Previews International

JONATHAN P. RADFORD

City, Country and Waterfront Fine Properties

PreviousNext

Our mobile site is optimized for smaller screens.

TRY IT NO THANKS

Market Research

>>Top /Market Research

How Long Will It Take To Sell My Property

The only accurate answer to the age old question "How long will it take to sell my property?" is determined by calculating the absorption rate for the subject property. The study of absorption rates additionally tells us many things about the real estate market in any town, city, or neighborhood. In particular, analyzing absorption rate charts helps to correctly price a property, compare the activity at different price points, and determine the historical percentage of buyers in each price range.

Absorption rates indicate the average time it may take to sell a property based on the comparison of historic transaction data and current market inventory. My direct marketing and negotiating experience and success, combined with Coldwell Banker Residential Brokerage's local, national and international marketing tools, enables me to more favorably position a property relative to similar available properties. By enhancing a property's positioning in the market place I am able to reduce the time it takes to secure a sale at a price that often exceeds the owners' expectations. 

I also calculate absorption rates for my Buyer clients as part of the process of determining the correct level at which to place an offer to purchase a property.

I can provide you with absorption rates for every Boston neighborhood and most major towns or cities within the Commonwealth of Massachusetts. For more information, please email Jonathan@JonathanRadford.com.

Click here if you would like to study a recent absorption rate chart.  

>> Read More

Trending News

Pending Home Sales Surge To 10-Month High

By Reuters | Mar 29, 2017

Contracts to buy previously owned U.S. homes jumped to a 10-month high in February, pointing to robust demand for housing ahead of the spring selling season despite higher prices and mortgage rates.

The National Association of Realtors said on Wednesday its Pending Home Sales Index, based on contracts signed last month, surged 5.5 percent to 112.3, the highest reading since April. It was also the second-best reading since May 2006.

Contract signing last month was likely boosted by unseasonably warm temperatures. The gains reversed January’s 2.8 percent drop. Pending home contracts become sales after a month or two, and last month’s surge implied a pickup in home resales after they tumbled 3.7 percent in February.

Economists had forecast pending home sales rising 2.4 percent last month. Pending home sales increased 2.6 percent from a year ago.

Demand for housing is being driven by the labor market, which is generating wage increases, as it nears full employment. Sales activity, however, remains constrained by tight inventories, which are driving up home prices.

Given labor market strength, economists expect only a modest impact from higher mortgage rates. The 30-year fixed mortgage rate is currently at 4.23 percent, below a more than 2-1/2-year high of 4.32 percent hit in December.

Contracts increased 3.4 percent in the Northeast and jumped 3.1 percent in the West. They surged 11.4 percent in the Midwest and rose 4.3 percent in the South.

 

 

Massachusetts Single-Family Homes and Condos Reach Highest January Sales Since 2006

Highest January Condo Median Sale Price On Record

 

By Banker and Tradesman

BOSTON, February 28, 2017 – There were 3,621 single-family homes sold in the bay state in January, compared to 3,433 in January 2016, a 5.5 percent increase. This marks the fourth highest January sales total on record and the highest number since 2005 when sales reached 3,637.

The median sale price of a single-family home in January reached $342,500, a 7.0 percent increase from $320,000 in January 2016. This marks the highest January median sale price in over a decade when prices reached $349,000 in 2006.

“The 7.0 percent gain in median sale price in January is the biggest percentage gain for any month since March 2014,” said Timothy Warren, CEO of The Warren Group. “The real estate market in Massachusetts continues its steady climb to surpass all previous peaks.”

The number of condominiums sold in January increased by 10.1 percent, with 1,469 sold compared with 1,334 sold in January 2016. Condo sales, much like single family homes have had a surprisingly strong January and this marks the highest January sales in 11 years.

The median sale price for condos in January reached $329,000, a 12.7 percent increase from $291,875 in January 2016. This marks the highest January condo median sale price on record. The second highest number was in 2014 when prices reached $300,000. The condo market is thriving and shows no sign of slowing down anytime soon.

 

US New Home Sales Rebound; Consumer Sentiment Ebbs

By Reuters | Feb 24, 2017

New U.S. single-family home sales rose less than expected in January, likely hurt by flooding in California, but continued to point to a strengthening housing market despite higher prices and mortgage rates.

Other data on Friday showed a dip in consumer sentiment this month, though it remained at a level consistent with a healthy pace of consumer spending.

The Commerce Department said new home sales increased 3.7 percent to a seasonally adjusted annual rate of 555,000 units last month. Economists had forecast single-family home sales, which account for about 9 percent of overall home sales, surging 6.3 percent to a 570,000-unit rate last month.

New home sales, which are derived from building permits, are volatile on a month-to-month basis and subject to large revisions. Sales were up 5.5 percent compared to January 2016.

Data this week showed sales of previously owned homes jumped 3.3 percent in January to a 10-year high. House prices increased 6.2 percent in December from a year ago.

In a separate report on Friday, the University of Michigan said its consumer sentiment index fell to a reading of 96.3 this month from 98.5 in January. The index had surged in the prior three months following Donald Trump’s victory in the Nov. 8 presidential election.

“Normally, the implication would be that consumers expected Trump’s election to have a positive economic impact,” the University of Michigan said. “That is not the case since the gain represents the result of an unprecedented partisan divergence, with Democrats expecting recession and Republicans expecting robust growth.”

The University of Michigan said February’s consumer sentiment reading suggested a 2.7 percent annualized growth pace in consumer spending this year.

Prices of U.S. government debt edged up after the data. U.S. stocks were trading lower as was the dollar .DXY against a basket of currencies. The PHLX housing index .HGX was down 0.5 percent.
 


Labor Market Boost

 

The housing market strength comes even as the 30-year fixed mortgage rate has risen above 4 percent, outpacing annual wage growth that has been stuck below 3 percent. The gains in housing are being driven by a strong labor market which is near full employment.

While the tightening labor market has not unleashed a stronger pace of wage growth, it has improved employment opportunities for young Americans, encouraging them to form their own households. But a shortage of properties available for sale remains an obstacle to a robust housing market.

Last month, new single-family homes sales soared 15.8 percent in the Northeast to their highest level since January 2008. They rose 14.8 percent in the Midwest and advanced 4.3 percent in the South. Sales in the West, which has been hit by unusually wet weather, fell 4.4 percent.

The inventory of new homes on the market increased 3.5 percent to 265,000 units last month. New housing stock remains less than half of what it was at its peak during the housing boom in 2006.

At January’s sales pace it would take 5.7 months to clear the supply of houses on the market, which was unchanged from December.

A six-month supply is viewed as a healthy balance between supply and demand. The median price for a new home increased 7.5 percent to $312,900 in January from a year ago.

 

>> Read More

Boston Luxury Property Sales Monthly Report

Luxury Property Sales Report

Boston, 2016 in Review

 
 

I am pleased to provide below an overview of luxury property sales in Boston for 2016.  For seventeen years I have been tracking the number of luxury property sales each month and writing reports for my clients.  Historic information is available upon request to Jonathan@JonathanRadford.com.

Every few years in Boston, a luxury, full-service, building is completed and the sales have a dramatic effect on market statistics for both Boston and for the State.  In the last two years, Millennium Tower in 2016 and Twenty Two Liberty in 2015 have provided the market’s seemingly insatiable appetite for luxury condominiums with 457 condominiums sold at/over $1,000,000. 

At Millennium Tower in 2016:

    -  There were 351 sales at/over $1,000,000.

    -  The average sales price over $1,000,000 was $2,566,908 or $1,524/sf.

    -  The highest price paid was $35,000,000, a market record, for the Grand Penthouse.

At Millennium Tower, the Grand Penthouse, is truly a penthouse in the original sense of the word - the entire top floor of the building.   The home was purchased by John Grayken, founder of Lone Star Funds, and a native of Cohasset.  At $35,000,000 (or $2,837/sf), this sale is approximately twice the highest price paid for a residence in Massachusetts.  On a price per square foot basis, however, there are six other properties that have sold at higher prices per square foot:  

    -    In Boston, Mandarin Oriental, Unit W12-A, sold for $3,880/sf on 05/06/2015.

    -    In Boston, Carlton House, Penthouse, sold for $3,337/sf on 12/23/2015.

    -    In Cambridge, Residences at Charles Square, Unit 1105, sold for $3,271/sf on 05/16/2016.

    -    In Boston, The Heritage on the Garden, Unit 1005/6, sold for $3,030/sf on 10/30/2015.

    -    In Boston, Carlton House, Unit 10B, sold for $3,023/sf on 12/05/2016.

    -    In Boston, Millennium Tower, Penthouse 2A, sold for $2,874/sf on 10/31/2016.

Due to the availability of these new construction distinctive homes, the Boston luxury property sales market grew 30.81% in 2016 and 17.50% in 2015.  By contrast, in 2014, when these new condominiums were not available to purchase, luxury sales in Boston fell -6.42% due to a lack of homes on the market.   

These Boston sales have contributed to the overall 2016 increase in $1,000,000+ property sales across the state, an increase of 24.65%.

 

If you are considering selling your property, please contact me for a valuation and marketing proposal.  In recent years, there has never have been a better time to sell your home (particularly in Boston).  I am the #1 agent at Coldwell Banker and would be delighted to represent you.

 

Quick Interesting 2016 Facts

According to the MLS and LINK (a separate Boston MLS):

1.    The highest priced single-family sale in Massachusetts (excluding Boston, the Cape and Islands) was 1 Hillside Road in Brookline which sold for $6,890,000 on 03/31/2016.  

2.    The highest priced single-family sale in Boston was 197 Marlborough Street which sold for $12,000,000 ($1,584/sf) on 09/09/2016.  This property is located in the Back Bay neighborhood.  

3.    The highest priced condominium sale in Boston was for the Grand Penthouse at Millennium Tower which sold for $35,000,000 ($2.837/sf) on 08/17/2016.  This property is located in the Midtown neighborhood.  

4.    The highest priced sale in Boston, by price per square foot, was for a residence at the Carlton House (2 Commonwealth Avenue) which sold for $3,023/sf ($4,650,000) on 12/05/2016.  This property is located in the Back Bay neighborhood. 

5.    The highest priced condominium sale in the Back Bay neighborhood of Boston was the penthouse at 448 Beacon Street which sold for $13,250,000 ($2,119/sf) on 08/02/2016.  

6.    The highest priced single-family sale in the Beacon Hill neighborhood of Boston was 14 West Cedar Street which sold for $5,250,000,000 ($1,444/sf) on 10/28/2016.  

7.    The highest priced condominium sale in the Beacon Hill neighborhood of Boston was at 5 Byron, Unit 5, which sold for $6,000,000 ($1,127/sf) on 09/30/2016.  

8.    The highest priced single-family sale in the South End neighborhood of Boston was 146 West Canton Street which sold for $5,000,000 ($1,653/sf) on 07/08/2016.

9.    The highest priced condominium sale in the South End neighborhood of Boston was at 1280 Washington Street, Penthouse, which sold for $6,275,000 ($1,150/sf) on 06/29/2016.  

10.    The highest priced condominium sale in the Waterfront neighborhood of Boston was Penthouse 9 at Burroughs Wharf (50 Battery Street) which sold for $5,900,000 ($2,437/sf) on 08/01/2016.  

11.    The highest priced condominium sale in the Seaport neighborhood of Boston was Penthouse 2A at Twenty Two Liberty (22 Liberty Drive) which sold for $7,237,899 ($2,715/sf) on 01/12/2016.  

12.    The highest priced parking space sale in Boston was at the Brimmer Street Garage on Beacon Hill where four spaces each sold for $400,000.  These were record prices paid at this garage, up from $390,000 in 2015.

 

The Boston Marketplace in 2016

 
Below are the highlights of luxury property sales in Boston in 2016.  If you would like a copy of my full report with the supporting data for the information below, please email me at Jonathan@JonathanRadford.com.
 

1.    In 2016, there were 1,142 sales at or above $1,000,000 compared to 873 in 2015, an increase of 30.81%.  Excluding the sales at Millennium Tower, there were 796 sales, a decrease of 9.67%.

2.    Between $1,000,000 and $1,999,999 there were 638 sales compared to 509 in 2015; an increase of 25.34%.  Excluding the sales at Millennium Tower, there were 454 sales, a decrease of 12.11%.

3.    Between $2,000,000 and $2,999,999 there were 266 sales compared to 199 in 2015; an increase of 33.67%.  Excluding the sales at Millennium Tower, there were 174 sales, a decrease of 14.36%.

4.    Between $3,000,000 and $3,999,999 there were 105 sales compared to 89 in 2015; an increase of 17.98%.  Excluding the sales at Millennium Tower, there were 71 sales, a decrease of 25.35%.

5.    Between $4,000,000 and $4,999,999 there were 50 sales compared to 32 in 2015; an increase of 56.25%.  Excluding the sales at Millennium Tower, there were 35 sales, an increase of 8.60%.

6.    Between $5,000,000 and $9,999,999 there were 61 sales compared to 38 in 2015; an increase of 60.53%.  Excluding the sales at Millennium Tower, there were 40 sales, a decrease of 5.23%. 

7.    Above $10,000,000 in 2016, there were ten sales in Boston, one more than in 2015 and the highest ever recorded for one year by MLS and LINK.  

 

Please contact me to request my 2016 Annual Report and to receive a copy of my charts covering the last 15 years of luxury property sales.  

>> Read More

Massachusetts Luxury Property Monthly Sales Report

Luxury Property Sales Report

Massachusetts, 2016 in Review 

 

 

I am pleased to provide below an overview of luxury property sales in Massachusetts for 2016.  For seventeen years I have been tracking the number of luxury property sales each month and writing reports for my clients.  Historic information is available upon request to Jonathan@JonathanRadford.com.

Every few years in Boston, a luxury, full-service, building is completed and the sales have a dramatic effect on market statistics for both Boston and for the State.  In the last two years, Millennium Tower in 2016 and Twenty Two Liberty in 2015 have provided the market’s seemingly insatiable appetite for luxury condominiums with 457 condominiums sold at/over $1,000,000.  See the Boston Luxury Property Sales Monthly Report page for full details.

Due to the availability of these new construction distinctive homes, the Boston luxury property sales market grew 30.81% in 2016 and 17.50% in 2015.  By contrast, in 2014, when these new condominiums were not available to purchase, luxury sales in Boston fell -6.42% due to a lack of homes on the market.   

These Boston sales have contributed to the overall 2016 increase in $1,000,000+ property sales across the state, an increase of 24.65%.

 

If you are considering selling your property, please contact me for a valuation and marketing proposal.  In recent years, there has never have been a better time to sell your home.  I am the #1 agent at Coldwell Banker and would be delighted to represent you.

 

Quick Interesting 2016 Facts

According to the MLS and LINK (a separate Boston MLS):

1.    The highest priced single-family sale in Massachusetts (excluding Boston, the Cape and Islands) was 1 Hillside Road in Brookline which sold for $6,890,000 on 03/31/2016.  

2.    The highest priced condominium sale in Massachusetts (excluding Boston, the Cape and Islands) was Unit 1105 at The Residences at Charles Square (975 Memorial Drive) in Cambridge.  This condominium sold for $7,100,000 - a record setting price per square foot of $3,271, well above most Boston prices on a $/sf basis.

 

The Massachusetts Marketplace in 2016 (including Boston)

 
Below are the highlights of luxury property sales in Massachusetts in 2016.  
 

1.    In 2016, there were 4,586 sales at or above $1,000,000 compared to 3,679 in 2015, an increase of 24.65%.  Excluding the sales at Millennium Tower, there were 4,240 sales, an increase of 15.25%.

2.    Between $1,000,000 and $1,999,999 there were 3,590 sales compared to 2,857 in 2015, an increase of 25.66%.  Excluding the sales at Millennium Tower, there were 3,406 sales, an increase of 19.22%.

3.    Between $2,000,000 and $2,999,999 there were 622 sales compared to 522 in 2015, an increase of 19.16%.  Excluding the sales at Millennium Tower, there were 538 sales, an increase of 2.3%.

4.    Between $3,000,000 and $3,999,999 there were 203 sales compared to 184 in 2015, an increase of 10.33%.  Excluding the sales at Millennium Tower, there were 169 sales, a decrease of 8.15%.

5.    Between $4,000,000 and $4,999,999 there were 87 sales, compared to 56 in 2015, an increase of 55.36%.  Excluding the sales at Millennium Tower, there were 72 sales, an increase of 28.57%.

6.    Between $5,000,000 and $9,999,999 there were 74 sales, compared to 51 in 2015, an increase of 45.10%.  Excluding the sales at Millennium Tower, there were 53 sales, an increase of 3.92%.  Of the 74 sales, 61 sales were for properties in Boston

 

7.     Above $10,000,000 in 2016, there were ten sales, one more than in 2015.  This is the highest number ever recorded for one year by MLS and LINK.  All ten sales were in Boston.  Above $10,000,000 in 2015, there were nine sales, three more than in 2014.   Of the nine sales, six were in Boston.  The three sales outside of Boston were: 67 Byron in Weston which sold for $10,300,000: 255-257 Warren Street in Brookline, which sold for $11,800,000; and 101 Fernwood Road in Brookline, which sold for $13,500,000.. 

 

Please contact me to request my 2016 Annual Report and to receive a copy of my charts covering the last 15 years of luxury property sales.  

 

>> Read More

MARKET REPORTS

For more than 15 years I have been producing statistics and writing market reports and opinions on the luxury property market. Using the links above, you can read my latest comments on the Massachusetts' luxury property market and on Boston as a separate marketplace. If you would like to receive a copy of the statistics/charts I have created and upon which my opinions are based, please email me (Jonathan@JonathanRadford.com).

Note

This research on this website has been prepared by me for the benefit of my clients past, present and potential.  This is not research generate by Coldwell Banker Residential Brokerage.  As such, this research may not be reproduced for commercial purposes without my written approval.  Please contact me if you wish to reproduce any of this research.

Thank you, Jonathan Radford

Data Sources

In Eastern Massachusetts there are two principal multiple listing organizations that gather transaction data, MLS Property Information Network (MLS PIN) and LINK.  My market research is based on information from both MLS PIN and LINK.  Please note that neither MLS PIN nor LINK guarantees the accuracy of the data it provides.  Data maintained by MLS PIN and LINK may not reflect all real estate activity in the market. 

 

>> Read More

Previews International

JONATHAN P. RADFORD +1.617.335.1010

Jonathan@JonathanRadford.com

137 Newbury St. Boston MA 02116, USA

VT Real Estate Web Design

© 2017, Jonathan P. Radford. All rights reserved.

This is not the official website of Coldwell Banker.