Real Estate Trends – Winthrop, 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 Winthrop, MA in Suffolk County

 Winthrop MA Seal - Winthrop Massachusetts Real Estate

This is the first time we have looked at condos here but did look at Winthrop, MA’s single family market back last spring.

Market Trends in Winthrop, MA – April 2015 and 2016:

The Winthrop, MA condo market has fallen off since last year.   The average prices were down a lot, as were the median prices as well.  The days on market look to be down a little bit.  Inventory was up slightly with 5 sales in April of 2015 and 7 in April 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  For the Winthrop, MA condo market the average listing price in April 2015 was $414,740.  This was down to $308,229 in April 2016.  This gives a decrease of 25.68% year over year. 

Looking at the median prices we see that they were higher in both years.  For April of 2015 the median listing price for Winthrop, MA condos was $449,000 and in April 2016 it was $310,000 which now gives an even larger decrease of 30.96%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Winthrop, MA in April of 2015 was $403,280 and in April 2016 that was down to $297,900.  That gives another large decrease of 26.13%, and pretty similar to the average list price. 

We see the same pattern that we did for the median list price with both being higher.  For April of 2015 the median sales price for Winthrop, MA condos was $429,000 and in April 2016 it was $310,000 now unlike the median listing prices giving a fairly big decrease of 27.74%. 

Prices are down significantly for condos in Winthrop, MA this month.  The overall range of the drop is not that large being roughly 25.5-31%.  However the median listing price is a bit off from the other ones being the high water mark of just under 31%.  The range for the other 3 metrics is a tighter being more like 25.5-28%.  While I think it is fair to just leave it at that, it is still worth noting that I would say it will probably be on the higher end of the range.  Since sales are obviously more informative than listing prices the 2 sale price metrics were higher.  Also the medians are the more standard way to evaluate pricing for real estate and the median sale price was the highest of these so the best overall guess is that prices are down just under 28%.

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 Winthrop, MA the average days on market in April of 2015 were 66.60 and the average days on market for April 2016 were 55.57 for a fairly small 16.56% 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, Foxboro #2, Boston’s Roslindale (Condos), Burlington #2, Salem NH #2, Boston’s South End (Condos) #2Somerset, Everett (Multifamily), Sharon, Dedham #4 and Boston’s Brighton (Condos) outliers in the data can really skew these numbers.  This again is the case for Winthrop, MA condos in April.  In this instance there was a very high days on market place in 2016.

In 2016 there was a property with 153 days on market; this was more than the next 3 properties combined and over 39% of the total days on market for all 7 Properties.  When removed the new calculation for the remaining 6 properties gives an average days on market of 39.33. 

Using the adjusted numbers we now get a much larger decrease of 40.94%.  This does not change the basic conclusion that the days on market were down.  However, initially the decrease looked to be pretty small but now it actually is fairly substantial.

Winthrop, Massachusetts Summary:

The Winthrop, Massachusetts real estate condo market is down a lot since last year.  The average prices were down and the median prices were down even more.  The days on market were down quite a bit though.  That is a nice piece of information to sellers but does not negate price drops over 25%.

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

 

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

 

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