Real Estate Trends – Boston’s West Roxbury (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 looking at the Condo market in the West Roxbury neighborhood of Boston, MA in Suffolk County

 Welcome to West Roxbury Sign - Boston's West Roxbury Massachusetts Real Estate

We have previously looked at the single family market in West Roxbury back in June.  Boston overall is dominated by condos with just a few areas that have significant numbers of single family homes.  West Roxbury is one of the few places that has a pretty good mix of both.

Market Trends in West Roxbury, MA – September 2014 and 2015:

The West Roxbury, MA condo market has fallen off some since last year.   The average listing and sale prices were actually pretty flat; however the median prices were down significant amounts.  The days on market were pretty flat but were down ever so slightly.  Inventory was up a little going from 6 sales in September of 2014 up to 8 in September 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For a condo in Boston’s West Roxbury neighborhood the average listing price in September 2014 was $291,167.  This was up a little to $299,988 in September 2015.  This gives a very slight increase of 3.03% year over year. 

However, taking a quick look at the median prices reveals that they are quite a bit different than the averages.  For September of 2014 the median listing price for condos in West Roxbury, MA was $314,500 and in September 2015 it was $223,500 which now gives an extremely large 28.93% decline.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for a condo in Boston’s West Roxbury area in September of 2014 was $285,000 and in September 2015 that was up a little again to $289,625.  That gives another almost negligible 1.62% increase. 

We see the same pattern with the median sale prices as we did for the listing prices, though not quite as dramatic as with the listing prices.  For September of 2014 the median sales price for West Roxbury, MA condos was $297,500 and in September 2015 it was $219,500 giving another extremely large 26.22% decrease.

It is interesting to see such different conclusions for pricing for condos in Boston, MA’s West Roxbury neighborhood depending if you look at the averages or the medians.  This is a good example of why medians are generally favored in these analyses.  In this case there were a couple of very high sales in 2015 that were out of line with all the other sales from either year and pulled the average that year way up.  Looking at the rest of the sales 5 of the others were the same or less than any sale in 2014 but that spread is much tighter.  While it might be too much to totally dismiss the averages it is probably reasonable to say that prices are down, and by a sizable amount.  They might not be down 25%+ that the medians say, but they are certainly down and by a good amount.

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 property to sell in the current market.  For a condo in West Roxbury, MA the average days on market in September of 2014 were 52.67 and the average days on market for September 2015 were 50.63, for an insignificantly small 3.87% decrease. 

West Roxbury, Mass Summary:

The West Roxbury, Massachusetts real estate condo market looks to be down since last year.  The average prices were pretty flat with very small increases; however the median prices were both down by very large amounts.  This huge drop in the median prices more than negates any tiny increase in the less favored average prices.  While the days on market were down a little as well, they were not by 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 Boston’s West Roxbury area right 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 West Roxbury, 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: Welcome to West Roxbury via @breakingWRnews ‘s Twitter page)

 

 

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