Overview
Purpose To provide an analysis of market-wide trends in Boston's prime
neighborhoods based on available information.
Improper Use It is improper to apply these statistics to
the square footage, room count or other attributes of a specific
property in order to estimate its market value. In order to get
the top market value of your property, or the property you intend
to buy, please contact Elad Bushari for
consultation.
Amenities including, but not limited to view, physical condition,
layout, quality and type of construction, square footage,
financial condition and security have a significant influence on
values within the same building, sub-market or market.
Types of Data Used All residential condos sold in the
specific geographic area include but are not limited to
pre-construction sales, co-ops and sales
of common areas. Separate maids' and storage rooms were excluded.
Data Sources The primary data source is LINK® (Listing
Inventory Network). LINK has monitored and recorded Boston area sales and
inventory since 1995. The data used in this report was collected
during the normal course of business in the Greater Boston Area
and does not represent all sales in their respective categories.
Overlapping Market Areas Due to the inclusion of several
sub-markets in specific neighborhoods, the total of all areas
analyzed may not equal the Boston totals. Yet, it is done this way
so that it may be useful to more readers.
Ownership Types The market report includes co-ops and
condos. Because there are so few co-ops in the Boston market, this
report refers to all co-ops as condos.
Units sizes were determined as follow:
| Studio
|
0 Bedrooms and
Lofts under 500 Square Foot |
| 1 Bedroom |
1 Bedroom and
Lofts 501-1000 Square Foot |
| 2 Bedrooms |
2 Bedrooms and
Lofts 1001-1500 Square Foot |
| 3+ Bedrooms |
3+ Bedrooms and
Lofts over 1501 Square Foot |
Market Reports
Monthly Boston Market Report A monthly analysis of condo
sales in Boston's prime neighborhoods. The available information
is continually changing. The report represents a reliable analysis
of market conditions during the month based on the sales data obtained
one-month after the end of the reported month. By doing so, I
allow the data source to "close the books" and record as many
transactions as possible. The
monthly report covers the following months: January, February,
April, May, July, August, October and November.
Quarterly Boston Market Overview A report that analyses
the past quarter. New data collected after the posting dates of
each quarterly report are not amended to the original data because
each quarterly report represents a snap shot of the market at the
time they were issued. Since historical data is continuously
collected in day to day business, Elad Bushari reserves the right
to update the results of these reports in the future or in other
reports or studies. The Quarterly Report covers the following
quarters: 1st Quarter - Jan to March, 2nd Quarter - Apr to Jun,
3rd Quartet - Jul to Sep.
Annually Boston Market Report It is the compilation of
data presented in the four quarterly reports plus additional
analysis. The Annually Report covers the past year and includes
all the months.
Terminology
Luxury The
luxury market covered by the "Boston Real Estate Market Report"
includes full-service buildings only.
Statistics and Formulas
Number of Sales All available sales to occur in a
specific market during the reporting period.
Average Price Per Square Foot The total of all condo sales
prices in a specific reporting period and market divided by the
total square footage of all sales in that same period and market.
Average Sales Price The total of all condo sales prices in
a specific reporting period and market divided by the number of
sales in that same market and reporting period.
Median Sales Price This is the number that is the midpoint
of all the sales prices in a data set. If the data set has an even
number of data points, the average of the two middle numbers of
the set is the median sales price.
Average Condo Size The total of all condo square footage
in a specific reporting period and market divided by the number of
condos in that same market and reporting period.
Listing Inventory The amount of condos offered for sale
in a specific reporting period and market until they actually were
sold. This has many implications for analysis since supply is
considered a leading market indicator. Listing inventory is
collected by surveying the LINK database. Since LINK covers
roughly 95% of the listings presented, the addition of more condos
to the list in the future has a statistically insignificant effect
on the result. The results are used to help gauge future supply
and its affect on market price direction. Since the data is
dependant on how well the brokerage firms manage their data, it
can not be assured that the results are absolute. The listing
inventory does not count the private condo sales sector.
Days on Market The number of days from the moment the
condo is put on the market to the contract date. The days on market
variance does not include cumulative days.
Monthly Absorption The number of months it would take
for all existing inventory to be sold without new inventory coming
on the market. Its is calculated by taking the listing inventory
and deducting the monthly number of sales. An increase in the
number of months to absorb current housing stock indicates a
weakening market. The number of sales for the quarter is divided
by three to convert to a monthly average. For example, a 3,000
quarterly number of sales and a listing inventory of 6,000 would
yield a 6 month absorption: (6,000) - (3,000/3) = 6 months. |
