Best January since 2007

January’s powerful home sales in Massachusetts confirm recent reports by the Boston Globe of a suddenly active real estate market in communities west of Boston.

A Globe West newspaper article published January 26 describes bidding wars and rising prices in desirable suburbs west of Boston as homebuyers are starting to compete for attractively positioned homes.

Pending home sales (homes under contract, but with transactions not yet closed) also were up sharply in January.  Pendings rose 7.7% over year-ago levels.

Good economic news

Massachusetts real estate’s strength in January may reflect momentum building in the local economy.  A very bullish US employment report issued last week sparked widespread enthusiasm among national economists and market watchers last Friday:

A better market ahead?

The current economic recovery in the US has been characterized by fits and starts.  Repeatedly over the last few years, periods of economic acceleration have been followed by disappointing slowdowns.

This year will hopefully prove different.  If hiring and consumer confidence build sustained momentum in 2012, we may look back at January as the month when housing finally started contributing again to economic growth in Massachusetts.

Copyright ©2012 02038.com

Looking ahead

On the one hand, the Boston Globe gave prime placement in the January 29 edition of its Sunday Globe West insert to an article recounting rising home prices and sales volume in top-drawer towns west of Boston.

The article describes upward price pressure and bidding wars among avid homebuyers in upscale west-of-Boston suburbs such as Newton and Lexington.

The Globe article forecasts that home buyers will head further west beyond Rte 128 this spring in search of bargains, spreading the home-buying demand and encouraging more home sellers to try the market.  All in all an upbeat view of the future for real estate in Greater Boston!

Looking behind

Just two days after publication of the Globe article described above, the newest monthly edition of the S&P/Case-Shiller Home Price Index for Greater Boston was released by Standard and Poors.  The Index looks back in time to sales data two months old, in this case metro-Boston home sales in November, 2011.

The Greater Boston Index for November 2011 paints a picture of relative gloom. Metro-Boston home sales prices trended down again in November, continuing a decline that started earlier in the fall.

The Massachusetts real estate market was socked last November by widespread power outages caused by a freak late October snow storm which downed tree branches and power lines across the Bay State.

The storm damage and disruptions in electric service certainly slowed the November real estate market in Massachusetts and likely worsened the price performance for that month.

Which view is right?

Certainly, if you have to choose between older information and newer news, you go with the most recent dispatch when judging the current condition of any market.  So The Globe’s reporting on the active January real estate market in Greater Boston trumps the older take on Boston home prices provided by the November Case-Shiller Home Price Index.

Additional good news hit the Internet just today:  January’s US employment report was much stronger than expected.

Quoting Reuters:

“(Reuters) – The economy created jobs at the fastest pace in nine months in January and the unemployment rate dropped to a near three-year low of 8.3 percent, providing some measure of comfort for President Barack Obama who faces re-election in November.”

The jobs report is very good news for the overall US economy and real estate in particular.  An improving jobs outlook will boost consumer confidence which in turn should convince hiring managers to add still more employees.  If hiring and consumer spending build momentum this spring, we’ll see positive results in Massachusetts real estate.

You’ll be able to read all about it here at 02038.com!

Copyright ©2012 02038.com

Last year is suddenly looking “so last year”

Real estate markets constantly are on the move.  Trends can change direction on a dime.

January 2012 turned out to be a very strong month for home sales in Massachusetts:

These home sale results were the best for any January in MA since 2007!  Pending sales were also up.

So Highwood owners may enjoy much better home selling conditions  in 2012 than they did in 2011.  Good bye 2011!

A tiny sample makes for suspect stats

Only 5 out of out of a total of approximately 180 condos at Highwood changed hands during all of 2011.

The dearth of sales in 2011 can be viewed as a good thing. It makes for a very small sample of unit sales from which to derive an average selling price at Highwood for 2011.  This in turn casts doubt on the accuracy and reliability of the statistical 2.6% decrease in the average selling price at Highwood for the year.

The average selling price of units at Highwood in 2011 fell to $151,030 in 2011 from $154,983 in 2010.

Highwood owners should be encouraged that, due to the small number of units that sold in 2011, the average selling price figure may understate the true market value of homes in the Highwood community.

To give you some context for 2011′s sales volume at Highwood, while there were a relatively meager 6 Highwood sales in 2010, a whopping 17 units sold at the community back in 2009.

2011 sales at Highwood

The chart below provides a summary of last year’s sales at the Highwood Condominiums in Franklin, Massachusetts:

As you can see, 2 of the 5 transfers were short sales and a third sale involved a vacant unit.  All 3 of these condominiums finally sold at discount prices after extensive time on the market.

The most challenged transaction was at 38 Highwood  Drive which was a superb deal for the eventual buyer. It was a nice townhouse in Highwood I.  The unit sold after an astounding 2.3 years on the market for $130,000, an huge 45% discount off its original $238,000 asking price.  Short sales often entail delays, illogical lender decisions and unpredictable outcomes, but this transaction was out of the ordinary!

Details of each sale

Click the image above or the hotlink to download a .pdf file with detailed information on each of the 5 sales at the Highwood condo community for 2011.

Looking towards a better 2012

There’s a lot of reasons to believe 2012 will be a much better year than 2011.

A number of forecasts for 2012 have issued that point to a healthier 2012 for the Massachusetts economy and real estate market by a variety of global financial services firms and

Click the image below or the hotlink to access a helpful summary of these predictions.

The Massachusetts economy should continue to outperform the US economy in 2012.

The national jobs report for January 2012 came in very strong.

The local employment picture should also keep improving, which bodes well for real estate in MA.

If these predictions hold true, sales activity at Highwood will be on the upswing in 2012 and beyond!

Thinking of selling your Highwood unit?

Warren Reynolds has created great content on the web to sell Highwood units, including exclusive Youtube videos of the community.

Warren will help you position and price your Highwood condo properly so that it sells quickly and for top dollar.

Ask Warren for a Home Value Report for your condo unit.  It’s you best first step to home-selling success!

Copyright ©2012 02038.com

Top 3 US cities ready for recovery

Forbes hired a real estate research firm to analyze housing and economic data for the 100 most populous cities in the US, looking for local housing markets that are at the bottom of their real estate cycles and poised for better times ahead.

The top 3 cities on the Forbes list of the best candidates for a real estate rebound were San Jose, Houston and Boston:

Here’s what Forbes had to say:

“Real estate experts . . .  agree that price fluctuations of 3 percent or less generally indicate that a market is stabilizing. If a city hovers within that range for several quarters or a year, it’s probably safe to say that market has found its bottom. All of the metro areas on our list have almost undoubtedly found their bottoms.” (Emphasis added.)

See the Forbes report

Click on the hotlink or on the image above to access info on all the top ten cities in the Forbes report.

What this means for MA home buyers

If you’ve been on the sidelines of the Massachusetts housing market waiting for prices to bottom, 2012 looks like the year to buy real estate in MA.  Mortgage rates are very low and home prices should start going up in coming years. Investors and first time buyers are in a position today to get a great deal on housing.

Home purchases in 2012 will be revealed to be savvy investments a few years from now.

Contact Warren for help making your smart real estate move a reality!

Copyright ©2012 02038.com

The raw figures mask significant sales strength that becomes apparent if you look more closely at the numbers.  Here’s why 2011 turned out to be a pretty good year for these desirable  Franklin, Massachusetts condos . . .

2011 sales stats misleading

At first glance, the 2011 sales results at Stone Ridge are disappointing.

12 Stone Ridge condo units sold in 2011 at an average selling price of $213,625.

That’s a disheartening 9% decrease from 2010’s average price of $234,750.

Download full 2011 sales report

Please click on the image above or on the hotlink to download a report documenting all sales at Stone Ridge for 2011.

Distress sales distort 2011’s data

However, Stone Ridge unit owners should take heart:  5 of the 12 of the Stone Ridge units that changed hands in 2011 were distress sales (short sales, post-foreclosure sales and otherwise vacant units with what could be termed “don’t wanter” owners).

These sales pulled down the overall average selling price at the Stone Ridge community for 2011.

Distress sales at Stone Ridge

The graphic above shows the 5 distress sales at the Stone Ridge Condominiums in Franklin MA during 2011.

The average selling price of these 5 units was a very low $189,900.  The discount selling prices of these 5 townhomes skewed the statistics at Stone Ridge for the year, giving the average selling price for all Stone Ridge units in 2011 a misleadingly negative slant.

Taking the distress sales out of the equation

Fortunately, the “regular” condo sale market was alive and well at Stone Ridge during the year just past.

There were  7 sales of owner-occupied units that were not under obvious duress.  These Stone Ridge townhomes sold at much higher prices than the distress sales and present a more valid measure of market prices at the Franklin, MA condo community.

Regular sales at Stone Ridge

These 7 sales had an average selling price of $230,571.  This is pretty much in line with 2010′s average selling price $234,750.

So 2011 was a good year at Stone Ridge!

 Appraisers in 2012 will have good “comps”

What’s most beneficial  for owners at Stone Ridge is the fact that bank appraisers will be able to use the 7 regular, high-priced sales as “comparables” in their appraisal work at Stone Ridge this year.

The higher priced “regular” townhouse sales will give appraisers leeway to omit the lower-priced distress sales as “comps” for Stone Ridge.  Purchase money mortgage loans will  get approved more easily at Stone Ridge due to the “good comps”.

It will be a lot easier to sell your Stone Ridge unit in 2012 at a good price, thanks to these 7 “regular” sales!

The outlook for 2012

A number of insightful forecasts for 2012 have been issued by a variety of global financial services firms and housing institutions.

Click the image below or the hotlink to access a helpful summary of these forecasts as they pertain to the Massachusetts economy and real estate market.

What all those reports say is that 2012 will be a better year than 2011, especially in Massachusetts where the economy is expected to continue to outperform the US economy as a whole.

Local hiring should pick up, particularly during the second half of the year.  The experts say that real estate in MA should perform better in 2012 and beyond.

Thinking of selling in Stone Ridge?

The selling prices of the 7 “regular” sales at Stone Ridge in 2011 were spread in a range between $220,000 and $248,000.  To get your Stone Ridge unit near the top of that range takes some planning and preparation, and a lot of real estate marketing expertise.

To get top dollar for your Stone Ridge townhouse, you need a skilled listing agent like Warren Reynolds.

Warren has created a lot exclusive of content on Stone Ridge to help buyers decide to buy your unit.

Warren will help you position and price your unit properly so that it sells quickly and for top dollar.

Ask Warren for a free Home Value Report for your condo unit.  It’s your best first step to home-selling success!

Copyright ©2012 02038.com

Sales volume up, prices drift lower

There was a notable pickup in sales activity in 2011 at Franklin Crossing compared to the prior year.

A total of 7 units sold in 2011 at the Franklin Crossing Condominiums.  This was a significant increase in the number of sales over the torpid pace of transfers in 2010 which saw only 4 Franklin Crossing units change hands.

The average selling price of units at this popular condominium community in Franklin, Massachusetts in 2011 was $128,814.  This compares to an average selling price of $141,857 in 2010.

2010 stats less reliable

Note that you should not read too much into the 2011 statistical price decrease at Franklin Crossing compared to 2010 because there were so few unit sales in 2010 at Franklin Crossing.  The 4 units sold in 2010 constitute such a small sample that 2010’s average selling price at Franklin Crossing becomes a less meaningful gauge of true unit value for that year.

Selling time improves

It was encouraging to see that 2011’s average number of days on market (DOM, or time it took Franklin Crossing units to find buyers) was 133 days.

That was a marked improvement over 2010’s average DOM of 210 for units at Franklin Crossing.  Faster selling time typically is a leading indicator of a better home selling environment to come.

Download full sale summary

You can download a detailed overview of all 2011 sales at Franklin Crossing by clicking the hotlink or clicking on the image above.

Reasons for optimism in the sales at Franklin Crossing

There are solid reasons for optimism to be found in the 2011 sales results at Franklin Crossing.

The two highest-priced sales (Unit 406 at $137,700 and Unit 1409 at $137,500) closed in the second half of the year.  These sales came on the heels of what had been a prolonged period of market resistance to higher asking prices at Franklin Crossing earlier in the year.

These two higher-priced unit sales are very encouraging for future market activity at Franklin Crossing.  The high sales confirm that condo buyers recognize (and will pay for) the many advantages offered by the Franklin Crossing community.  So owners at Franklin Crossing take heart!

The year ahead at Franklin Crossing

What’s on tap for unit sales at Franklin Crossing this year?

To get a good idea of what 2012 may hold for sales at the Franklin Crossing Condominiums in Franklin, MA, skip the crystal ball!

You’ll get a much better indication of what’s ahead by looking at what the experts have to say about the general MA real estate market and the local economy.

Outlook for the the MA economy and real estate market

Click the image above or the hotlink to access an excellent summary of a variety of 2012 economic and housing forecasts for Massachusetts and the US as a whole.

From that summary, you’ll be able to download a number of informative reports.

There’s an upbeat 18 page analysis from JP Morgan Chase & Co of the current condition the MA economy and its prospects for the future.

Also in this summary are detailed forecasts for the local, US and international real estate markets from Wells Fargo and Freddie Mac.

2012 will be better than 2011

What you’ll garner from all those reports is that 2011 was a year of economic transition for the US and bottom-building for the local real estate market.

On the economic front, Massachusetts continues to be in much better shape than the US as a whole.  It is very good that the national economy is showing clear signs of strengthening as the new year gets underway.

So the 2012 economy should be a noticeable improvement over 2011, especially as we move into the second half of the year.

In terms of real estate, the local market should show increasing momentum in 2012 and 2013.

Thinking of selling your Franklin Crossing unit?

Of the seven sales at Franklin Crossing in 2011, 4 were in the $120,000s while 3 units sold in the $130,000s.  This is a fairly wide spread in prices for what were essentially similar units in some cases.

Improper initial asking prices for some units at Franklin Crossing led them to encounter market resistance in the first half of 2011.  Some of these units eventually sold at discounted prices below what they could have gotten if they had been properly priced at the start.

The wide difference in the 2011 sale prices at Franklin Crossing amply demonstrates that marketing and positioning can affect the price you’ll get for your unit.

Franklin Crossing sellers need to hire a listing agent who understands very well the dynamics of unit location, floor plan and condition in the condo community.  Trying to sell without accounting for these factors can have a major impact on the success of your sale.

Warren Reynolds has a lot of exclusive content on Franklin Crossing to promote the community and engage buyers with your unit.  Warren will help you position and price your unit properly so that it sells quickly and for top dollar.

Ask Warren for a free Home Value Report for your Franklin Crossing condo unit.  It’s your best first step to home-selling success!

Copyright ©2012 02038.com

New kitchen, renovated baths

Striking new granite and hardwood kitchen and two full tile and granite baths – you’ll experience the luxury every day!

Open floor plan, wonderful entertaining

Soaring vaulted ceiling creates a great environment for entertaining in the front-to-back living and dining rooms. Sumptuous new family room with separate den/home office. 2 car attached garage with heated mudroom.

Learn more

Click the hotlink or the image above to see details about this impressive home for sale.

Videos of the property

Below are videos of the home:

living dining rooms 31 Irene Court Bellingham MA

Title

living dining rooms 31 Irene Court Bellingham MA

Runtime

0:50

Author

warrenreynolds

Title

mudroom 31 Irene Court Bellingham MA

Runtime

0:28

Author

warrenreynolds

Title

main bath 31 Irene Court Bellingham MA

Runtime

0:35

Author

warrenreynolds

Title

location 31 Irene Court Bellingham MA

Runtime

1:08

Author

warrenreynolds

Title

family room 31 Irene Court Bellingham MA

Runtime

1:12

Author

warrenreynolds

Title

exterior 31 Irene Court Bellingham MA

Runtime

0:25

Author

warrenreynolds

Title

kitchen - 31 Irene Court Bellingham MA.wmv

Runtime

1:14

Author

warrenreynolds

Well worth a visit

Contact listing agent Warren Reynolds to get inside this Massachusetts home for sale – you’ll be glad you did!

Copyright ©2012 02038.com