All Blog Entries by Michael Sylvia

There are currently 173 blog entries published by Michael Sylvia.

I love real estate, and I love analyzing numbers.  I'm not an economist, but more of a self proclaimed "numbers guy".  My goal is to always have my finger on the pulse of the real estate market.  I'm constantly looking at inventory, calculating the average price per square foot for different areas,  average and median prices, and analyzing that data.

Since 2012, the Boston condo market has been on fire.  Buyers are always wondering when multiple offers on properties are going to end, and when inventory will increase.  I decided to analyze Boston condo inventory over the years.   What I found was shocking!  I knew inventory was tight, but I had no idea just how constrained it has become.

As of September 1st, 2016:  508 Condos on the market in Boston.
As
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Wellesely Home


Town

Homes Sold

% Change from 2014

Avg. Sale Price

% Change from 2014

Brookline

175

3.55%

$2,014,774

11.72%

Weston

145

-1.36%

$1,870,180

6.48%

Cambridge

113

-5.04%

$1,516,147

3.83%

Wellesley

328

3.47%

$1,379,621

-3.93%

Newton

601

3.62%

$1,289,934

13.46%

Dover

79

6.76%

$1,286,251

6.65%

Lincoln

47

-26.56%

$1,184,391

6.16%

Lexington

388

6.59%

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2015 Boston Condo Report

Area Units Sold Avg. Sale Price Avg. Sale Price/Sq. Ft.
Back Bay 378 $1,613,522 $1,118
Beacon Hill 148 $842,633 $923
Charlestown 310 $646,355 $611
Dorchester (02125) 143 $407,598 $350
Midtown 84 $1,587,242 $1,049
North End 73 $551,608 $733
Seaport 45 $937,074 $698
South Boston 595 $595,632 $554
South End 546 $981,304 $858
The Fenway 69 $513,941 $716
Waterfront 138 $1,178,021 $889

 *All data is from MLS based on condo sales from January 1, 2015 to December 31, 2015

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5 Tips to Prep Your Home for WinterAs sad as it may be, winter is right around the corner.  Last year in Boston we had historic snowfall, and for most if not all homeowners, it was a tough winter.  Even if you love skiing, snow boarding, sledding, or anything else about winter, it's pretty safe to say that no one likes shoveling the snow, or dealing with issues with their house that may be caused by the snow and cold weather.  Below are 5 Tips to help you avoid that.

1. Insulate Your Attic
If your attic is not properly insulated, it's likely your home will get ice dams.  The best thing to do is to have your attic properly insulated.  You can contact a contractor direct, or go through MassSave to save a couple thousand dollars.  Only problem is this late in the season, it will be

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Weston Real Estate Inventory SkyrocketsJust 2 months ago I posted a story on how 98% of Weston Homes for Sale are over $1million.  In just a short 2 months, it's amazing how fast Weston real estate inventory has changed.  As of March 17th, 2015, there were 60 homes for sale in Weston, and only 1 of those homes was priced under one million.  As of May 19th, 2015, there are 105 homes for sale in Weston, and 8 of those homes are priced under one million.  Overall inventory is up 75%, and clearly the number of options under one million has increased substantially.  

The majority of this is seasonal, as the spring time is when we see the largest increase inventory.  The drastic increase is also due to the tough winter we had, which delayed people putting their homes on the market by at least a

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Homes in Weston over $1MillionIn many communities, inventory is still down, and prices continue to rise.  One perfect example of this is in one of Boston's most expensive neighborhoods.  Not only is inventory down 10%, but 98% of Weston Homes for Sale are priced over $1Million.  Granted Weston is one of Boston's most luxurious suburbs, so it's expected that prices would be higher than many other neighborhoods, but there is only 1 house in Weston under a million out of 60 houses currently on the market.  Is this healthy for the Weston housing market, or is it just making it more difficult for new families to move to one of Boston's most desirable suburbs?  If you're a seller, it's great thing, but if you are looking to buy in Weston, get ready to pay over a million, and even at that

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Twenty Two LibertyFor years, the area was mostly an industrial area, and there really weren't many Condos in the Seaport District. This changed after the Big Dig built the I-93 and I-90 interchange and installed the Silverline. Now, with an easy commute to the suburbs and the airport, professionals and numerous businesses have started moving into the Seaport District in droves. If you would like a condo near the ocean with gorgeous views, fantastic restaurants to eat at, then the Seaport District may be right for you.

With prices approaching $1,500-$3,000/sq. ft., there are certainly not many affordable options in the area. The Boston luxury condo market is not far behind New York City, and the Seaport District is probably the hottest neighborhood in Boston. This is one

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2014 Boston Condo SalesIt's that time of year again when we publish our Boston Condo Sales data.  Not surprisingly, Boston condo sales prices were up almost 10% in 2014 compared to 2013.  Inventory is tight, and we're still seeing multiple offers.  We need more sellers to list their Boston condos for sale, but it seems the major concern is if they sell their place in the city, where are they going to move.

Criteria 2014 2013 % Change  
Condos Sold 4,294 4,647 -7.59%  
Average Days on Market 48 46 +4.35%  
Average Price $665,267 $607,096 +9.58%  
Total Market Volume $2,856,657,396 $2,821,173,546 +1.26%  
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Brookline Real EstateConsidering a move to Brookline? If you've been looking through Brookline real estate listings but want to know more about the area before making your decision, read on - we've provided a description of the best things about living in Brookline.

Getting Around

First, Brookline is a highly walkable location overall. You'll be able to get around safely and easily, and depending where in town you live, you may be able to get to your destination on foot! Transportation is also easy; use the C and D branches of the MBTA Green Line to head inbound to downtown Boston or outbound to Newton. MBTA bus service is also available. If you'll be commuting to Boston during the week, you won't need to worry about driving into the city thanks to the convenient public

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Boston Realtors report Buyers Caught in the MiddleThe Massachusetts Association of Realtors announced that in August 2014, for the seventh straight month in a row, sales dropped and prices rose—leaving buyers caught in the middle. Sales are down in large part because the inventory just isn’t there, while that good ol’ law of supply and demand means that sellers are keeping prices high because they know they have a scarce commodity on their hands.

While the Massachusetts Association of Realtors stats measure statewide activity, if you’re a buyer in Boston, you know that the situation is even worse in Beantown itself. Boston Realtors are keenly aware that times are tough for buyers. To help you understand, here’s an explanation about some real estate lingo.

We have something in the industry called an

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