91 Bishops Forest Dr, Waltham

Market Analysis based on October 2016 for:

Beth Koch

I've done a market analysis on your home at 91 Bishops Forest Dr, Waltham using data and sales from October 2016 and have prepared this document to help explain how I've arrived at a price for your home. I perform a market analysis and calculate a price taking into consideration a home’s location, size, configuration, number of bedrooms and baths, lot size and general condition. I also scrutinize the home for issues that, in my experience, will impact the price of a home making it more or less valuable. Then, I look at your current competition - the other homes that buyers in your price range will be viewing, to help determine your price.

Contents

  1. Description of Home
  2. Market Dynamics
  3. Analysis of Relevant Properties
  4. Pricing Recommendation
  5. Marketing

Description of home

Please note that these comments do not relate to marketing, but are included purely to ensure that we have captured the information and reflect the major components of your home.

Easy living at its best! Move in and head to  the pool, or have a game of tennis. Stylish 2 bedroom, 2 full bathroom,  2 half bath condo in Bishops Forest. Fireplaced living room with  soaring ceilings. Hardwoods on main level. Internal balcony overlooks  living room. Sliding glass door from living room to deck, overlooks  expansive wooded area. Cathedral ceiling master bedroom. Direct entry  garage. Fully finished basement with sliders outside. Privacy abounds.  Close to shops and restaurants.

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Market Dynamics

We have been experiencing shortages of housing inventory in Waltham over the last 5 years or so. There are always a number of buyers looking to buy in Waltham because of its affordability, the community dynamics, commute to Boston and vibrant downtown & Moody St area. People like the feeling of the downtown area, and want to stop and have a coffee, or have dinner at the many restaurants, or just watch the world go by, chatting with folks who are out and about. 

The Waltham market has seen increasing prices over the last few years given the limited inventory. The demand for homes in Waltham far outweighs the supply and each month a snapshot of available homes for sale shows the declining inventory levels.

Average prices in Waltham are well above average prices obtained in the peak of the market in 2005. Average condominium prices have been increasing steadily since 2011. The real estate market downturn that existed for the last few years is well and truly over and prices are continuing to increase each year.

Sales distribution statistics for condominiums show that the $400K price-range is the most active in Waltham. The next busiest price range in Waltham is the $300K price range. 

Before reviewing the price per sq foot charts it is important to throw in a caveat of using the average as the definitive guide. There is wide variability among agents as to what is included in the living area reported in MLS. In some instances, agents will include a finished component of the basement in the living area and this is acceptable so long as how the living area is calculated is disclosed. Others report the living area reported in public record, which never includes finished areas in the basement, but note in MLS that there is a finished basement. To this end, it is important to review each individual listing to determine the ‘true’ price per sq. ft. of above ground living area, but we also need to factor into this when a home has a finished basement.

Reviewing the price per sq. foot charts for single family homes shows us that the average price per sq. ft. in Waltham around the $500K price range is around $352 per sq. ft. It’s important to note that the maximum price per sq. ft. achieved varies across most price ranges, along with the minimum obtained for each price range.

When the year built before the 1980’s the average price per sq. ft. is $348.

The chart below shows that condominiums in Waltham of similar size to your home in the 2,000 square foot range, have an average price per square foot of $273 but it increases to $360 per sq. ft. when you decrease to the 1,000 square foot range. It is common across municipalities to see an increase in the price per square foot for smaller sized homes, as it reflects the minimum cost of a home in a town irrespective of the property size.

The chart below shows how many months’ supply of inventory there is in a given price range. It uses the assumption that given the same rate of sales over the prior 12 months, and considering current inventory available for sale, how many months it should take to sell the available inventory. This is referred to “Absorption” in the real estate world. 

Any price range where there is more than 7 months’ supply, we consider there to be an oversupply of inventory, also known as a ‘buyer’s market’. Anything between 4 – 6 months is considered a balanced market. Anything less than 3 months’ supply is considered a shortage of inventory on the market at this price range, also known as a ‘sellers’ market’. As can be seen, currently, absorption rates for all homes in the $500K price range is just under 1 month’s supply showing a severe shortage.

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Analysis of Relevant Properties

The following map shows the  homes that we believe to be of value in determining the price of your  home. Below the map you will find basic information  provided for each home including the price the home was  listed at, and the price the home sold at (if sold), the listing date, Days on market, Bedrooms, Bathrooms, living area size and lot size.  Noted for each home is a classification of Relevance which outlines whether we think the  property is valued Less (L), Relevant/Comparable (R) or Higher (H) than  your home. The notes for each home outlines the similarities and differences between  your home and the one being analyzed.

Your details: Living area 2251 sq ft | 2 beds | 2 full baths | 2 half baths | 1 car garage | Built 1988

This home is smaller than your home at 2080 sq ft, yours is 2251 sq ft. It has the same number of bedrooms as your home but has 1 less half bathroom. It has a 1 car garage as does your home. It has bright blue carpet throughout the whole home. It came on the market at too high a price at $549K and then reduced its price to $525K before going under agreement with competition when this occurred. It came on the market in April 2016 and went under agreement in May 2016, closing in mid June 2016. Given the smaller size of the home and  the inferior condition I believe your home would have sold for more than this home in October 2016.

Relevance: Less

Your details: Living area 2251 sq ft | 2 beds | 2 full baths | 2 half baths | 1 car garage | Built 1988

This home is just a little smaller than your home at 2217 sq ft whereas yours is 2251 sq ft. It has the same number of bedrooms as your home, and the same number of full bathrooms. It has 1 less half bathroom than your home at 1 half bathroom, yours has 2 half bathrooms. It has a 1 car garage. The home has pergo flooring in the first floor, with carpet on the second floor. The basement was unfinished whereas yours in finished. The home came on the market in June 2016, went under agremeent in late July and closed mid August. Given the inferior condition and the unfinished basement area I believe your home will sell for more than this home.
Relevance: Less

Your details: Living area 2251 sq ft | 2 beds | 2 full baths | 2 half baths | 1 car garage | Built 1988

This home is the same size as your home at 2251 sq ft in size. It has 1 more bedroom with 3 bedrooms, albeit one of the bedrooms is in the finished lower level. It has the same number of full bathrooms, although it has 1 half bathroom vs your 2 half bathrooms. It has a 1 car garage.  The home has laminate flooring on the main level versus your home having hardwood floors. The home is a desirable end-unit. The home came on the market in late August 2016, had competition and sold for higher. It closed in mid October 2016. Given the similar size, inferior condition yet a bedroom in the lower level I believe this home is relevant to your home.

Relevance: Relevant

Your details: Living area 2251 sq ft | 2 beds | 2 full baths | 2 half baths | 1 car garage | Built 1988

This home is slightly smaller than your home at 2217 sq ft. It has the same number of bedrooms as your home at 2 bedrooms. It has the same number of full bathrooms, but has 1 half bathroom vs your 2 half bathrooms. It also has a 1 car garage. The home had hardwoods on the main level as does your home. The kitchen had been modernized more recently than your home. The home came on the market mid April 2016, went under agreement with competing offers, and closed in mid August 2016. Given the superior condition of the kitchen I believe the home is relevant to your home but yours would have sold for less in October 2016.

Relevance: Relevant, but more

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Pricing Recommendation

My analysis of the relevant homes outlined above suggests a final market value for your home of $560,000 in October 2016.  

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We look forward to working with you!   Please reach out if you have any questions at all about this market analysis or our plans to market your home! 

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