bostonbubble.com

[Brian C]

Take a look at the numbers below for some selected Metrowest towns.

Natick
Active Median Price $550k 4/2 2464sqft ($223 per sqft)
Pending Median Price $364k 3/1 1195sqft ($304 per sqft)
Selling Median Price $445k 3/2 1524sqft ($291 per sqft)
Notes: Smaller houses are moving. Larger houses are sitting on the market longer, even though they could be a better value. But who wants to maintain, heat, or pay taxes for a 2400+sqft house?


Needham
Active Median Price $747k 4/2 2534sqft ($294 per sqft)
Pending Median Price $789k 4/2 2136sqft ($369 per sqft)
Selling Median Price $699k 3/1 1918sqft ($364 per sqft)
Notes: Are small houses overvalued? Are larger houses a deal in this desirable town? Properties are moving at a good clip, outselling bigger towns like Waltham.


Waltham
Active Median Price $450k 3/2 1700sqft ($264 per sqft)
Pending Median Price $380k 3/1 1651sqft ($230 per sqft)
Selling Median Price $415k 3/1 1664sqft ($249 per sqft)
Notes: Normal transition, make its even easier to see with the similar bedrooms and size. The difference between current active prices and properties sold over the last 3 months is a 7% drop. But if you go with the pending price which represents stuff coming off the market right now, it’s a 15% price drop! Just wait till those pendings go final!


Framingham
Active Median Price $325k 3/2 1728sqft ($188 per sqft)
Pending Median Price $310k 3/2 1104sqft ($280 per sqft)
Selling Median Price $345k 3/1 1100sqft ($313 per sqft)
Notes: There is a 6 bedroom 5 bathroom property on the market for $10million. For a town that median properties are selling in the mid-$300 range, this property will be on the market for quite some time.

[StallionMang]

is unfortunate.. that the commuter rail station is in the sketchiest part of town. We saw an amazing house there but I don't wanna be surrounded by junkies and crime on the walk to/from the station.

Really poor planning, as the world becomes less car-centric.

[StallionMang]

Great info! Where did you get it - especially Pending?

Redfin makes this pretty easy (set criteria, download to CSV), but Pending is harder.

[Brian C]

[guest1]

"I have over 3 years of reports so its interesting to see how much we have fallen."

As another potential buyer, I am disappointed in how little we have fallen in most of metro-west (and northwest). From the Warren Group:

Lexington:
Year Months 1-Family Condo All Sales
2008 Jan - Aug 749,900 415,000 700,000
2007 Jan - Aug 700,000 405,000 666,000
2006 Jan - Aug 715,000 402,450 644,095
2005 Jan - Aug 712,911 427,350 689,750

Newton:
Year Months 1-Family Condo All Sales
2008 Jan - Aug 760,000 430,000 630,000
2007 Jan - Aug 780,389 453,000 685,750
2006 Jan - Aug 766,160 495,250 650,000
2005 Jan - Aug 771,559 469,500 673,200

Winchester:
Year Months 1-Family Condo All Sales
2008 Jan - Aug 742,000 378,950 653,000
2007 Jan - Aug 675,250 310,000 600,000
2006 Jan - Aug 732,450 389,400 640,000
2005 Jan - Aug 732,200 330,000 609,500

Needham:
Year Months 1-Family Condo All Sales
2008 Jan - Aug 650,000 569,000 650,000
2007 Jan - Aug 625,000 416,500 615,625
2006 Jan - Aug 650,000 440,000 635,000
2005 Jan - Aug 647,688 611,250 645,000

Wellesley
Year Months 1-Family Condo All Sales
2008 Jan - Aug 1,047,500 568,500 1,004,500
2007 Jan - Aug 943,750 523,800 885,000
2006 Jan - Aug 995,750 583,000 965,000
2005 Jan - Aug 950,000 625,000 880,000

[StallionMang]

The interesting thing to me is that inventory has continued to fall off. We went to an open house and asked the showing agent why they were selling... to find out if they were motivated. He wasn't the listing agent and didn't know, but said "If they're selling in this market, they must be motived."

I thought this was a telling comment.. it implies to me there are a lot of would-be sellers waiting for a good time to sell, still holding out hope for the bottom to be reached.