Real Estate Trends – Chelsea, Massachusetts (Condos) #2

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 Chelsea, MA in Suffolk County

 Chelsea MA City Seal - Chelsea Massachusetts Real Estate

This is the 2nd time we have looked at the Condo market in Chelsea, MA, but it has been a while with the first time back in October of 2014

Market Trends in Chelsea, MA – November 2014 and 2015:

The Chelsea, MA condo market has fallen off since last year.   The average prices were both down significantly while the median prices were down a lot as well.  The days on market did decrease though.  Inventory was up a little bit going from 6 sales in November of 2014 to 8 in November 2015. 

Average Listing Prices:

We will first start off by looking at the average listing price.  For condos in Chelsea, MA the average listing price in November 2014 was $283,650.  This was down to $221,688 in November 2015.  This gives a very large decrease of 21.84% year over year. 

Looking at the median prices we see that it was a bit lower than the average in 2015.  For November of 2014 the median listing price for Chelsea, MA condos was $284,000 and in November 2015 it was $209,950 which now gives an even bigger decrease of 26.07%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Chelsea, MA in November of 2014 was $264,833 and in November 2015 that was down to $216,825.  That gives another very large 18.13% decrease. 

We see a similar pattern with the median sale prices as we did for the listing prices for both years.  For November of 2014 the median sales price for Chelsea, MA condos was $267,500 and in November 2015 it was $208,000 giving slightly smaller decrease of 22.24%. 

The prices are down a lot for condos in Chelsea, MA in November compared to last year.  Looking at this data the range is fairly tight going from 18-26% and there is no real pattern between the averages and the medians.  Since 3 of the 4 metrics were over 20% including the median sale price which will usually be considered the most important of the 4 we will conclude prices are down at least 20% for Chelsea, MA condos this month. 

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 condos in Chelsea, MA the average days on market in November of 2014 were 82.17 and the average days on market for November 2015 were 51.75 for a pretty good 37.02% decrease. 

Chelsea, Mass Summary:

The Chelsea, Massachusetts condo real estate market is down a bit since last year.  The average prices were down a lot and median prices were down substantially as well.  However the days on market were down some as a small counter argument to a weaker market, but prices definitely greatly outweighs this, especially when the price drops are 20%. 

In summary if you are looking to sell a condo in Chelsea, MA now you should expect to get a lot less for it than you would have gotten last year.  Though you can also expect it to take a bit less time to sell compared to last year as well. 

 

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

 

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