Real Estate Trends – Boston’s Hyde Park #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 Hyde Park neighborhood of Boston, MA in Suffolk County

 

We actually profiled Hyde Park Last June, as the 2nd article ever on the Boston Market.

Market Trends in Boston’s Hyde Park – May 2015 and 2016:

The Hyde Park section of Boston, MA market has fallen off a bit since last year.   The average prices are down and the median prices were down quite a bit more.  The days on market were up as well.  Inventory was fairly stable with 8 sales in May of 2015 down to 7 in May 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Boston, MA’s Hyde Park section the average listing price in May 2015 was $358,088.  This was down to $359,257 in May 2016.  This is flat with a meaningless increase of 0.003% year over year.  As mentioned before we looked at Hyde Park last year at this time, so let’s take a look at the 3 year view of the market.  Way back in May of 2014 the average listing price was $410,660 which gives a 12.52% decrease since then.

Looking at the median prices we see that they were higher in 2016 and about the same in 2015.  For May of 2015 the median listing price for the Hyde Park neighborhood of Boston, MA was $404,450 and in May 2016 it was $359,000 which now gives large decrease of 11.24%.  Same as above let’s look at the May 2014 median price, which was $357,500 giving a meaningless 0.004% increase.  As you can see the median price actually was up in 2015 but fell back to the 2014 level again this year.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price in Boston, MA’s Hyde Park section in May of 2015 was $370,188 and in May 2016 that was down to $348,646.  That gives a modest decrease of 5.82%, but a meaningful drop after seeing a flat average list price.  Again going back two years we see the average sale price in 2014 was $395,600 giving a two year decline of 11.87%.

We see a slightly different pattern that we did for the median list price.  We once again see it was higher in 2016 but this time it was a bit lower in 2015.  For May of 2015 the median sales price for Boston, MA’s Hyde Park was $411,750 and in May 2016 it was $329,000 giving a very large decrease of 20.10%.  Similar to the median list price it was up a little in 2015 from 2014 but then back down, however this time it did not just flatten out again as the median price in May 2014 was $355,000 giving a two year change of decrease of 7.32%.

Prices are down definitely down for Boston, MA’s Hyde Park neighborhood in May.  The changes in the averages and medians and for the one year and two year changes were a bit all over the place.  Looking at just the one year change (as we concentrate on in all of these reports up to now) it is clear prices are down a lot.  The metrics were still a little inconsistent with the average list price being flat and then only a modest decrease with the average sale price, but then a pretty big decrease in the median list price and a very big 20% drop in the median sale price.  Medians are the preferred analysis method and sales matter more than listing prices the most weight is given to that 20% drop, however I do think it is fair to think that might be too high given the big swing in all the other numbers being smaller than this.  Best guess is that maybe the truth is more in the middle at something like 15% if you blend the data.  On a 2 year basis things aren’t really any clearer.  In this case with a bump in the median prices in 2015 those numbers are lower than the one year numbers, but with the average price dropping each year that is saying double digit drops.  Again the median sale price should get the most weight and that is about 7.5% down.  In this case I think that is the best guess using those larger average price drops and the flat median list price to cancel out any major adjustment to that number.

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 Hyde Park area of Boston, MA the average days on market in May of 2015 were 26.63 and the average days on market for May 2016 were 42.29 for a sizable 58.81% increase.  We can again look at the two year numbers and if we do that we see the days on market in May 2014 were 45.80 now giving a decrease of 7.66%.  Similar to some of the above pricing data we see a dip in 2015 and then back up in 2016 to the previous level.

Hyde Park, Massachusetts Summary:

The Hyde Park area of Boston, Massachusetts real estate market is down a bit since last year.  The average sale price was down while the median prices were down even more.  The days on market were also up.

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

 

Do you need to sell your Hyde Park, 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: First Congregational Church of Hyde Park Boston MA by Jameslwoodward via Wikipedia)

 

Real Estate Trends – Boston’s Hyde Park

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 Hyde Park area of Boston, MA in Suffolk County

 Hyde Park MA Library - Boston MA Real Estate

This is the second of our 5 part series looking at parts of Boston, MA and showing that the general sentiment that the Boston housing market is red hot is not true and potentially a dangerous way to proceed in current real estate transactions.  Many places are still going up fast but many others have stagnated or are in decline.  It isn’t that Boston is not a strong market, but each market in each area in the city (and in the immediate suburbs) must be evaluated individually on its own individual merits.

Links to the rest of the articles added as soon as they are released: Part 1 – Boston, Part 3 – West Roxbury, Part 4 – North End (Condos) and Part 5 – The Fenway (Condos).

Market Trends in Boston’s Hyde Park – May 2014 and 2015:

The Hyde Park housing market appears to be down slightly since last year.  The average listing price was down as was the average sale price.  However, the days on market have gone down a fair amount year over year.  Inventory was down slightly going from 10 sales in May of 2014 to 8 in May 2015. 

Average Listing Prices:

First we are going to look at the average listing price.  For Boston’s Hyde Park the average listing price in May 2014 was $410,660.  This was down to $358,088 in May 2015.  That gives a pretty large 12.80% decrease year over year. 

Average Sale Prices:

Next we will be looking at is the average sale prices.  The average sale price for Hyde Park in May of 2014 was $395,600 and in May 2015 that was down to $370,188.  That gives a much smaller 6.42% decrease.  Notice that in 2015 houses were selling above the list price on average, which is interesting since prices were down.  This could be an attempt to get quick offers and bidding wars by agents capitalizing on low inventory and the perception of a hot market by slightly under pricing houses.

Average Days on Market:

The final metric we look at are the average days on market, which is the measure of how long it takes for a house to sell in the current market.  For Boston’s Hyde Park the average days on market in May of 2014 were 45.80 and the average days on market for May 2015 were 26.63, for a very significant 41.86% 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 and Salem, NH outliers in the data can really skew these numbers.  This again is the case for Hyde Park for May.  In this case there was a very high days on market house in the 2014 data.

In 2014 there was a house with 127 days on market, which was almost as high as the next 2 combined and almost 28% of the total days on market for all 10 houses.  When removed the new calculation for the remaining 9 houses gives an average days on market of 36.78.  Using this adjusted number we see that the very large decrease in the days on market now becomes a much smaller, but still significant, 27.60% decrease.  This does not change the general observation that things are selling faster than last year, but it does temper the magnitude of it a bit. 

Hyde Park, Mass Summary:

The Hyde Park, Massachusetts real estate market looks a little inconsistent but overall is down a little since last year.  The very large drop in listing prices backs this up a lot.  The much smaller decrease in sale prices also support this but to a much lesser degree.  However, the fairly significant decrease in days on market is definitely a strong counter point to this, as is the fact that many listings were selling above asking price in 2015.  While being somewhat mixed, since sale prices are down a good amount that is going to always be the tie breaker for being the most important indicator so our conclusion is that the market is down.

In summary if you are looking to sell a house in Boston’s Hyde Park now you should expect to get less than you would have last year.  However you should also expect it to take a bit less time to sell compared to last year.

Join us tomorrow for Part 3 – West Roxbury of this series where we will look at another single family market in the city.  After that we will shift focus to looking at some Condo markets in Boston in Part 4 – North End (Condos) and Part 5 – The Fenway (Condos), since condos make up a majority of the homes in the city. 

 

Do you need to sell your Hyde Park neighborhood 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: Hyde Park Library via SchwartzSilver)