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)

 

Real Estate Trends – Boston’s Jamaica Plain

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 Jamaica Plain area of Boston, MA in Suffolk County

 Jamaica Plain Monument - Boston's Jamaica Plain Real Estate

Last month we did 5 posts (part 1, part 2, part 3, part 4 and part 5) and a Video showing that Boston, MA isn’t as universally hot as some would say.  This month we see the same trend looking at Jamaica Plain.

Market Trends in Jamaica Plain, MA – June 2014 and 2015:

The housing market in Boston’s Jamaica Plain neighborhood appears to be down since last year.  Both the average listing and average sales prices were down significantly though the median prices were not as dramatic.  The days on market were pretty stable.  Inventory was up a little with 12 sales in June 2014 and 15 in June 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Boston’s Jamaica Plain the average listing price in June 2014 was $823,150.  This was down to $687,780 in June 2015.  That gives a very large 16.45% decrease year over year. 

This was an instance where it was obvious with a quick glance that the change based on the medians would be totally different.  In this case the median list price for Jamaica Plain in June 2014 was $762,000 and in June 2015 it was $739,900 for a much smaller 2.90% decrease. 

Clearly this is a pretty big difference with the averages being a very large drop, while the median’s say it is only a minor tick down.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Boston’s Jamaica Plain in June of 2014 was $851,500 and in June 2015 that was down to $704,607.  That gives an even larger decrease of 17.25%. 

Not surprisingly there is also a discrepancy in the median sale prices, though the story isn’t the same as with list prices.  If we look at the median sale price for Boston’s Jamaica Plain for June 2014 it is $832,500 and for June 2015 it was $740,000 to give an 11.11% decrease, which is a bit less than for the averages.  However unlike with the listing prices where the medians said the change was small this is still a very significant decline.

The prices for the Jamaica Plain, MA real estate market was down significantly since last year.  With the exception of the median list everything else was down by large amounts.  Since sales prices are far more important to look at, given that both methods showed sales prices down a lot it is safe to say things are down.

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 house to sell in the current market.  For Boston’s Jamaica Plain the average days on market in June of 2014 were 26.75 and the average days on market for June 2015 were 20.87, for a seemingly large 21.98% decrease.  Though since both numbers are so small the percentage is a little misleading as both years are very low.

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  and Plymouth (Condos) outliers in the data can really skew these numbers.  This again is the case for Boston’s Jamaica Plain in June.  In this case there was a very high days on market place in both 2014 and 2015.

In 2014 there was a house with 164 days on market; this was higher than all the other 11 houses combined with over 51% of the total days on market for all 12 houses.  When removed the new calculation for the remaining 11 houses gives an average days on market of 14.27. 

In 2015 there was a house with 103 days on market; this was higher than the next 4 highest houses combined with almost 33% of the total days on market for all 15 houses.  When removed the new calculation for the remaining 14 houses gives an average days on market of 15.00. 

Using the adjusted numbers we see that there is a totally insignificant 5.12% increase, especially since the increase in absolute terms is less than 1 day.  The conclusion here is that days on market are pretty stable and very low.

Jamaica Plain, Mass Summary:

The Jamaica Plain, Massachusetts real estate market looks like is has declined a significant amount since last year.  The substantial drops in both the average listing prices and sale prices, as well as the median sales price, show this very clearly.  Interestingly the days on market are very stable and very low.

In summary if you are looking to sell a house in Boston’s Jamaica Plain neighborhood now you should expect to get a bit less than you would have expected to get last year.  However if priced correctly you should expect to sell it just as fast, which is very fast, as you would have last year.  

 

Do you need to sell your Jamaica Plain, 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: Jamaica Plain Monument 2007 by MarkinBoston via Wikipedia)