Real Estate Trends – Braintree, Massachusetts (Condos)

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 Condo market in Braintree, MA in Norfolk County

 South Shore Plaza - Braintree MA Real Estate

Market Trends in Braintree, MA – June 2014 and 2015:

The Condo market in Braintree, MA appears to be down quite a bit since last year.  Both the average listing and average sales prices were down significantly.  The days on market appear to be up a little bit, but we will see that might not be the case.  Inventory was cut in half with 26 sales in June 2014 and 13 in June 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Condos in Braintree, MA the average listing price in June 2014 was $360,106.  This was down to $311,473 in June 2015.  That gives a huge 13.51% decrease year over year. 

We will also take a look at the medians.  The median list price for Braintree, MA Condos in June 2014 was $371,995 and in June 2015 it was $279,900 for a much larger 24.76% decrease. 

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Braintree, MA Condos in June of 2014 was $368,036 and in June 2015 that was down to $310,100.  That gives a larger decrease of 15.74%. 

Obviously we will want to also examine the median sale prices as well given what we saw with the listing price.  If we look at the median sale price for Condos in Braintree, MA for June 2014 was $398,448 and in June 2015 it was $279,900 to give a 29.75% decrease, which is a lot more than for the average and bigger than the drops in the listing price as well. 

The prices for the Braintree, MA Condo market were down significantly since last year no matter how you look at it.

Average Days on Market:

Finally the last 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 Condos in Braintree, MA the average days on market in June of 2014 were 60.08 and the average days on market for June 2015 were 76.15, for a large 26.75% increase. 

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, Salem, NH, Boston’s Hyde Park, Boston’s West Roxbury , Somerville, Canton #3, Pelham, NH, Westford, Plymouth (Condos), Boston’s Jamaica Plain and Halifax outliers in the data can really skew these numbers.  This again is the case for Braintree, MA Condos in June.  In this case there was a very high days on market place in 2015.

In 2015 there was a house with 325 days on market; this was almost as high as the next 2 houses combined with almost 33% of the total days on market for all 13 Condos.  When removed the new calculation for the remaining 12 Condos give an average days on market of 55.42. 

Using the adjusted numbers we see that there is a pretty trivial 7.76% decrease.  So the general conclusion changed from thinking things were up a little bit to saying they are pretty flat or going down a tiny bit.

Braintree, Mass Summary:

The Braintree, Massachusetts Condo real estate market looks like is has declined a significant amount since last year.  The substantial drops in both the listing and sale prices show this very clearly.  With such large price drops it is surprising that the days on market are actually down a tiny bit.

In summary if you are looking to sell a Condo in Braintree, MA now you should expect to get significantly less than you would have expected to get last year.  However if priced correctly you should expect to sell it about as fast as, or possibly a tiny bit fast, as it would have last year.  

 

Do you need to sell your Braintree, Massachusetts Condo 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: South Shore Plaza via Simon’s Malls – South Shore Plaza)

 

 

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