If you are thinking about making Brighton, MA your next home, you may want to know about some important matters first. Brighton is considered an up-and-comer in real estate, particularly in the condo market when compared to already-established neighborhoods like Jamaica Plain and South Boston. However, it could be the right time for condo shoppers to purchase a condo property in Brighton, either as a permanent place to stay in or to use for additional revenue as an investment property.
The average prices in the condo market in Brighton, MA were down in 2015 and early 2016. The median prices have been quite low as well. In 2015, the average listing price was $519,000+, and it went down to $496,500+ in 2016. These numbers mean that there was a 4.47% decrease year over year.
As for the median prices, Brighton area saw low median prices in both 2015 and 2016. In fact, in April 2015, Brighton had a median listing price of $360,000, while it was $389,000 in April the next year. Although there was an 8.06% increase, the median prices were still considered quite low compared to other neighborhoods.
For the average sale prices, condos in Brighton neighborhood were priced at $536,231 in 2015. It went lower to $507,508 the next year. With 2017 almost over, it could be the right time for you to look for a condo in this part of Boston.
The Numbers This 2017
While the real estate conditions during 2015 and 2016 seemed gloomy, they were actually a good reason to buy for those looking to grab a condo in Brighton. If you are wondering whether or not this year is also friendly to condo shoppers, there is good news. While the Brighton market trends show that there is an increase of $22,938 or five percent over the past year in median home sales, it gave rise to a more competitive housing market in the neighborhood.
If you would like to know what to expect when it comes to the prices of condos in Brighton, here are some numbers to ponder on:
In 2016, the average price for every square foot was $554. This year, it increased to $563.
One bedroom properties rose in prices with an estimated 4.3% increase since 2012.
Two bedroom properties also rose with an average increase of 9%.
Three bedroom properties only jumped 0.2%.
For four bedroom properties, there is a 10.4% decrease. Sales prices of four bedroom properties in 2016 were around $826,500. This year, the average price is $740,500.
All in all, the properties saw a 5.5% increase for a five-year period.
Meanwhile, if you are thinking about renting, the median rent price in Brighton for all properties is $2,300. Rent list price per square foot is $2.80. Rentals are typically affordable, except during November and December when the rates were up $3,200 and $2,700 respectively. This is partly because the number of rentals starting from October to December was slightly lower than normal. The number of rentals rose again in starting April which resulted in lowering rent rates in Brighton.
Condo skyscrapers are not yet taking shape in Brighton as well as with the nearby neighborhoods, this part of Boston sees an influx of upscale development of condominiums.
Is It Time to Buy a Condo in Brighton?
If it is your first time to buy a condo in Brighton or anywhere else, you are probably wondering whether you should buy now or wait for later. If you already have the financial means, seasonality can play a role, so that you can get the most out of your cash.
During the spring season, you will see more “For Sale” signs in the neighborhood and online listings for Brighton. This is because sellers usually already recovered from the holidays, so they believe this is the best time when they can show off their homes. Also, you probably prefer to tour around homes when the weather is nice. Spring offers you lots of choices, which is the ideal time to browse or get your feet wet. Although there is fierce competition between sellers, you can find many people overpricing their properties, which is why this is also the season when buyers do not have to compete with other people.
Traditionally though, the best time to buy a condo is during the winter season. You can expect to find good value properties and also, there is less competition when it comes to other buyers. There is limited inventory but sellers who put their condo units for sale most likely need to make a deal. Additionally, you will be glad to know that during this time of the year, sellers are priced lower compared to summer and spring.
During the first six months of 2016, Brighton saw a jump in condo prices by double digits. This 2017, the price is down 2.94% from last year. Therefore, this is a great opportunity for buyers to watch out for. The market may still be favorable for sellers in this part of Boston, but with the average list price going down, condo buyers may find a lot of valuable options.
What If You are a Landlord or Owner?
If you have a property to sell in Brighton, spring is a good time to do so for the reasons mentioned above. It is, however, the time when there are lukewarm buyers. There would be a lot of them looking at your property, but the competition is not cutthroat compared to the coming months. The year is just starting after all. Summer may be the right time to get serious about selling your property because when winter comes, you will have to lower your price to entice the home buyers.
If you are more interested in selling your property, timing may also play a role. However, with the rise of closed or sold units from 138 in 2016 to 152 units in 2017, this change may serve as an inspiration for you to put your condo unit up for sale.
Buying a Single Family Unit in Brighton
The average list price of condos in Brighton may have decreased, but the average list price per square foot increased. There is a steady stream of listing units with the 35 days on the market on average. According to statistics, there are more condominiums up for sale than single-family units. The listed units were down from five from 2016 to four this year. The properties stay about 41 days on the market but are now selling faster than they used to, compared to last year.
As for the prices, the average list price of single family units was $722,000+ in 2016, and this amount increased to $869,000 this year. It is a huge 20.41% increase in just one year. However, compared to the average list price per square foot of condos, single-family units are much lower with $379.41 in 2016 and $455.25 this year. Although there is a 19.99% increase from last year, the price of condos is still higher.
There were a number of units that changed their prices while they were on sale. In 2016, nine housing units changed their listing price while there were only five that did so in 2017. The average original price of the listing was $76,855.56 in 2016, while in 2017, the numbers were high up to $978,740 – a clear 34.65% increase.
“The Future is Brighton.”
With Boston’s housing experiencing a boom these past few years, Brighton is also enjoying the development. In fact, the neighborhood just had a stretch of apartment buildings just in 2016. The continuous rise of condo and apartment projects make Brighton a good choice for those looking for a place to settle or purchase a property for an investment. It is also an ideal time for property owners to put their homes for sale.
The median home value in this part of Boston is recently around $428,800. The home values have surprisingly gone up for more than 11% this year compared to the melancholy 2016, especially in the condo market. It is even predicted that the values will continue to rise for more than three percent within the next year. These numbers can help convince you to put up your listing right now, while the market is still very hot.
Meanwhile, if you are a buyer, do not be discouraged by the numbers above. In fact, if you know when to buy a condo, you can definitely find a great deal around the Brighton area. With the median list price per square foot of $529, you are actually looking at the lower than average Boston list price of $645. This is a huge reason for you to purchase a condo or any real estate property in Brighton.
However, renting may also be a good option. If you are undecided as to whether you will buy or rent, the latter option may be ideal especially because the median rent price in Brighton this year is $2,300, which is $400 lower than the Boston median.