Real Estate Trends – Boston’s Roslindale (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 the Roslindale Section of Boston, MA in Suffolk County

Roslindale MA Welcome Sign - Boston Massachusetts's Roslindale Real Estate  

Market Trends in Boston’s Roslindale – February 2015 and 2016:

The Condo market in Boston, MA’s Roslindale neighborhood has fallen off since last year.   The average prices were down and the median prices were down by even more.  However the days on market do appear to be down at first glance though, however that might not really be accurate.  Inventory was up substantially with 5 sales in February of 2015 and up to 12 in February 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  For condos in the Roslindale section of Boston, MA the average listing price in February 2015 was $401,300.  This was down to $368,113 in February 2016.  This gives a good sized decrease of 8.27% year over year. 

Looking at the median prices we see that it was higher in 2015 and lower in 2016.  For February of 2015 the median listing price for condos in Roslindale, MA was $409,000 and in February 2016 it was $352,000 which now gives a much larger decrease of 13.94%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Boston, MA’s Roslindale section in February of 2015 was $390,300 and in February 2016 that was down to $366,750.  That gives a bit smaller decrease of 6.03% compared to the average list price. 

We see basically the same pattern as we did with the listing prices for the median sale prices.  For February of 2015 the median sales price for Roslindale, MA condos was $395,000 and in February 2016 it was $346,000 giving another much larger decrease of 12.41%. 

All four of our pricing metrics shows that prices are down for condos in the Roslindale neighborhood of Boston, MA this month.  However, there is a good size gap between the averages and the medians.  The average prices are clearly down but only in the mid to high single digit range while the medians are well over 10% down.  Given that medians are the much more common and preferred method of evaluating real estate pricing we would give much more weight to those numbers.  Therefore prices are more likely down in the 12-14% range indicated there, though since the median sale price was closer to the bottom of the rage that is probably the best overall guess.

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 Boston, MA’s Roslindale section the average days on market in February of 2015 were 93.00 and the average days on market for February 2016 were 72.25 for a pretty nice 22.31% 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, Lexington, Arlington (Condos), Salisbury, Weston, Groton, Wellesley, Littleton, Lowell (Condos) #2, East Boston (Condos), Dedham #3, Hanover, Canton (Condos), Belmont #2, Seabrook, NH, Hingham (Condos), Lakeville, Raynham, Holliston, Londonderry, NH, Georgetown, South Boston (Condos), Needham #2, Arlington #2 and Foxboro #2 outliers in the data can really skew these numbers.  This again is the case for Roslindale, MA condos in February.  In this instance there was a very high days on market place in 2015.

In 2015 there was a property with 203 days on market; this was more than the next 2 properties combined and almost 44% of the total days on market for all 5 Properties.  When removed the new calculation for the remaining 4 properties gives an average days on market of 65.50. 

Using the adjusted numbers we now get an increase of 10.31%.  This does change the general conclusion of the days on market being down.  Now instead of a modest drop the days on market now appear to be up by a small amount. 

Roslindale, Massachusetts Summary:

The Roslindale, Massachusetts real estate condo market is down a good amount since last year.  The average prices were down somwhat with the median prices being down by an even more substantial amount.  The days on market were up a moderate amount, which only further supports a drop in the market. 

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

 

Do you need to sell your Roslindale, 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: Roslindale Welcome Sign via Roslindale Village)

 

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