Everyone knows about the S&P/Case-Shiller Home Price Indices, which measures the value of single-family residential real estate in major US cities.
They also measure condo values, and September’s results were released on November 24, 2009.
The high mark for Boston condos was in October 2005 when prices were at their apex. They estimated that properties were at 183.68 percent of their January 2000 value. Prices dropped slowly, reaching bottom in March 2009 at 152.88 percent of their January 2000 value. Recovery has continued, this year. Values were at 163.00 percent in September 2009.
Boston does “better” than other cities (regardless of whether you think prices should be higher or lower) – Chicago is at 137.61 percent of 2000 prices, San Francisco is at 146.69, while Los Angeles is at 190.33 and New York City is at 197.38.
(It’s not clear, but I believe the S&P/Case-Shiller analysis uses the same methodology as for single-family home sales – repeat sales of actual properties, and includes cities outside of Boston itself, but in the ‘Greater Boston’ area.)
Related posts:
Loading ...
A complete list of all properties coming on the market during the past seven days in the downtown Boston Proper neighborhoods including the South End, Back Bay, Beacon Hill, North End, West End, Waterfront, Leather District, and The Fenway.
Ted Pietras of Gibson Sotheby’s International Realty has a great new single-family listing in the South End located at 162 West Canton Street.
A complete list of all real estate properties coming on the market during the past 72 hours.
A complete list of all single-family and condominium home listings coming on the market during the past forty-eight hours in the downtown Boston Proper neighborhoods.
A complete list of all single-family and condominium home listings coming on the market during the past four days in the downtown Boston Proper neighborhoods.
Hi John,
I have a question. Why do I read all these Boston Real Estate Blogs giving weight to the S&P Case Schiller Index? Boston properties are 4 to 1 condos and the Case Schiller doesn’t even count those.
From S&P:
Eligibility Criteria
To be eligible for inclusion in the indices, a house must be a single-family dwelling. Condominiums and co-ops are specifically excluded.
So why all the references to a number we can’t really draw rigorous conclusions from. Case Schiller may be OK for Lexington but not for Boston. Last year Boston sold 4000 condos and only 1000 single family homes. So although its perhaps nice to know that the number of single family homes is doing this or that, its not really a number we can use when speaking generally about Boston Home sales.
I know, it irks me. It’s irrelevant and, in some ways, harmful – to both buyers and sellers. Not knowing what’s going on in the neighborhoods in which they live means they don’t have all the necessary information they require in order to make wise financial decisions. Real estate agents step in with what’s needed, but it’s not an “independent” source.
As you know, the Warren Group provides great data, but it gets little of the press that Case-Shiller gets.
I wish the local media would at least include the S&P Case-Shiller condo report. I think they don’t know it even exists or they just don’t care / don’t realize the difference.
I don’t know why they don’t mention it, even in passing, on the Boston Globe real estate blog. They should.
Thanks for the comment, Jeff.