luxury market report

Boston Area Luxury Marketing Report Jan 2020. I gather information from several sources for this report. I include the towns I mostly work in, Boston, MA; Newton, MA; Weston, MA; Wayland, MA; Milton, MA; Dedham, MA; Westwood, MA. Information comes from Institute for Luxury Home Marketing where I am a Million Dollar Guild Member in good standing, and MLSPIN the local Multiple Listing Service in this area. All reports are based on trailing statistics. The Dec stats will be in sometime later this month.

Luxury, as defined by the Institute is the to 10% of all properties on the market at any given time. For the purposes of this month listed the price to get into this select club is $1,950,000. Any property below that price would not be considered luxury for this report. Many homes below this price would be considered luxurious in most instances, just not in the real estate sense.

In the MLS for the last 30 days there are 144 properties in these towns that fit this designation.Single Family Active Listings: 72 Median Liv. Area SqFt: 6,262 Median List $: $3,287,500 Median List $/SqFt: $561 Median DOM: 125. The DOM, days on market, are always longer for these properties because there are fewer buyers at this level.

Single Family Under Agreement Listings: 14 Median Liv. Area SqFt: 5,250 Median List $: $2,549,000 Median List $/SqFt: $482 Median DOM: 85.5 Median DTO: 71.5

Single Family Sold Listings: 18 Median Liv. Area SqFt: 5,782 Median List $: $2,872,500 Median List $/SqFt: $494 Median DOM: 77.5 Median DTO: 59 Median Sale $: $2,695,585 Median Sale $/SqFt: $469

From the last two collection of stats we see 14 to 18 properties a month going making this a Buyer’s Market with so much competition and more than 6 months of inventory. Getting Luxury properties sold in a competing market like this demands a professional agent who understands how to market these properties.

Single Family Expired Listings: 18 Median Liv. Area SqFt: 5,954 Median List $: $3,094,950 Median List $/SqFt: $506 Median DOM: 154

Single Family Canceled Listings: 11 Median Liv. Area SqFt: 5,200 Median List $: $3,049,000 Median List $/SqFt: $635 Median DOM: 71

When a property goes too long on the market the buyers often wonder what is wrong. Make sure your Realtor® has a real sense of what to do, who is going to be the target audience and how the agent is going to connect with them. This has been the Boston Area Luxury Marketing Report Jan 2020

Boston Area Luxury Homes Market Report Thanksgiving Week comes to you from the Institute for Luxury Home Marketing for which I am a Million Dollar Guild member which is 1% of all the Realtors in the country. Interest rates are sneaking up since we now have a new President Elect. This happens with each election. Before the election investors pull their money from the more volatile stock market and put it into treasury bonds. Now that this is over the interest rates will move forward. The better the economy, the higher the interest rates. Prices across the 10 towns in the Boston Area are moving up.

When there is more inventory, the prices slide a bit. We see this in towns like Weston which is flooded right now with luxury listings. Pricing can be tricky and it is essential that you price your property in relation to the competition on the market at the time you are on the market. Forgetting to consider your competition is a typical average agent mistake. A house is a commodity to the Buyer while it is a home for the Seller. These disparate valuations can cause issues with the sale.

The longer your house is on the market the lower the perceived value is to the Buyer. The key is to price correctly right out of the box and get under agreement in the first 30 days. From there it can be a down hill slide. Strategic pricing and aggressive marketing make all the difference. Make sure you choose an agent who knows who your buyer will be and how to communicate with them through the internet. The days of your local broker being the “go to” person is forever changed. Your “go to” person is one who understands the market and the marketing.

The number of homes on the market can impact your sale both positively and negatively. Your agent should be speaking with you weekly about what is happening in the market. With luxury homes you can not leave things to chance. While there is a smaller pool of people who can purchase luxury properties these people are sophisticated buyers and so you need a sophisticated and strategic approach to the sale. For specific information about your home give me a call, 617-774-8292. Boston Area Luxury Homes Market Report Thanksgiving Week