Real Estate Trends – Arlington, 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 Arlington, MA in Middlesex County

 Arlington MA Seal - Arlington Massachusetts Real Estate

We did take a look at the Single Family market in Arlington awhile back but this is the first time we have looked into condos here.

Market Trends in Arlington, MA – September 2014 and 2015:

The Arlington, MA condo market has fallen off quite a bit since last year.   Both the average listing and sale prices were down a lot.  The median prices were down significant amounts as well.  The days on market do appear to be down slightly.  Inventory was down a bit going from 24 sales in September of 2014 down to 18 in September 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Arlington, MA condos the average listing price in September 2014 was $459,133.  This was down to $388,872 in September 2015.  This gives a very large decrease of 15.30% year over year. 

Taking a look at the median prices reveals that they are quite a bit different than the average especially in 2015.  For September of 2014 the median listing price for condos in Arlington, MA was $449,500 and in September 2015 it was $344,950 which now gives a significantly bigger 23.26% decline.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for a condo in Arlington, MA in September of 2014 was $473,742 and in September 2015 that was down to $397,839.  That gives another very large 16.02% decrease. 

We see a similar, but slightly different, pattern with the median sale prices as we did for the listing prices.  For September of 2014 the median sales price for Arlington, MA condos was $492,500 and in September 2015 it was $360,500 giving another extremely large 26.80% decrease.

No matter which way we look at it prices are down a lot for condos in Arlington, MA in September 2015.  The medians are down a lot more than the averages but every way we looked at it shows things are down 15% or more.  Medians are generally favored in this type of analysis and those are indicating things are down 20-25% or more. 

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 a condo in Arlington, MA the average days on market in September of 2014 were 23.25 and the average days on market for September 2015 were 20.67, for a fairly small 11.10% 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, Salem, NH, Boston’s Hyde Park, Boston’s West Roxbury , Somerville, Canton #3, Pelham, NH, Westford, Plymouth (Condos), Boston’s Jamaica Plain , Halifax,Braintree (Condos), Newton (Multifamily), Plainville ,Boxford, Wayland , West Bridgewater, East Bridgewater, Marlborough (Condos), Natick (Condos), Gloucester, (Condos), Melrose (Condos), Norton (Condos), Newburyport, Atkinson, NH, Fairhaven and Lexington outliers in the data can really skew these numbers.  This again is the case for Arlington, MA condos in September.  In this instance there was a very high days on market place in the both the 2014 and 2015 data.

In 2014 there was a property with 121 days on market; this was almost as much as the next 3 properties combined and was almost 22% of the total days on market for all 24 Properties.  When removed the new calculation for the remaining 23 properties gives an average days on market of 19.00. 

In 2015 there was a property with 118 days on market; this was more than the next 3 properties combined and was almost 32% of the total days on market for all 18 properties.  When removed the new calculation for the remaining 17 properties gives an average days on market of 14.94. 

Using the adjusted numbers we see a slightly larger 21.37% decrease.  This does not change the general thought of the days on market being down somewhat but now they appear to be down slightly more than before.  It is worth noting that the days on market both years are quite low using either the adjusted or unadjusted numbers so even with the price declines it is still a pretty robust market.

Arlington, Mass Summary:

The Arlington, Massachusetts real estate condo market is down since last year.  The average prices and the median prices were both down by very large amounts.  While the days on market were down a little as well it was not that much and they were quite low in both years so this is of little consequence for a seller. 

In summary if you are looking to sell a condo in Arlington, MA now you should expect to get a lot less for it than you would have gotten last year.  However, you could also expect it to take a little less time to sell compared to last year too. 

 

Do you need to sell your Arlington, 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: Arlington MA Seal via Wikipedia)

 

Speak Your Mind

*