Real Estate Trends – Boston’s Jamaica Plain #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 market in the Jamaica Plain neighborhood of Boston, MA in Suffolk County

 Skating on Jamaica Pond by Winslow Homer - Boston Massachusetts's Jamaica Plain Real Estate

We looked at Jamaica Plain last July as one of our early reports for the city of Boston so it is about time to visit that market again.

Market Trends in Boston’s Jamaica Plain – July 2015 and 2016:

The Boston, MA’s Jamaica Plain neighborhood market has fallen off a bit since last year.   The average prices are down a lot and the median prices were down as well.  The days on market were also up a bit as well.  Inventory was up a bit with 9 sales in July of 2015 and up to 13 in July 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In the average listing price for the Jamaica Plain area of Boston, MA for July 2015 was $908,889.  This was down to $753,617 in July 2016.  This gives a very large decrease of 17.08% year over year. 

Looking at the median prices we see that it was lower in 2015 but higher in 2016.  For July of 2015 the median listing price for Boston’s Jamaica Plain was $899,000 and in July 2016 it was $799,000 which now gives a still quite significant but smaller decrease of 11.12%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price in the Jamaica Plain section of Boston, MA in July of 2015 was $919,222 and in July 2016 that was down to $757,769.  That gives a decrease of 17.56%, and a little bit higher than we saw for the average list price. 

We see the same pattern that we did for the median list price.  For July of 2015 the median sales price for Boston, MA’s Jamaica Plain neighborhood was $910,000 and in July 2016 it was $800,000 giving another larger decrease of 12.09%.  Once again less than the average, though higher than the median listing price. 

Prices have gone down a fair bit for Boston, MA’s Jamaica Plain area this month.  The overall range was not that big going from about 11-17.5%.  Since the medians are usually the favored method for real estate pricing analyses prices are going to be down on the lower end of the range since it was the average prices that were done over 17%.  Since sales are far more important to look at then just listing prices we see that the median sale price is slightly higher so best guess is that prices are down at least the 12% or so indicated by that metric.

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 the Jamaica Plain section of Boston, MA the average days on market in July of 2015 were 24.44 and the average days on market for July 2016 were 55.38 for a massive increase of over 126%!

Boston MA’s Jamaica Plain Summary:

The Boston, Massachusetts Jamaica Plain real estate market is down a bit since last year.  The average prices were down a lot while the median prices were down substantially as well.  The days on market were up a huge amount to further support the conclusion of a decline in the market this month.

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

 

Do you need to sell your Jamaica Plain section of Boston, Massachusetts house 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: Skating on Jamaica Pond by Winslow Homer via Wikipedia)

 

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