1
The Garden City and surrounding towns Market Trends
2
Table of Contents
Introduction 2019 Market Volume About Engel & Völkers Engel & Völkers EDGE Newton Centre West Newton Newtonville Newton Highlands Auburndale Waban Boston Brookline Cambridge Watertown Waltham Weston Wellesley Needham Mortgage Rates Engel & Völkers Cares
3 5 7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 26
boston.evrealestate.com ©2020 Engel & Völkers. All rights reserved. Each brokerage independently owned and operated. If your property is currently represented by a real estate broker, this is not an attempt to solicit your listing. Information about any property described was provided solely by seller(s) without verification by the broker(s) therefore broker(s) is/are not responsible for the accuracy of the information contained herein. Buyer should take any and all steps necessary to verify said information. Offerings are subject to prior sale, price change or withdrawal without notice. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principles of the Fair Housing Act. An Equal Opportunity Employer. Equal Housing Opportunity.
77 Union Street • Newton, MA • 02459 boston.evrealestate.com 857-297-2000
3
Setting the tone for sophisticated real estate services
At Engel & Völkers Boston, we strive to embrace our city’s simple ethos — we work hard, and we play hard. Our real estate advisors work each deal with the same drive and intensity as if they were purchasing the property for themselves. Our advisors are not only the most successful in our area, they also share traits which align with Engel & Völkers’ culture, such as teamwork, passion, and competence. With our state-ofthe-art real estate tools and technology, premium brand rec-ognition, and unrivaled market knowledge, we are able to offer our clients first class service during the purchase or sale process.
We look forward to hearing from you soon and advising you on your next real estate deal.
4
Waltham Watertown
Weston
Newton
Cambridge
Brookline Boston
Wellesley
Needham
77 Union Street • Newton, MA • 02459 boston.evrealestate.com 857-297-2000
5
Sales by neighborhood 2019 Market Volume
2019 HOMES SALES BY TOWN Boston 934 Newton Cambridge 755 628 Waltham Brookline 591 Watertown 430 Needham 371 Wellesley 333 Weston 161
1
6042
Data per MLSPIN: including condos, single-family, & multi-family homes closed 1/1/2019 to 12/31/2019.
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
6
77 Union Street • Newton, MA • 02459 boston.evrealestate.com 857-297-2000
7
Engel & Völkers 895 offices in 33 countries
Engel & Völkers is one of the world’s leading service companies specialized in the brokerage of premium residential property, commercial real estate, yachts, and aircrafts. Based in almost 900 locations, Engel & Völkers offers both private and institutional clients a professionally tailored range of services.
Consultancy, sales, and leasing form the core competences of the staff of more than 11,000 advisors and employees. Engel & Völkers is currently operating in 33 countries on four continents. Intensive training from our in-house real estate Academy and the high level of quality assurance governing its systematically structured service provision are key factors that account for the Company’s success.
8
77 Union Street • Newton, MA • 02459 boston.evrealestate.com 857-297-2000
9
is what you can & Völkers advisor
ng unprecedented
Engel & Völkers Giving you the EDGE
Völkers offers the
mestic & Global maximize online
Smart marketing. Extensive exposure.
buyers worldwide
Giving you the EDGE.
ategic online and
don’t stop there.
than 11,000 real
30 countries, we
Global reach with boutique style is what you can
rs, but are able to
expect when working with an Engel & Völkers advisor
ölkers advisors here and to around the world. Providing unprecedented reach of your property, Engel & Völkers offers the ers for the specific Global reach Domestic with boutique exclusive EDGE (Extensive & Global style is what you can expect when working with an Engel & Völkers advisor here and around the world. Exposure) platform designed to maximize online Providing unprecedented reach of your property, Engel & Völkers exposure of your listing to qualified buyers worldwide offers the exclusive EDGE (Extensive Domestic & Global Exposure) to sell your via ahome suite of highly trusteddesigned and strategic and platform toonline maximize online exposure of your listing to mobile marketing partners. But we don’t stop there. qualified buyers worldwide via a suite of highly trusted and strategic With a globalonline networkand of mobile more than 11,000 realpartners. But we don’t stop there. With marketing a global network more than 11,000 real estate professionals in estate professionals in more than 30of countries, we 30 countries, not only reachmore millionsthan of consumers, but arewe ablenot to only reach millions of consumers, but are able to collaborate with our fellow Engel & Völkers advisors to collaborate with our fellow Engel & Völkers advisors to strategically handpick and refer buyers for the specific properties strategically handpick and refer buyers for the specific they seek… like yours. properties they seek … like yours.
Let us provide the EDGE you need to sell your home and begin your adventure. Let us providenext the EDGE you need to sell your home and begin your next adventure.
10
Newton Centre Neighborhood Market Trends
Newton Centre Neighborhood Statistics 2016 2017 2018 2019
Listings Sold*
Days on Market
Average Sale Price
Ratio Sale to List Price
100 111 103 94
44 58 49 52
$1,350,734 $1,523,488 $1,536,313 $1,686,079
99% 99% 100% 98%
Data per MLSPIN: Listings Sold includes single family, multi family, & condos; otherwise graph represents single family homes excluding auction sales.
The Newton Centre village is right in the center of Newton where lovely homes are a short walk to bistros, restaurants, retail shops, churches, synagogues, schools, and a large park. Additional the Green Line “D” train provides easy access to downtown Boston with the Newton Center T station right on Union Street. Over the past four years the number of homes sold and days on market fluctuated marginally. The ratio of sales to list price appears to have peaked slightly in 2018. Notably, the average sale prices have consistently increased every one of the past four years.
77 Union Street • Newton, MA • 02459 boston.evrealestate.com 857-297-2000
11
West Newton Neighborhood Market Trends
West Newton Neighborhood Statistics 2016 2017 2018 2019
Listings Sold*
Days on Market
Average Sale Price
Ratio Sale to List Price
53 66 65 74
42 43 60 59
$1,230,213 $1,272,440 $1,569,162 $1,250,680
98% 98% 96% 97%
Data per MLSPIN: Listings Sold includes single family, multi family, & condos; otherwise graph represents single family homes excluding auction sales.
Living in West Newton offers residents a suburban feel. West Newton Square, the town center of West Newton, is home to many local businesses and venues. West Newton is served by the Commuter Rail and is roughly one mile from the Woodland station on the Green Line “D” branch. Residents also enjoy easy access to the Mass. Pike (I-90). Overall the number of homes sold and days on market have risen. Over the past four years the average sale prices have fluctuate but increased slightly. The ratio of sale to list price, this is the amount buyers can expect to pay, has consistently remained between 96% to 98%.
12
Newtonville Neighborhood Market Trends
Newtonville Neighborhood Statistics 2016 2017 2018 2019
Listings Sold*
Days on Market
Average Sale Price
Ratio Sale to List Price
61 87 62 54
31 35 25 33
$1,156,644 $1,109,102 $1,307,381 $1,196,144
102% 102% 100% 99%
Data per MLSPIN: Listings Sold includes single family, multi family, & condos; otherwise graph represents single family homes excluding auction sales.
Newtonville is a predominantly residential neighborhood. It is divided into two parts by the Mass. Pike and Commuter Rail. On the north side there are many restaurants, salons, shops, and stores. The southside is more residential. Newtonville is served by the Commuter Rail train station. Newtonville residents have access to numerous parks nearby. The number of homes sold varies but days on market continues to remain in a strong range of 25-33 days. Over the past four years the average sale prices have fluctuate but increased slightly. The ratio of sale to list price, this is the amount buyers can expect to pay, has remained very high. 77 Union Street • Newton, MA • 02459 boston.evrealestate.com 857-297-2000
13
Newton Highlands Neighborhood Market Trends
Newton Highlands Neighborhood Statistics 2016 2017 2018 2019
Listings Sold*
Days on Market
Average Sale Price
Ratio Sale to List Price
34 42 50 38
35 37 36 34
$940,976 $1,170,510 $1,149,229 $1,288,733
100% 99% 98% 100%
Data per MLSPIN: Listings Sold includes single family, multi family, & condos; otherwise graph represents single family homes excluding auction sales.
Newton Highlands is largely suburban outside the village and the commercial district running along Winchester and Needham Streets. There is an annual celebration in June called Village Day, that includes a 5K road race, crafts, small carnival, and local musicians. Newton Highlands is served by its own MBTA Green Line station, Newton Highlands Station. The Newton Highlands neighbor continues to be in high demand. The number of homes sold and days on market have all remained tight and the ratio of sale to list price is consistently above 98%. The average sales price has gone up almost 37% in the past four years.
14
Auburndale Neighborhood Market Trends
Auburndale Neighborhood Statistics 2016 2017 2018 2019
Listings Sold*
Days on Market
Average Sale Price
Ratio Sale to List Price
31 51 38 48
30 36 43 62
$915,176 $1,143,938 $1,114,327 $1,278,750
100% 103% 100% 98%
Data per MLSPIN: Listings Sold includes single family, multi family, & condos; otherwise graph represents single family homes excluding auction sales.
Auburndale lies at the western end of Newton with easy access to both highways I-90 and I-95. Known to longtime residents simply as “The Dale”, Auburndale is one of the primary villages within the city of Newton. Auburndale residents enjoy convenient public transit as it is served by both a Commuter Rail station as well as the Green Line’s Riverside stop. While the number of days on market as risen, and the ratio of sale to list price has dropped, the Auburndale neighbor continues to be in highly sought-after even though there are signs of cooling. The average sales price has gone up almost 40% in the past four years.
77 Union Street • Newton, MA • 02459 boston.evrealestate.com 857-297-2000
15
Waban Neighborhood Market Trends
Waban Neighborhood Statistics 2016 2017 2018 2019
Listings Sold*
Days on Market
Average Sale Price
Ratio Sale to List Price
57 45 63 61
67 38 51 61
$1,508,752 $1,585,750 $1,632,467 $1,726,720
98% 99% 99% 97%
Data per MLSPIN: Listings Sold includes single family, multi family, & condos; otherwise graph represents single family homes excluding auction sales.
Bordering Wellesley, Waban is located on the western side of Newton and its zip code (02468) is one of the most affluent and well-educated in the US. Like most of Newton, there isn’t a high turnover rate of homes, so getting into this community can be difficult. Waban center has a Commuter Rail station, and is also served by the Woodland and Eliot stations. The Waban neighborhood remains strong. While days on market has increased over the past four years, sales price have consistently risen (14%), and the ratio of sale to list price has remained between 97%-99%.
16
Boston Neighborhood Market Trends
Boston Neighborhood Statistics 2016 2017 2018 2019
Listings Sold*
Days on Market
Average Sale Price
Ratio Sale to List Price
6104 6177 6244 5702
51 43 38 43
$702,516 $807,187 $827,689 $873,202
100% 101% 100% 99%
Data per MLSPIN: Listings Sold includes single family, multi family, & condos; otherwise graph represents single family homes excluding auction sales.
Boston, one of the oldest cities in America, is rich with history, culture, and experience. As Massachusetts’ state capital, you can feel a part of our nation’s pride, both past and present. Comprised of many unique and diverse neighborhoods, there is a place for everyone to feel at home here in Boston. While the number of listing sold and days on market have fluctuated, Boston continues to be highly sought-after even though the market has reached equilibrium. The ratio of sale to list price has dropped to 99%. The average sales price has gone up almost 24% in the past four years.
77 Union Street • Newton, MA • 02459 boston.evrealestate.com 857-297-2000
17
Brookline Neighborhood Market Trends
Brookline Neighborhood Statistics 2016 2017 2018 2019
Listings Sold*
Days on Market
Average Sale Price
Ratio Sale to List Price
694 655 576 591
64 67 57 56
$1,918,144 $2,139,770 $1,941,185 $2,109,417
98% 99% 101% 100%
Data per MLSPIN: Listings Sold includes single family, multi family, & condos; otherwise graph represents single family homes excluding auction sales.
Brookline is an independent city just west of and largely surrounded by Boston. It is desirable for its quality schools and ease of access to downtown Boston. Similar to Boston, it is a city of neighborhoods. Northern Brookline tends to be more urban and is accessible by the Green Line transit rail while the Southern section has a much more suburban feel. In Brookline the days on market has decreased while the ratio of sale to list price has gone up and leveled off at 100%. The average sales price has fluctuated but gone up an average of almost 10% in the past four years.
18
Cambridge Neighborhood Market Trends
Cambridge Neighborhood Statistics 2016 2017 2018 2019
Listings Sold*
Days on Market
Average Sale Price
Ratio Sale to List Price
858 779 741 755
33 32 27 34
$1,744,437 $1,805,054 $1,935,212 $2,049,733
105% 106% 107% 105%
Data per MLSPIN: Listings Sold includes single family, multi family, & condos; otherwise graph represents single family homes excluding auction sales.
Cambridge is located directly across the Charles River from Boston. Known for being home to two of the world’s leading educational institutions, Cambridge holds a wealth of knowledge within its borders. Cambridge is home to many international restaurants, pubs, music houses, dance clubs, boutiques, and cafés. Cambridge continues to be one of the hottest markets in the state. The days on market remains somewhat low while average sales prices continue to rise. They have gone up 17% in the past four years. The ratio of sale to list price is still well above 100%.
77 Union Street • Newton, MA • 02459 boston.evrealestate.com 857-297-2000
19
Watertown Neighborhood Market Trends
Watertown Neighborhood Statistics 2016 2017 2018 2019
Listings Sold*
Days on Market
Average Sale Price
Ratio Sale to List Price
403 351 365 430
33 26 25 30
$684,543 $667,225 $745,081 $752,760
102% 102% 102% 100%
Data per MLSPIN: Listings Sold includes single family, multi family, & condos; otherwise graph represents single family homes excluding auction sales.
Watertown is just west of Boston and borders Brighton, Cambridge, Newton, Belmont, Waltham and the Charles River. Watertown has one of the largest Armenian populations in the United States. Watertown is served by several MBTA bus routes and Soldiers Field Road and the Massachusetts Turnpike, major arteries into downtown Boston. Watertown real estate is in high demand partly driven by to its affordability factor. The days on market has remained low and sales price have risen 10% over the past four years. The ratio of sale to list price, this is the amount buyers can expect to pay, has been at or above 100%.
20
Waltham Neighborhood Market Trends
Waltham Neighborhood Statistics 2016 2017 2018 2019
Listings Sold*
Days on Market
Average Sale Price
Ratio Sale to List Price
698 629 571 628
42 34 32 37
$547,851 $597,806 $631,558 $660,147
102% 101% 101% 100%
Data per MLSPIN: Listings Sold includes single family, multi family, & condos; otherwise graph represents single family homes excluding auction sales.
Waltham is located about 11 miles west of downtown Boston 3 miles northwest of Boston’s Brighton neighborhood. Waltham has a rich history and thriving downtown/Main Street with a Common, churches, library, post office, retail, banks and restaurants. The city stretches along the Charles River and contains several dams. Waltham is accessible by I-95 and route 20. Waltham real estate is also driven by high demand due to its affordability factor. Over the past four years average sales prices rose 20%. The number of days on market is consistently good. The ratio of sale to list price remains at 100%. This is the amount buyers can expect to pay.
77 Union Street • Newton, MA • 02459 boston.evrealestate.com 857-297-2000
21
Weston Neighborhood Market Trends
Listings Sold*
2016 2016 2017 2017 2018 2018 2019 2019
Listings Sold*
159 159 204 204 173 173 161 161
Weston Neighborhood Statistics Weston Neighborhood Statistics Days on Market
Average Sale Price
Ratio Sale to List Price
Days on Market
Average Sale Price
Ratio Sale to List Price
145 145 137 137 132 132 123 123
$1,893,870 $1,893,870 $1,680,449 $1,680,449 $1,923,317 $1,923,317 $1,851,001 $1,851,001
94% 94% 94% 94% 93% 93%
Data per MLSPIN: Listings Sold includes single family, multi family, & condos; otherwise graph represents single family homes excluding auction sales.
The Town of Weston is an attractive suburban community about 15 miles west of Boston. Residents are very proud of the town’s school system and the handsome homes in quiet well kept neighborhoods but tend to brush off the town’s reputation as one of the most affluent communities in the state. About 18% of the town has been preserved as parks, fields, wetlands, and forests. Weston is one of the most sought after places to live in the country. Average sales prices have fluctuated marginally. The days on market has consistently decreased over the four years and the ratio of sale to list price has remained between at 94%.
22
Wellesley Neighborhood Market Trends
Wellesley Neighborhood Statistics 2016 2017 2018 2019
Listings Sold*
Days on Market
Average Sale Price
Ratio Sale to List Price
368 414 387 333
92 93 69 68
$1,484,689 $1,537,132 $1,611,558 $1,666,484
97% 97% 97% 98%
Data per MLSPIN: Listings Sold includes single family, multi family, & condos; otherwise graph represents single family homes excluding auction sales.
Wellesley is known as an affluent neighborhood and it has one of the highest median household incomes in the state. Wellesley has ranked #1 Best Places To Live by Boston Magazine and ranked #2 America’s Most Educated Small Towns by Forbes. It is easy to reach due to its close proximity to I-90, I-95, and Route 9. Additionally there are 3 MBTA Commuter Rail stops. Wellesley is a highly desirable market. Over the past four years the number of days on market has dropped while average sales price continually rose. They have gone up 12% in the past four years. The ratio of sale to list price continues to hover between 97% - 98%.
77 Union Street • Newton, MA • 02459 boston.evrealestate.com 857-297-2000
23
Needham Neighborhood Market Trends
Needham Neighborhood Statistics 2016 2017 2018 2019
Listings Sold*
Days on Market
Average Sale Price
Ratio Sale to List Price
386 380 394 371
65 56 44 54
$1,023,833 $1,082,405 $1,215,493 $1,214,951
98% 99% 100% 99%
Data per MLSPIN: Listings Sold includes single family, multi family, & condos; otherwise graph represents single family homes excluding auction sales.
Needham has easy access via I-95 as well as four Commuter Rail stops. In addition to Wellesley on the northwest, Needham borders Newton and the West Roxbury section of Boston on the northeast, and Dover, Westwood, and Dedham on the south as well as the Charles River. Needham is another sought after suburban community. Over the past four years the number of days on market has dropped, then rose. Average sales prices leveled off in 2019 but still reflect a 19% increase over the past four years. The ratio of sale to list price remains between 98% - 100%.
24
Mortgage rates are at historic lows
As the below graph indicate rates are at historic lows an time to buy, sell, and invest i
Homeownership is really th way to build wealth and a drop in rates effectively mak priced house from a year ag 10% cheaper today in mont payments.
Average Interest Rate
18% 18% 16% 16% 14% 14% 12% 12% 10% 10%
8%8% 6%6% 2%2% 0%0%
1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994
4%4%
77 Union Street • Newton, MA • 02459 boston.evrealestate.com 857-297-2000
25
es, mortgage nd it is a great in real estate.
he single best one percent kes the samego more than thly mortgage
The big question:
Should I buy a house? That is the question on Americans’ minds — literally, Google search data shows.
Since the beginning of March, Google users in the U.S. also searched “Mortgage loan” more than they did any month prior, double the rate of searches in February. The phrase “Mortgage rates today” also reached its alltime high last week on Google Trends.
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Searches for “Should I buy a house” and “Mortgage rates today” peaked on March 3, and searches for “Mortgage loan” peaked on March 4, following the Federal Reserve’s sudden move to cut interest rates by 50 basis points to combat the economic impact of the coronavirus. The 30-year fixed mortgage rate fell to a record low of 3.29% last week, according to Freddie Mac.
1 Data per MLSPIN
26
Engel & Völkers Cares
Engel & Völkers is a proud champion of Special Olympics, specifically focused on creating more inclusive communities through its Athlete Leadership and Play Unified programs. We are committed to giving back to and investing in the neighborhoods our clients desire because these too are the places in which we live, we play and we raise our families.
Special Olympics athletes contribute to our story. From them we learn to think differently and realize what we can accomplish. As individuals and local brokers, together and across time zones, it’s a common good that unites us. Every hour given, every dollar donated, every kind word spoken and every door opened creates opportunities for those who need it most. We believe that in order to lead, we must empower others to do the same. Ask how our shop specifically contributes to this amazing cause.
77 Union Street • Newton, MA • 02459 boston.evrealestate.com 857-297-2000
27
Proud Champion of Special Olympics
28
VISIT US ONLINE OR AT ONE OF OUR SHOPS Engel & Völkers S. Boston/Seaport 493 E. Broadway Boston, MA 02127
Engel & Völkers Back Bay 46 Gloucester Street Boston, MA 02115
Engel & Völkers Newton 77 Union Street Newton , MA 02459
617-294-1103
617-936-4194
857-297-2000
Plus two new locations coming in 2020
77 Union Street • Newton, MA • 02459 boston.evrealestate.com boston.evrealestate.com 857-297-2000