worldwide, and represents 28,000 agents and approximately 30 percent of RE/MAX, LLC.

For more information about RE/MAX of New England or RE/MAX INTEGRA, visit the RE/MAX of New England blog at www.remaxne.com and follow us on Twitter at @REMAXNE. RE/MAX is proud to help raise millions of dollars and support local charitable organizations including Children’s Miracle Network Hospitals.

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Cambridge – Somerville Condo Trends for July 2015

By Paul Turcotte – Reports on other towns or property type and price ranges available on request.

Condominium sales rose in June with a total of 2,794 transactions completed compared with 2,429 in June 2014, a 15.0 percent increase. June marked the best month for condo sales since August 2007 and the first time in seven consecutive months that condo sales have increased on a year-over-year basis. Year-to-date sales of condos are down by 0.7 percent with 9,526 sales completed during the first six months of this year compared with 9,590 recorded during the same period last year. Read more from the Warren Group…Condos Sales Increase By 15.0 Percent…

July_Txt

July_Chart

Cambridge condo inventory continues to frustrate buyers and their agents being down 32% from a year ago. Now for some acceptable news, the number of condominiums that went “Under Agreement” was only 4% below the end of July 2014. Condominiums sold last month were 11% less with year to date sales down 7%. The average sale price remained stable at $745,246. The average sold square foot price was up $24 to $675 per square foot with an average unit size of 1,129 square feet.

Cambridge Market Report – June 2015

Somerville inventory was down 16% compared to July of last year. The number of condos that went “Under Agreement” was in positive territory up 14%. Condo sales month to date still ran a negative 8% with sales year to date coming in at 23% below the same time last year. The average sales price declined from $604,000 in June to $582,249. The average sold square foot price went up slightly to $500 per square foot with an average unit size was 1,195 square feet.

Somerville Market Report – June 2015

Cambridge – Somerville Condo Trends – June 2015

See condo sales information in Warren Group article on Bay State Homes for May or review New England market activity New England Housing Report

June_Trends

Cambridge condo inventory continues to frustrate buyers and their agents being down 37% from a year ago. The number of condominiums that went “under agreement” improved although remaining off by 6% from the end of June 2014. Condominiums sold in June were 2.5% off with year to date sales remaining down by 8%. The average sale price continued to rise in June to $743 from $701 in May. The average sold square foot price was $651 per square foot with an average unit size of 1,161 square feet.

Cambridge Market Report -May 2015

Somerville inventory was down slightly by 6% or 2 units compared to June of last year. The number of condos going “under agreement” was down 15%, a considerable drop from the previous month. Condo sales month to date ran a negative 21% with sales year to date coming in at 27% below the same time last year. The average sales price declined from $656,000 in May to $604,000 in June. The average sold square foot price remained the same month over month at $483 per square foot. The average unit size was 1,302 square feet.

Somerville Market Report May 2015

 

Cambridge Condo Market Report – 1st Quarter 2014

Cambridge Condo Market April 2014Cambridge Summary: The Cambridge condo market continues to struggle in every category. However, the inventory value is only 0.5% below what it was a year ago at 42 million+/- with 15% less homes available. March pending sales were down 23%.

Cambridge Condo Sales Chart  April 20114

The sales volume year to date for the first quarter was down 23 million in value -23% from the same time last year. The first quarter  average days on market were 39 . Average unit size was 1,035 square feet with an average sale price of $663,656. The average price per square foot – $614.

Cambridge Year End Condo Trends – December 2013

Cambridge Year End Condo Trends 2013

Cambridge Summary: Inventory remains at historic lows, down over 60% from the end of 2012. ~ The median list price continues to be bullish closing 30% higher. Days on market for listings was about the same, 14 weeks on average before going off market (Reflective of high list pricing). Properties going under agreement fell do to lack of inventory by over 70%.~

Cambridge Condo Sales Chart 2013

Cambridge condo sales, month to date are down 44% and overall the year to date (YTD) lost 2% over last year’s total sold. The median sale price ended the year up 17%. ~ Multiple offers and quick sales kept the original price to sale price higher than normal at 99%. ~ The average square foot price was $526 per SF with an average condo size of 1,304 SF.

Cambridge Condo Trends – July 2012

Cambridge Summary: Lack of inventory continues to challange the market, down 46% compared to July last year. ~ Condo listing $ volume reflects this difference down by 30% from 122 million to the current $85 million in market value. ~ The median list price is up by 15%  = $76K with days on market dropping to an average close to 2 months before going off market. ~ Condos that went under agreement have improved by 27%.

Cambridge condo sales, month to date, are up 20% with year to date number of sold condos up by 10%. Sold $ volume YTD increased by 7.6% from $204 million in 2011 to $221 million this year. The median sale price improved by $23,500 with the ratio of sale price to original price at 98% due to multiple offer bidding and reduced time on market. ~ The average square foot price for July was $479 per square foot with the average living area at 1,043 square feet.

Somerville Condo Trends – July 2012

Somerville Summary: July condo inventory maintains record lows, down 48% from last July which was less than special. ~ Listing $ volume was down 49% from $55 million to $28 million in value. ~ The median list price stayed very close to the same with the active days on market dropping a couple of weeks to under 3 months. ~ Condos going under agreement decreased by 22%.

Condos sold for the month exceeded last July by 20% with the year to date sales up 35%. ~ Somerville condo sold $ volume YTD is up 26% from the end of July last year. ~ Sold average days on market dropped to less than 60 days. The original price to sale price ratio increased to 98% of the original list price due to competitive bidding. ~ The average square foot price increased by $27 to $356 per square foot with the average condo living area at 1,208 square feet.