Real Estate Trends – Quincy, 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 Quincy, MA in Norfolk County

 Quincy MA Seal - Quincy Massachusetts Real Estate

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

The Quincy, 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 are down slightly.  Inventory was down a little going from 33 sales in September of 2014 up to 29 in September 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Quincy, MA condos the average listing price in September 2014 was $338,158.  This was down to $276,210 in September 2015.  This gives a very large decrease of 18.32% year over year. 

Taking a look at the median prices reveal that they are quite a bit different than the averages, especially in 2015.  For September of 2014 the median listing price for condos in Quincy, MA was $329,000 and in September 2015 it was $249,000 which now gives a significantly bigger 24.32% decline.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for a condo in Quincy, MA in September of 2014 was $327,873 and in September 2015 that was down to $273,114.  That gives another very large 16.70% decrease. 

We see the same pattern with the median sale prices as we did for the listing prices for 2015 but in 2014 the median was actually higher.  For September of 2014 the median sales price for Quincy, MA condos was $331,000 and in September 2015 it was $245,000 giving another extremely large 25.98% decrease.

No matter which way we look at it prices are down a lot for condos in Quincy, 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 16% or more.  Medians are generally favored in this type of analysis and those are indicating things are down about 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 Quincy, MA the average days on market in September of 2014 were 64.58 and the average days on market for September 2015 were 57.62, for a fairly small 10.78% decrease. 

Quincy, Mass Summary:

The Quincy, 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, but not very much and they were on the high side in both years so this is of little consequence for a seller. 

In summary if you are looking to sell a condo in Quincy, 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 may take just a little less time to sell compared to last year too. 

 

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

 

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