Monthly Archives: April 2015

Updated Lexington Historic Inventory Map

The Lexington Historical Commission has recently updated the Lexington Comprehensive Cultural Resources Survey. The inventory includes the 2015 changes that included additional Merriam Hill properties. All the proprieties that are on the updated list are now included in the map on our website Under the Communities tab.

The recent proposal put before the town Selectmen to increase the demolition delay from 12-months to 24-months was defeated.

If you need any additional information on Inventory of historic or architecturally significant properties or the Demolition Delay rules please contact us.

26 Cider Mill Rd, Framingham – just listed

Check out this home that we’ve just bought on the market this week. 26 Cider Mill Rd in Framingham – priced at $649,000 this light filled 4 bedroom 3.5 bath home on a quiet cul-de-sac in desirable Nobscot area is a dream come true. Kitchen has stainless steel appliances, ceramic cooktop, built-in Miele coffee bar, granite counters, and opens up to a large sunny breakfast room. Living room with cathedral ceiling is perfect for entertaining and cozy nights.

Open House Sat/Sun (April 25/26) from 1:00pm-3:00pm – come and enjoy some light refreshments.

You can find more info at www.26CiderMill.com or if you’re on your smartphone mobile.26CiderMill.com

33 Forest St, #207, Lexington – sold in the first weekend

Last weekend we put 33 Forest St, Unit 207 in Lexington on the market. This Stunning 3 bedroom 2 bath condo in the beautifully renovated Hancock School in Lexington Center just steps from the library, Lexington High School, public transportation, shops, and restaurants. Offers were reviewed on Tuesday and the property went under agreement. The price was substantially over the asking price of $749,000. It seems that the high demand for homes in Lexington that we saw in 2014 is continuing into 2015. Here’s the data for the last 12 months – the orange line is the ratio between list and sales price (a value of 100% means it sold for asking). The ratio often exceeded 100% in 2014 – expect the same for 2015 as demand exceeds supply in this very popular town.

This high ratio is (of course) driving up prices as buyers compete for homes:

A wealth of information about Lexington as well as over 40 other towns (and a lot more information on buying/selling) can be found on our website www.mapropertiesonline.com (or if you’re on your smartphone – mobile.mapropertiesonline.com) and if you have any questions do not hesitate to contact us.

33 Forest St, #207, Lexington – Just Listed

Check out this home that we’ve just bought on the market this week. 33 Forest St, Unit 207 in Lexington – priced at $749,000 this Stunning 3 bedroom 2 bath condo in the beautifully renovated Hancock School in Lexington Center just steps from the library, Lexington High School, public transportation, shops, and restaurants. Take the elevator to the front door and be greeted by a grand open hall foyer or enter through the magnificent private garden level rear entrance in the heart of Lexington.

Open House Sat/Sun (April 18/19) from 1:00pm-3:00pm – come and enjoy some light refreshments.

You can find more info at www.33Forest207.com or if you’re on your smartphone mobile.33Forest207.com

15 Lake St, Lexington – sold in the first weekend

Last weekend we put 15 Lake Street in Lexington on the market. This 3-bed, 3-bath lovely light-filled home on a quiet side street is walking distance to Lexington Center. Offers were reviewed on Monday and the property went under agreement. The price was substantially over the asking price of $899,000. It seems that the high demand for homes in Lexington that we saw in 2014 is continuing into 2015. Here’s the data for the last 12 months – the orange line is the ratio between list and sales price (a value of 100% means it sold for asking). The ratio often exceeded 100% in 2014 – expect the same for 2015 as demand exceeds supply in this very popular town.

This high ratio is (of course) driving up prices as buyers compete for homes:

A wealth of information about Lexington as well as over 40 other towns (and a lot more information on buying/selling) can be found on our website www.mapropertiesonline.com (or if you’re on your smartphone – mobile.mapropertiesonline.com) and if you have any questions do not hesitate to contact us.

15 Lake St, Lexington – Just Listed

Check out this home that we’ve just bought on the market this week. 15 lake Street in Lexington – priced at $899,000 this 3-bed, 3-bath lovely light-filled home on a quiet side street walking distance to Lexington Center. Large living room has 9’ ceilings, windows on 3 sides, French doors leading to backyard patio. Huge open kitchen is big enough for holiday parties and perfect for cozy suppers; granite counters, breakfast bar island with new gas cooktop, lots of cabinets, area perfect for homework, family together time, and entertaining.

Open House Sat/Sun (April 11/12) from 1:00pm-3:00pm – come and enjoy some light refreshments.

You can find more info at www.15LakeStreet.com or if you’re on your smartphone mobile.15LakeStreet.com

Lexington Statistics – March 2015

The current months statistics for the Lexington real estate market are shown below.

Inventory Levels

If an inventory level graph shows seasonal fluctuations then we know that the market is ‘healthy’ and showing normal activity. If seasonal fluctuations are not obvious then what we are seeing is an ‘unhealthy’ market where foreclosures and short sales have cluttered and hidden the normal trends of the market. Price trends can be learnt from inventory level data – in a ‘healthy’ market with demand greater than supply, prices tend to move up. In an ‘unhealthy’ market where supply far outstrips demand then the trend on prices is down. This follows the normal Supply and Demand market dynamics.

Absorption Rates

Absorption rates can be described as the number of months needed to sell the available inventory at the rate of sales experienced in the previous 12 months IF no additional properties were listing during that time.

So, given the ‘normal’ rate of sales that have occurred over the previous 12 months, and given the number of homes on the market currently, how many months it would take to sell everything that is currently available is known as the absorption rate. We generally say that anything below 7 months supply is ‘healthy’. The absorption rate can be a general rate for a town, for instance, for all single family homes in that town, or it can be more specific and related to price ranges.

Sold/Original Price Ratios

By reviewing the sold to original list price ratio you can get a very good understanding of the health of the real estate market in a town, and the cyclical nature of sales in the town. The number of homes sold, along with the average percentage of the original list price to sales price data, gives you a snapshot over the last 12 months of important data related to the real estate market in a town. It is important to note that the reported data is approximately 6-8 weeks behind the actual event of the home going under agreement.

Historic Homes Prices

The blue bars represent the average price in the year referenced, the green bars reflect the average home price for each month of the current year. When reviewing this data it is important to note the impact that the First Time Home Buyers Tax Credit had on the data for 2009 and 2010. In towns where the average home price is significantly more than the approximate home price of a first time home buyer then the impact is quite marked due to the increase in First Time Home Buyer activity, whereas in towns where the average home sale price is close to that of the approximate price of a home for a First time Home Buyer we don’t see too much of an impact that the increase in home sales due to First Time Home Buyers has had to the overall average for the town.

Homes Sales

A wealth of information about Lexington as well as over 40 other towns (and a lot more information on buying/selling) can be found on our website www.mapropertiesonline.com (or if you’re on your smartphone – mobile.mapropertiesonline.com) and if you have any questions do not hesitate to contact us.