Real Estate Trends – Boston’s Fenway (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 the Fenway neighborhood of Boston, MA in Suffolk County

Back last June Condos in the Fenway was one of the first reports we did for the city of Boston.

Market Trends in Boston’s Fenway – June 2015 and 2016:

The Boston, MA Fenway neighborhood condo market has fallen off a lot since last year.   The average prices are down and the median prices were down more.  The days on market were up a lot, though that might be overstated some.  Inventory was level with 13 sales in June of 2015 and also in June 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In the average listing price for a condo in The Fenway area of Boston, MA for June 2015 was $547,038.  This was down to $490,431 in June 2016.  This gives a fairly large decrease of 10.35% year over year. 

Looking at the median prices we see that they were higher in both years.  For June of 2015 the median listing price for condos in Boston’s Fenway was $575,000 and in June 2016 it was $505,000 which now gives a larger decrease of 12.17%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in the Fenway section of Boston, MA in June of 2015 was $567,462 and in June 2016 that was down to $504,162.  That gives another large decrease of 11.15%, slightly higher than we saw for the average list price. 

We see the same pattern that we did for the median list price.  For June of 2015 the median sales price for a condo in Boston, MA’s Fenway neighborhood was $588,000 and in June 2016 it was $513,000 giving another larger decrease of 12.76% and the largest of the four pricing metrics. 

Prices have gone down a fair bit for condos in Boston, MA’s Fenway area in June.  The overall range was not that large going from a little over 10% to not quite 13% down.  The average list price was the lowest but also is the least useful of the metrics.  Dismissing that one gives a tighter range that is more like 11-13%.  Medians are the preferred metric for real estate pricing analysis and in this case those are both at the top of this range with the most important of them, the median sale price, as the highest overall.  So overall it is safe to say prices are down at least double digits it is also likely they are down at the top of the range we saw with a decrease of a little under 13%. 

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 the Fenway section of Boston, MA the average days on market in June of 2015 were 16.15 and the average days on market for June 2016 were 39.62 for a huge increase of over 145%.

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, Boston’s Brighton (Condos), Winthrop (Condos), Littleton #2, Ipswich, Westport, Franklin (Condos) and Groveland outliers in the data can really skew these numbers.  This again is the case for condos in Boston’s Fenway neighborhood in June.  In this instance there was a very high days on market place in 2016.

In 2016 there was a property with 211 days on market; this was more than the next 5 properties combined and almost 41% of the total days on market for all 13 Properties.  When removed the new calculation for the remaining 12 properties gives an average days on market of 25.33. 

Using the adjusted numbers we now get a much smaller increase of 56.84%.  This does not change the basic conclusion that the days on market were up a lot.  However this increase went from a humongous one to a large but not outlandish amount.  Also to be fair while up quite a lot even this high number is generally considered to be a pretty good number but last year they were terrific.

Boston MA’s Fenway Summary:

The Boston, Massachusetts Fenway condo real estate market is down a since last year.  The average prices were down a bit while the median prices were down even more.  The days on market were also up a significant amount which further shows a weakness in the market from last year.

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

 

Do you need to sell your Fenway section of Boston, 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: Landmark Center by Grk1011 via Wikipedia)

 

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