UPDATED - Otis & Ahearn’s Boston Real Estate Market Analysis
Otis & Ahearn’s
“Market Watch” Weekly Market Analysis
O & A had A Record Year in 2007 and is On Pace in 2008 for Another Record Year in Sales!
- Over 550 sales and $450 million in volume in 2007.
- (does not include new development sales)
O&A’s General Brokerage
Activity as a Market Barometer
| 2007 | 2008 | |
| Sales | 345 | 360 |
| Volume | $273,226,336 | $247,885,147 |
O & A Weekly
Market Report Highlights:
- 2008 - 7 record Downtown high data points year to date!
- The average (1) and median (2) prices in the Downtown market have both reached new highs with the average price just over $659,000 and the median price at $473,500!
- New highs in the number of $1M, $2M and $3M sales transactions this year!
- Record number of $1,000 per square foot sales transactions this year!
- Record number of $1,000 per square foot sales transactions this year collectively and within 5 neighborhoods!
- Record high market share of $1M+ sales as a percentage of total sales!
- All of these high-end data points continue to soar, trending at projected year-end record levels for 2008!
- Total number of transactions down YTD 2008 versus 2007 primarily from loss of under $500k sales segment with the downturn in sales transactions concentrated in five (5) neighborhoods:
- E. Cambridge (- 95)
- Regatta Riverview,
Charlestown / Navy Yard (-91) - Parris Landing, Fenway (-51),
- N. End (-30)
- S. Boston (-230)
- Credit Crunch, Sub-Prime,
1st Time buyers.
Total: (-497).
In the News:
Barron’s Cover Story:
BOTTOM’S UP!
The plunge in home prices is nearing an end as the U.S. housing market shows signs of renewal. THIS IS “THE” HEADLINE THAT WE NEED AND HAVE BEEN WAITING FOR. Features Wellesley College economist Karl Case. Local lives in Wellesley. More balanced, objective assessment than others. It is very positive overview for local market fundamentals; “inventories falling and sales volume picking up after the worst housing recession in 50 years.” Trend which Downtown Boston avoided completely and essentially had price INCREASES!! Note references to an overreacting / ignoring media.
