Real Estate Trends – Boston’s Hyde Park

Introduction:

Welcome back again for our latest real estate market trend report.  For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward.

Today we are highlighting the Hyde Park area of Boston, MA in Suffolk County

 Hyde Park MA Library - Boston MA Real Estate

This is the second of our 5 part series looking at parts of Boston, MA and showing that the general sentiment that the Boston housing market is red hot is not true and potentially a dangerous way to proceed in current real estate transactions.  Many places are still going up fast but many others have stagnated or are in decline.  It isn’t that Boston is not a strong market, but each market in each area in the city (and in the immediate suburbs) must be evaluated individually on its own individual merits.

Links to the rest of the articles added as soon as they are released: Part 1 – Boston, Part 3 – West Roxbury, Part 4 – North End (Condos) and Part 5 – The Fenway (Condos).

Market Trends in Boston’s Hyde Park – May 2014 and 2015:

The Hyde Park housing market appears to be down slightly since last year.  The average listing price was down as was the average sale price.  However, the days on market have gone down a fair amount year over year.  Inventory was down slightly going from 10 sales in May of 2014 to 8 in May 2015. 

Average Listing Prices:

First we are going to look at the average listing price.  For Boston’s Hyde Park the average listing price in May 2014 was $410,660.  This was down to $358,088 in May 2015.  That gives a pretty large 12.80% decrease year over year. 

Average Sale Prices:

Next we will be looking at is the average sale prices.  The average sale price for Hyde Park in May of 2014 was $395,600 and in May 2015 that was down to $370,188.  That gives a much smaller 6.42% decrease.  Notice that in 2015 houses were selling above the list price on average, which is interesting since prices were down.  This could be an attempt to get quick offers and bidding wars by agents capitalizing on low inventory and the perception of a hot market by slightly under pricing houses.

Average Days on Market:

The final metric we look at are the average days on market, which is the measure of how long it takes for a house to sell in the current market.  For Boston’s Hyde Park the average days on market in May of 2014 were 45.80 and the average days on market for May 2015 were 26.63, for a very significant 41.86% decrease. 

However, as we have seen many times before in our previous posts for AbingtonBedfordSeekonk, BelmontTopsfieldCanton,  Dracut (Condos)HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton, Reading, Stoughton, Wrentham, Stoneham, Dedham, Nashua, NH, Tewksbury, Brockton (Multifamily), Lowell (Multifamily), Acton, Foxboro, Pembroke, Chelmsford, BeverlyFramingham (Condos), Plymouth County (Condos), Marlborough, Billerica, Waltham, Dracut (Condos) #2, Derry, NH, Framingham, Burlington, Duxbury, Acton #2 , Taunton (Condos), Tyngsborough, Milton and Salem, NH outliers in the data can really skew these numbers.  This again is the case for Hyde Park for May.  In this case there was a very high days on market house in the 2014 data.

In 2014 there was a house with 127 days on market, which was almost as high as the next 2 combined and almost 28% of the total days on market for all 10 houses.  When removed the new calculation for the remaining 9 houses gives an average days on market of 36.78.  Using this adjusted number we see that the very large decrease in the days on market now becomes a much smaller, but still significant, 27.60% decrease.  This does not change the general observation that things are selling faster than last year, but it does temper the magnitude of it a bit. 

Hyde Park, Mass Summary:

The Hyde Park, Massachusetts real estate market looks a little inconsistent but overall is down a little since last year.  The very large drop in listing prices backs this up a lot.  The much smaller decrease in sale prices also support this but to a much lesser degree.  However, the fairly significant decrease in days on market is definitely a strong counter point to this, as is the fact that many listings were selling above asking price in 2015.  While being somewhat mixed, since sale prices are down a good amount that is going to always be the tie breaker for being the most important indicator so our conclusion is that the market is down.

In summary if you are looking to sell a house in Boston’s Hyde Park now you should expect to get less than you would have last year.  However you should also expect it to take a bit less time to sell compared to last year.

Join us tomorrow for Part 3 – West Roxbury of this series where we will look at another single family market in the city.  After that we will shift focus to looking at some Condo markets in Boston in Part 4 – North End (Condos) and Part 5 – The Fenway (Condos), since condos make up a majority of the homes in the city. 

 

Do you need to sell your Hyde Park neighborhood of Boston, Massachusetts house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

Please share your questions and comments below.

 

 

 

(Image credit: Hyde Park Library via SchwartzSilver)

 

 

 

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