The Brookline MA housing market is not typical or representative of most real estate markets.
Brookline MA has mostly condos, and the single family homes are expensive. As one of the most desirable places to live around Boston, Brookline is home to great mansions and small Capes - all in high demand.
What is particularly interesting about the analysis here is the difference in the homes available in various price ranges. This unique real estate market is ruled by the scarcity of land and high quality schools.
With less than 20 houses on market, Brookline MA is not a study of statistical significance, but an enclave of affluence of varying degrees.
Brookline MA Real Estate: Single Family Market Report March 2014
1. BROOKLINE MA
Single Family House Market Report
Brookline MA and Chestnut Hill MA House
Market Analysis and Forecast
By Ruth Lerner March 2014
2. Brookline’s Housing Market Trend
Seller’s market, but weakening
Fairly low inventory
of houses available
Land values way up
What to expect in 2014?
3. Market Action Index for 02445 & 02446 Only
Generally a Seller’s
Market, but Cooling
An MAI over 30
indicates a seller’s
market
Still a seller’s market,
but it has cooled
considerably since
Summer 2013.
4. MAI by Price Quartiles for 02445 & 02446 Only
Bottom two quartiles,
with median prices of
$1.8 and $3.4 million
have the strongest
seller’s markets
Top quartile of luxury
houses with a median
price of $4.4 million are
an even market with the
buyers.
Seller’s market in lower
price ranges
Market Recovery,
early 2012
Market heats up,
through 2013
5. Brookline: Zip Code 02445 & 02446
Median Asking Price by Quartiles
Median asking price of
listings on market.
Top quartile median
prices are have fallen a
bit. This is a very small
sample of houses, with
extremely high prices.
Time has been beneficial
to the second, third and
fourth (bottom)
quartiles.
6. Inventory of SF Listings, 02445 & 02446
Number of houses
available for sale.
Current inventory of
about 19 condos, 20%
of peak inventory.
Peak inventory in June
2013 if approximately
100 houses, with a
large sell-off since.
Seasonal dips are
normal, but this year’s
seasonal low is
exceptionally low.
7. Median Asking Prices by Quartiles: 02445 & 02446
Inventory, by Quartiles
Notice how the most
valuable asset is Land!
Number of beds and
baths double from the
bottom to top quartile
Average age of the
most luxurious houses
is younger due to
several new
construction projects.
It takes triple the time
to sell a top quartile
house than a bottom
quartile house.
9. Chestnut Hill: Inventory of Houses for Sale
Three Years of Cycle
Houses have a fairly
predictable cycle of
inventory in Chestnut
Hill.
This winter’s inventory
is slightly lower than
last years, but not as
low as in 2012’s winter.
10. Chestnut Hill:
Median Asking Price per Square Foot
Chestnut Hill Prices per
Square Foot
Price per square foot is
approximately 29%
higher than the low in
Summer 2011.
Median price per
square foot for on
market houses peaked
one year ago.$385 +/-
$460 +/-
11. Chestnut Hill:
Market Action Index Still a Sellers’ Market
Stronger Seller’s
Market in Chestnut Hill
Seller’s market when
MAI is above 30.
Extremely strong
seller’s market in
second, third and fourth
quartiles.
Mildly strong market for
sellers in ultra-luxury
houses in Chestnut Hill.
12. Chestnut Hill: Quartile Summary
Small Houses Sell Quickly
Notice the difference
in lot size between the
bottom and top
quartile.
Chestnut Hill’s houses
are younger, on
average, than those in
North Brookline.
13. What to Expect in 2014?
Market more even handed in
buyer’s favor, but still tight.
Many sellers ready to sell as
they realize the appreciation
of their properties.
Many buyers will exit the
Brookline market as they are
out-priced.
Housing market in Brookline
will cool overall.
14. What About Home Sellers?
Selling a house in Brookline
requires extensive marketing
to the right buyers.
Current conditions are ripe
for a fairly quicker sale for
“entry level” houses.
Ultimately, it is up to you and
your timeline and needs.
15. Keep Up With the Market
Click to sign-up
for your weekly
updates and leading
indicators of the local
real estate market!