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BOSTON REAL ESTATE NEWS

SPRING MARKET UPDATE

ITS BEEN A BUSY SPRING! SALES SURGE AS INVENTORY FALLS CITYWIDE The spring real estate market is in full swing and activity is the strongest it has been in years in downtown Boston. Record low inventory along with low interest rates, an improving economic picture, and rising rents have combined to create intense buyer demand. In my opinion, the YEAR TO DATE CONDO PRICING & SPRING INVENTORY market has now transitioned from stable to AVERAGE MARKET SALES INVENTORY rising, with buyers PRICE/SQ. FT. TIME VOLUME presenting strong first offers and often competing BACK BAY -1% -6% +17% -28% in multiple offers. Recently, I have worked on BEACON HILL +7% -33% -11% -25% a number of deals where competition has pushed SOUTH END +1% even +23% -37% prices significantly over asking, creating new SOUTH -4% -29% +17% -56% benchmarks for pricing BOSTON going forward. I have also JAMAICA PLAIN +19% -25% +13% -29% seen demand strengthen across price points, CITYWIDE +8% -10% +10% -35% whether I am working with a first-time home buyer or on a multi-million dollar As of 5/14/2012. Sources: MLS and LINK new construction sale. Since properties take at least 30-60 days to close, data is not yet out on many of these spring sales. However, year to date sales (reflecting properties that went under-agreement early in the year) already show positive trends. Market time is down and sales volume is up considerably in most neighborhoods. Citywide, the average price per square foot is up 8% over last year. Clearly, low inventory is a major driving force behind improving market conditions with year over year inventory drops ranging from 25% to over 50%, depending on the neighborhood. As buyers and sellers adjust to a changing market, it will become more important than ever to understand the current dynamics. For sellers, correct pricing remains vitally important as does managing interest and especially multiple offers. A wellpresented, well-negotiated property in these circumstances can easily sell for tens of thousands of dollars more than another equal property that is not handled well. For buyers, quick access to properties, a thorough understanding of recent sales and activity, and proper offer positioning and negotiation will be key to a successful purchase. As always, please feel free to call or email me if I can provide more detail about market dynamics in your neighborhood or if I can answer other questions you have about Boston real estate.

TARA WILSTEIN COLDWELL BANKER 633 Tremont Boston MA 02118 617-510-7098 tara.wilstein@nemoves.com

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2 Earhart Street, Unit 916
$765,000 2 Bedrooms, 1.5 Baths
1157 Square Feet

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MORTGAGE UPDATE
Rates have been at historic lows for quite a while, and just recently dipped to their lowest levels ever. This is a great time for buyers to secure outstanding rates and for existing homebuyers to save thousands through refinancing. For current rates and programs, please contact: Liz Orie The Bank of Canton eroie@thebankofcanton.com Mobile: 978.460.1771 NMLS LICENSE ID # 64157
If you prefer not to receive this newsletter, please call my voicemail at: 617-796-2474

TARA SAGE WILSTEIN

633 Tremont Street Boston, MA 02118 617-510-7098 tara.wilstein@nemoves.com