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February 2011 - JANET PORCARO

The Worm Will Turn in 2011

The Worm Will Turn in 2011

“The worm will turn, ” was one of my father’s favorite expressions. He was in sales for over 40 years. While I listed to real estate industry leader  Steve Harney’s presentation this week to local real estate professionals I thought of my Dad. Harney’s bottom line is that 2011 is the year the housing market will normalize. His research is extensive. He tells a clear story backed with data. This is the year the worm will turn.

Life in Newton

Apples to Oranges?

“Bottom Line

The market is coming back. Homes are selling. We have turned the corner and 2011 will be the year the market will normalize.” ~From Steve Harney’s article Apples to Oranges.

I decided to test out Steve’s theory with some local data we have compiled from the Multiple Listing Service. Looking at the month to month movement, we see an upward surge moving into 2011. Remember the tax incentive created a surge in sales last year.  It is interesting to see single family/condo, Brookline/Newton, the direction is similar.

Average Sale Price January 2011 v. January 2010

Average sale prices are also up with the exception of Newton condominiums. Prices are determined by supply and demand so as the market normalizes, we hope to see prices continue to climb.

Do you have questions about the market? I’d love to hear from you. In the meantime, I remain optimistic about the market in 2011.

The Wild West of Real Estate Statistics!

The Wild West of Real Estate Statistics!

Has snow impacted the January real estate market? In the wild west of today’s information overload, we must reject deceptive and hysterical headlines. To answer this question without looking at the numbers would be just guessing. We need the data–reliable data with referenced sources so we can judge for ourselves.

The Wall Street Journal article, Another Bogus Real Estate Market Statistic discusses this issue in depth. I am sick and tired, tired and sick of seeing handsome charts with ridiculous data.

The real estate web site Zillow ginned up a real doozy of a statistic about the state of the real estate market today arguing that the “Zillow Home Value Index has now fallen 26% since its peak in June 2006. That’s more than the 25.9% decline in the Depression-era years between 1928 and 1933.” ~Wall Street Journal, Jan 2011

From the horse’s mouth as opposed to the horse’s rear, the Multiple Listing Service Property Information Network (MLS) offers excellent data.

Horse Brookline Newton

Go to www.YourNewtonMove.com To receive the Pathway Home Realty Group eReport: Twelve Years Real Estate Sales Summary, Newton and Brookline, 1998-2010.

Twelve Year Newton Single Families Sales Summary

Twelve Year Newton Single Families Sales Summary, compiled from MLS