Jamiaca Plain has been doing very well despite national trends. The following are the numbers for some Boston neighborhoods for the first 6 months. I'd be happy to discuss your plans and give you the best advice possible.
The numbers are in for the 1st half of 2008, making this a good time to review where the market stands to date. First letâ€™s compare the 1st half of 2008 vs. the 1st half of 2007 to determine the year over year trend. Across the 3 downtown neighborhoods, the average sale price increased 2% and the average $ per square foot increased roughly 3%. Average days on market dropped nearly 15%, inventory dropped nearly 2%, and the number of units sold dropped over 8%.
Comparing all of 2007 to the 1st half of 2008, we see an even larger increase in average sale price (nearly 6% due mainly to a big jump in the Back Bay), and a slightly more moderate increase in average $ per sq. ft. (1.5%). The average number of days on market still dropped (-4.5%), but more modestly than the 1st half 2007 vs. 1st half 2008 number (15%).
In summary, either way we look at the numbers, we see a continuation of the trends presented in last quarterâ€™s report. While many parts of the country are suffering from rising inventory, falling prices, and longer sales cycles, we continue to prove the exception to the rule. The market is definitely smaller in terms of number of sales, but otherwise remains remarkably stable. So if you are thinking of buying or even better, selling and trading up, the fall may well be an excellent time to make a move.
Finally, keep in mind that these numbers are averages across the market as whole. As the EPA likes to say: â€œYour mileage may vary.â€ So remember that specific location, condition, and property characteristics are critical. As of course, is having an experienced real estate consultant as your driver. So if you or someone you know and care about is ready for my help, let me know!
Keller Williams Realty