Real Estate Trends – Boston’s Brighton (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 Brighton section of Boston, MA in Suffolk County

 Chestnut Hill Reservoir in Brighton MA - Brighton Massachusetts Real Estate

Market Trends in Boston’s Brighton – April 2015 and 2016:

The Brighton, MA condo market has fallen off since last year.   The average prices were down and the median prices were down even more.  The days on market appear to be down a bit at first glance, however that might be overstated though.  Inventory was stable with 13 sales in both April of 2015 and in April 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  For the Brighton, MA condo market the average listing price in April 2015 was $519,792.  This was down to $496,538 in April 2016.  This gives a decrease of 4.47% year over year. 

Looking at the median prices we see that they were a lot lower in both years.  For April of 2015 the median listing price for Boston, MA’s Brighton area was $360,000 and in April 2016 it was $389,000 which now gives an increase of 8.06%. 

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 Brighton neighborhood in April of 2015 was $536,231 and in April 2016 that was down to $507,508.  That gives another modest decrease of 5.36%, and a little higher compared to the average list price. 

We see the same pattern that we did for the median list price with both being much lower.  For April of 2015 the median sales price for Brighton, MA condos was $410,000 and in April 2016 it was $380,000 now unlike the median listing prices giving a fairly big decrease of 7.32%. 

Prices are down significantly for condos in Boston, MA’s Brighton section this month.  The median list price is a clear outlier with a fairly big increase while every other number is clearly down.  Since listing prices are far less important we will pretty much disregard that one point.  Looking at the 2 sales prices metrics we see drops of just over 5% to just over 7%.  That is a fairly small range but it is likely to be down more on the high end since the median sale price is the most favored metric in real estate analysis.

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 Brighton, MA the average days on market in April of 2015 were 40.23 and the average days on market for April 2016 were 20.69 for a very substantial 48.57% 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 and Dedham #4 outliers in the data can really skew these numbers.  This again is the case for Brighton, MA condos in April.  In this instance there was a very high days on market place in 2015.

In 2015 there was a property with 335 days on market; this was a lot more than the other 12 properties combined and over 64% 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 15.67. 

Using the adjusted numbers we now get an increase of 32.04%.  This drastically changes the conclusion of the days on market being up by a pretty large amount.  The adjusted numbers now show they are actually down by a pretty big amount.  It is worth noting that once the outlier was eliminated the days on market were pretty low both years and therefore relatively small changes of just a few days will look fairly large on a percentage basis.  So while they are up by a meaningful amount they are pretty low for both years and the greater than 30% increase amounts to less than 5 full days.

Brighton, Massachusetts Summary:

The Boston, Massachusetts’s Brighton real estate condo market is down since last year.  The average prices were down and the median sales price was down the most.  The days on market were up a bit as well. 

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

 

Do you need to sell your Brighton, Massachusetts condo fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

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(Image credit: Chestnut Hill Reservoir with Boston College via Wikipedia)