Real Estate Trends – Revere, 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 taking a look at the Condo market in Revere, MA in Suffolk County

 Revere Beach in 2006 - Revere Massachusetts Real Estate

Market Trends in Revere, MA – January 2015 and 2016:

The Revere, MA condo market has fallen off since last year.   The average prices were down as were the median prices as well.  The days on market were also up by some too.  Inventory was pretty stable going from 9 sales in January of 2015 up to 10 in January 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  For condos in Revere, MA the average listing price in January 2015 was $305,711.  This was down to $272,740 in January 2016.  This gives a pretty big 10.79% decrease over last year. 

Looking at the median prices we see that they were lower than the averages in both years.  For January of 2015 the median listing price for Revere, MA condos was $284,900 and in January 2016 it was $259,450 which now gives a slightly smaller decrease of 8.93%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Revere, MA in January of 2015 was $297,611 and in January 2016 that was down to $264,480.  That gives another substantial 11.13% decrease.

We see a fairly similar pattern with the median sale prices as we did for the listing prices.  For January of 2015 the median sales price for Revere, MA condos were $275,000 and in January 2016 it was $247,000 giving another larger decrease of 10.18%. 

The condo market in Revere, MA in definitely down compared to last year.  All the metrics were down in a fairly tight range so we would say prices are down around 9-11%.  Since sales are more important than just the listing prices and since the median sales price is usually seen as the most important, the best guess is that prices are down on the upper part of that range and are down a little over 10%.

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 Revere, MA the average days on market in January of 2015 were 70.33 and the average days on market for January 2016 were 91.00 for a decent 29.40% increase. 

Revere, Mass Summary:

The Revere, Massachusetts condo real estate market is down since last year.  Both the average prices and the median prices were down a bit.  The days on market are up a fair amount as well.

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

 

Do you need to sell your Revere, 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: Revere Beach 2006 via Wikipedia)

 

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