Eckington By The Numbers || Weekend 04.06.2024
Coplen, John via googlegroups.com
10:54 AM (4 minutes ago)
to Eckington, Alex
Happy Sunday!
As we dive into this week's activity in Eckington, we've observed a slight increase in active listings, rising from 35 to 32, accompanied by a total of 6 closings in the last 30 days. Given the onset of the spring market, such fluctuations are not uncommon. Kindly find the full list of data below.
Here's some intriguing Eckington data: I've analyzed the average sales prices from January 1st to April 6th of each year dating back to 2021 for 1-bedroom condos, 2-bedroom condos, and townhouses in Eckington. Much of what I expected has materialized. The condo market has remained relatively flat compared to 2021 values, influenced by several factors. During Covid, many individuals who rented these units shifted to remote work, leading to homeowners listing their properties due to difficulties in finding renters. Moreover, last year saw an increase in rates, causing hesitation among potential condo buyers, particularly first-time homebuyers. With rates stabilizing since December, we are witnessing a slow shift in condo purchases, positioning the condo market slightly better, in my opinion. On the other hand, townhouses in Eckington continue to appreciate in value. Notably, several high-end renovation flips have fetched favorable prices for our neighborhood, with even unrenovated units experiencing price hikes. This trend is partly attributable to Eckington's growing popularity, bolstered by the completion of amenities like the dog park, Alethia Tanner Park. Breweries, proximenty to Union Market, and the MBT, which have attracted newcomers to our neighborhood. Relative to other neighborhoods, our price per square foot offers better value and a more central location. It's just a matter of time for everyone to recognize what we, as Eckington residents, already know.
1/1 to 4/6 EACH YEAR BACK TO 2021
2024
1 Bed Condo Average: $345,000
2 Bed Condo Average: $490,000
Townhouse Average: $1,013,166
2023
1 Bed Condo Average: No One Bedroom Sales
2 Bed Condo Average: $615,328.57
Townhouse Average: $771,625.00
2022
1 Bed Condo Average: $407,500.00
2 Bed Condo Average: $694,718.18
Townhouse Average: $922,017.00
2021
1 Bed Condo Average: $344,150
2 Bed Condo Average: $529,952.11
Townhouse Average: $803,631.82
Here is a bit about rates. As of Friday, April 5 2024, the current average interest rate for a 30-year fixed mortgage is 7.01%. *We source this data from Mortgage News Daily.
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Eckington By The Numbers || Weekend 03.30.2024
We are receiving many questions regarding the recent lawsuit that may alter how Sellers offer commissions on their properties. Some of the coverage we've encountered is highly misleading and frankly incorrect. Here are a few things we anticipate happening:
Firstly, this won’t result in an immediate change. Even if Sellers are no longer able to offer a commission to the Buyer's agent on the MLS, there will still be other ways around it. For instance, Sellers aiming to market their homes in the best light may offer a credit for the Buyer's commission.
It will not necessarily lead to a decrease in the price of homes. The cost of the Buyer's agent, in some cases, may then be transferred to the Buyer. This makes the home buying process more expensive for first-time buyers, as they will not be able to finance that cost into the purchase of a home.
There will likely be much more confusion regarding the price of a home. For instance, if a home is listed for $600,000 but doesn’t offer a credit to the Buyer's Agent's commission, then the actual price of that home is $618,000. However, the additional $18,000 cannot be financed, resulting in additional cash out of pocket for Buyers.
So, what is our immediate advice? Don’t change anything for now. Don’t delay listing your home or rush into buying. Changes like this take time, and there are still several appeals in process. Even if the change takes place, our belief is that most Sellers will still offer to pay a Buyer’s Agent Commission to keep their home competitive, although it will be done in a different way with several new legal forms to sign. If you need to list, do what is right for you now and move forward with it.
