66 Oxford Ave #1, Belmont

Market Analysis for:

Susan Giordano

I've done a market analysis on your home at 66 Oxford Ave #1 in Belmont 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.

  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.

This is a condo located on the first level of a two-family home offering 960 sq. ft. of living space with 2 bedrooms and 1 full bathroom. It offers close proximity to Fresh Pond near the Cambridge line. Many bus routes are only steps from the home and Alewife Station is just over a mile away. There is a large driveway for 2 car off street tandem parking.

A front door opens into a common foyer and then the front door to this unit brings you into the formal living room with hardwood floors and a large triple window for abundant natural light. The living room flows to the dining room through a cased opening. The formal dining room offers hardwood floors, wainscoting, and double windows.

The kitchen will be updated with granite countertops, new stainless steel appliances, new cabinetry throughout including over the refrigerator. There is a pantry which may possibly contain the laundry area or just remain a pantry with shelving. The kitchen has hardwood flooring.    

The hardwood floors continue to span the unit into both bedrooms.  The bedrooms are light filled. The full bathroom has ceramic wall and floor tiles, a modern white vanity, and a tiled tub/shower.  The windows have all been replaced and are double paned.

A door from the rear hallway leads out to the back deck overlooking the large yard. The yard also has a garden area with raised beds.

The laundry area and a storage area are located in the basement. This area also houses the gas fueled boiler and hot water tank.


Return to Top

Market Dynamics

We have been experiencing shortages of housing inventory in Belmont over the last 5 years or so. There are always a number of buyers looking to buy in Belmont because of the strong school system, the community dynamics and vibrant downtown. 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 conservation areas close by pull those who desire an outdoor lifestyle while still remaining within commuting distance to Boston.

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

Average prices in Belmont are well above average prices obtained in the peak of the market in 2006. Average condo prices have been increasing steadily since 2009. 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 condos show that the $500K price-range is the most active in Belmont. The next busiest price range in Belmont is the $700K price range, followed closely by the $600K 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 condos shows us that the average price per sq. ft. in Belmont around the $400K price range is around $425 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 in the 1920’s the average price per sq. ft. is $436.

The chart below shows that condos in Belmont of similar size to your home in the under 1,000 square foot range, have an average price per square foot of $506 but it decreases to $445 per sq. ft. when you increase 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 $400K price range is no supply showing a severe shortage.

Return to Top


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 analyze

Your details: Living area 960 sq ft | 2 beds | 1 bath | Built 1923 

This unit is on the upper level of a 2 family home. It is smaller than your home with 827 sq ft of approx living area. Your home has 960 sq ft of approx living space. This home has the same number of bedrooms as your home, both having 2 bedrooms. It also has the same number of bathrooms as your home, having 1 full bathroom.
Upon entry from below, the living room is on the right and it has bay windows, hardwood floors, and has an open floor plan with the kitchen. The kitchen is not as nice as your new kitchen will be and has granite countertops, maple cabinets, white appliances, hardwood floors, and access to the deck. The master bedroom has bay windows, and the 2nd bedroom has double windows, and both have hardwood floors. The center hall also has access to the front deck. It has forced air heating and central air cooling. This unit has a yearly association fee of $1,464.
This condo has 2 car deeded parking.
It was listed for $460,000 and sold for $480,000. It sold for $580 per sq ft.

Relevance: Relevant, but less. Given the smaller size, inferior condition, inferior location, but upper unit I believe that once all factors are considered this home is relevant to yours but yours should sell for more.

Your details: Living area 960 sq ft | 2 beds | 1 bath | Built 1923 

This unit is a first floor of a 2 family home. It is larger than your home with 1,100 sq ft of approx living area. Your home has 960 sq ft of approx living space. This home has the same number of bedrooms as your home, both having 2 bedrooms. It also has the same number of bathrooms as your home, having 1 full bathroom.
Upon entry from the enclosed front porch, the living room has a fireplace with painted brick chimney to the beamed ceiling with white floating mantel, bay windows, and hardwood floors. The formal dining room is open to the living room though a cased opening and has built in china cabinet, wainscoting, crown molding, bay windows, and hardwood floors. The kitchen has granite countertops, custom built ins, white appliances, dated oak cabinets, bay windows, pantry, hardwood floors and an informal dining area, and has exterior access to the shared backyard through the covered back porch. The bedrooms have crown molding, picture windows, and hardwood floors. It has hot water radiator heating.
This condo has 2 car tandem parking, and units  have separate water meters and no association fees as the expenses are split.
It was listed for $499,900 and sold for $486,000. It sold for $442 per sq ft.

Relevance: Relevant, but less.  Given that this condo is larger than yours, inferior condition I believe it is relevant to yours but yours will sell for more.

Your details: Living area 960 sq ft | 2 beds | 1 bath | Built 1923 

This unit is a first floor condo of a 2-family home. It is larger than your home with 1,055 sq ft of approx living area. Your home has 960 sq ft of approx living space. This home has the same number of bedrooms as your home, both having 2 bedrooms. It also has the same number of bathrooms as your home, having 1 full bathroom.
The 2 family has lots of curb appeal, with 2 front doors and a lovely entry under the portico. Upon entry from the front porch to the foyer, the living room is on the left and has an open floor plan with the dining room and the kitchen. The living room has bay and picture windows. The dining room also has bay windows. The kitchen was recently renovated and has stylish wood cabinets, granite countertops, stainless steel appliances, and has access to the sunroom through a french door leading to the backyard. The 2 bedrooms are typical to a 1st floor condo, and has hardwood floors. It also has exclusive access to a finished bonus room in the lower level. It has forced air heating and central air cooling.
This condo has 2 car off-street parking, and has a monthly association fee of $150.
It was listed for $499,000 and sold for its listing price at $473 per sq ft.

Relevance: Relevant. Given the larger size, your newer superior condition, I believe this home is relevant to your home.

Your details: Living area 960 sq ft | 2 beds | 1 bath | Built 1923 

This unit is a 1st floor condo of a 2-family condo. It is larger than your home with 1,125 sq ft of approx living area. Your home has 960 sq ft of approx living space. This home has the same number of bedrooms as your home, both having 2 bedrooms. It also has the same number of bathrooms as your home, having 1 full bathroom.
Upon entry from the farmer’s porch, the door of this unit is on the left and it leads to the living room which has a fireplace with brick facade, crown molding, double windows, and hardwood floors. It is connected to the dining room through a cased opening and the dining room has a built in china cabinet, triple windows, wainscoting, and hardwood floors. The kitchen has recently been renovated and has a breakfast bar peninsula, stainless steel appliances, pantry, white cabinets, ceramic tile floor, and has access to the mudroom leading to an exterior access to the rear porch. The bathroom has whirlpool soaking tub and shower with frameless glass door, granite countertop, glass wall tiles, and radiant heat marble floor.
This condo has 2 car off-street parking, and has a monthly association fee of $145.
It was listed for $539,000 but price was dropped to $519,000 before it went under agreement and was sold for $515,000, at $458 per sq ft..

Relevance: Relevant, but higher. Given the larger size of this home, superior bathroom condition I believe this home is relevant to your home but it will sell for more than your home.

Your details: Living area 960 sq ft | 2 beds | 1 bath | Built 1923 

This unit is on the second floor of a 2-family condo built in 1927 and converted in 2012. It is larger than your home with 1,140 sq ft of approx living area. Your home has 960 sq ft of approx living space. This home has the same number of bedrooms as your home, both having 2 bedrooms. It also has the same number of bathrooms as your home, having 1 full bathroom.
The living room has hardwood floors and is partially open to the formal dining room through a cased opening. The formal dining room has built in china cabinet, double windows, wainscoting, and hardwood floors. The family room is also a sunroom with vaulted ceiling, wall of windows overlooking the common backyard, and hardwood floors. The kitchen has stylish wood cabinets, granite countertops, double windows, ceramic floor tiles, stainless steel appliances, and exterior access to the mahogany front deck. It has hot water radiator heating. The home had been freshly painted. The backyard was lovely with lush green grass and a paved patio area surrounded by flowers.
This condo uses tandem 2 car off-street parking, and has a monthly association fee of $80.
It was listed for $489,000 and was sold for $536,000 and $470 per sq ft.

Relevance: Higher. Given the larger size, similar condition, superior backyard, upper floor premium, I believe your home won't sell for as much as this home.

Return to Top

Pricing Recommendation

My analysis of the relevant homes outlined above suggests a final market value for your home of $490,000-$510,000.  

Given the current market dynamics in Belmont, I would suggest listing your home at the lower end of this price range to attract more interest and potentially multiple offers.  If the market deems your home to be worth more than the list price, then the price will be pushed over the market value of your home, and sometimes well over when we get multiple offers. You can see many examples above that came on the market for a lot less, and competition pushed them up to the price they sold for. The challenge in estimating a price for a home is ‘would this home have sold for this price if they had priced it higher?’ or was competition the driving factor that got to this price.  Experience tells me that competition is why they sold for what they did, so we have to be careful with pricing. A couple of good examples of competition pushing a price higher than market value is what happened when we sold your home in Lexington :-). 

When homes are overpriced they end up sitting on the market and ultimately selling for less than market value, whereas homes priced realistically can often sell for well over market value. Competition is what will get us the highest sales price. As we see time and time again, if the buyers consider the market value of your home to be realistic in relation to the asking price, then competition will push the price up higher and often over the market value of the home. The challenge with overpricing is that the buyers are very educated – they go week after week to see homes in their price range so they KNOW what the prices are and what ‘feels’ right.

I have to stress that these are recommendations.  We would bring your home on the market at whatever price you deem to be appropriate.  

Determining the right price all depends on your motivation and your risk tolerance level. We know that homes that are priced at the 'strike price' will sell quicker and may generate more than one offer.  I’m an excellent negotiator and know how to push a price up if we have the market activity. I also know that some sellers want to put their home on for a higher price than I might recommend, which I’m willing to do, so long as it is understood that putting the home on for more than the majority of buyers perceive its value, could mean that your home will have a much longer market time and sell for less than it should have had it been priced properly out of the gate.

I DO NOT DETERMINE THE PRICE - the market dictates the value - what a buyer is willing to pay. My job is to make sure that you have the best market exposure and that your home is positioned well in the market.   I do not believe in projecting more money than I think your home will sell for just to get your business.

My team and I know how to stage and market your home, and I understand its value, but I can only sell it for what the market or a buyer will pay. I strongly believe that a home should be priced compared to the current competition, not just on what has sold in the last six months.  At the end of the day, you will be competing for the buyers looking for a home like yours and in the same price range. You can do far more 'damage' to the resultant price we get for your home if we overprice. The prospective serious buyers will see your home within the first weekend of your home coming on the market, and they will have seen everything else in this price range.  In other words, the serious buyer knows what is priced well.  If they don't see value in your home at its listing price and are not motivated to make an offer, then they will move on and keep looking.  In times of increasing prices, it is often hard to predict what a home will sell for, but be assured that even if we price your home lower than what market value is currently, market dynamics will bring the price of the home up to where it should be.  Prospective buyers should walk in thinking the price 'feels right' and are motivated to make an offer in the short term, rather than letting several months’ pass.

It is important to stress the value of marketing your home to capture the highest price.  In times of low inventory, we know your home will sell by doing the bare minimum to market it, BUT that is not going to get you the maximum price for your home.  Key to getting the maximum price for your home is to prepare a comprehensive marketing plan that incorporates all avenues available to us to expose your home to the maximum number of buyers out there looking.  Exposure, and feet in the door, is what will get you the highest price for your home. Basic ratios help explain this.  If 10% of the buyers who walk in your door fall in love with your home, then if you only have 10 buyers walking in, then potentially there is only 1 buyer - if you have 100 buyers walking in your door then using the same ratios, you will potentially have 10 buyers falling in love with your home.  10 buyers will push the price up versus only one buyer.

 New statistics state that over 100% of potential buyers search the web as their primary search vehicle.  Thankfully, your home will show fabulously in photos. With historically low interest rates likely to increase and inventory at a 7-year low, there are still homes that do not sell in this market.  I’m making my recommendations to ensure that you are one of the sellers who will have success in the first month of being on the market, but optimally the first weekend.

Return to Top

So, what is our Marketing Plan? 

Read More to find out all about the standard marketing we offer, at no additional charge to the standard fee.

Marketing to sell your home

Make your home stand out with MA Properties Online's Marketing Today's technology makes it...

Read More

 

Who We Are | MA Properties Online | RE/MAX Leading Edge

The MA Properties Online team takes a 'data driven approach' to real estate . ...

Read More

 


 

Testimonials | MA Properties Online | RE/MAX Leading Edge

Read Reviews about MA Properties Online | RE/MAX Leading Edge...

Read More


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! 

Return to Top