Real Estate Trends – Everett, Massachusetts (Multifamily)

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 Multifamily market in Everett, MA in Middlesex County

 Everett MA Flag - Everett Massachusetts Real Estate

Market Trends in Everett, MA – March 2015 and 2016:

The Everett, MA multifamily market has fallen off some since last year.   The average prices were down a bit and the median prices were also down.  The days on market look to be up significantly, though there is more analysis needed on those.  Inventory was fairly stable with 8 sales in March of 2015 and 7 in March 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  For Multifamilies in Everett, MA the average listing price in March 2015 was $503,328.  This was down to $466,971 in March 2016.  This gives a decrease of 7.22% year over year. 

Looking at the median prices we see that it was higher in 2016 and lower in 2015.  For March of 2015 the median listing price for a multifamily in Everett, MA was $493,950 and in March 2016 it was $469,000 which now gives a slightly smaller decrease of 5.05%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Everett, MA multifamilies in March of 2015 was $505,850 and in March 2016 that was down to $466,143.  That gives a tiny bit higher decrease of 7.85% compared to the average list price. 

We see the same pattern that we did with the listing prices, though for 2015 they are almost the same.  For March of 2015 the median sales price for a multifamily in Everett, MA was $505,000 and in March 2016 it was $483,000 giving another smaller decrease of 4.36%. 

Prices are down for the multifamily market in Everett, MA this month.  The drop is noticeable but as big as we have seen in many of our other recent reports with the overall range being less than 4-8%.  Since median prices are generally the preferred way to look at real estate pricing so they are probably down in the 4-5% range those show, and probably closer to the bottom of that range as the median sales price was the lowest drop of everything.

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 a multifamily in Everett, MA the average days on market in March of 2015 were 67.63 and the average days on market for March 2016 were 190.57 for a huge 181.8% increase. 

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 #2Boston’s South End (Condos) #2 and Somerset outliers in the data can really skew these numbers.  This again is the case for Everett, MA multifamily properties in March.  In this instance there was a very high days on market places in both years.

In 2015 there was a property with 246 days on market; this was almost as much as the next 5 properties combined and almost 45.5% of the total days on market for all 8 Properties.  When removed the new calculation for the remaining 7 properties gives an average days on market of 42.14. 

In 2016 there was a property with 810 days on market; this was more than the other 6 properties combined and almost 61% of the total days on market for all 7 Properties.  When removed the new calculation for the remaining 6 properties gives an average days on market of 87.33. 

Using the adjusted numbers we now get an increase of 107.2%.  This does not change the general conclusion of the days on market being significantly increased.  Now the size of the increase is a little smaller while still being very, very large. 

Everett, Massachusetts Summary:

The Everett, Massachusetts multifamily real estate market is down since last year.  The average prices were down as were the median prices as well.  The days on market were up a tremendous amount which definitely boosts the conclusion of a weaker market. 

In summary if you are looking to sell a multifamily house in Everett, MA now you should expect to get less for it than you would have gotten last year.  You can also expect it to take a much longer time to sell compared to last year as well. 

 

Do you need to sell your Everett, Massachusetts multifamilyhouse 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: Everett MA Flag via Wikipedia)

 

Real Estate Trends – Fall River, Massachusetts (Multifamily)

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 Multifamily market in Fall River, MA in Bristol County

 Kennedy Park in Fall River MA - Fall River Massachusetts Real Estate

Market Trends in Fall River, MA – November 2014 and 2015:

The Fall River, MA multifamily market has fallen off significantly since last year.   Both the average listing and sale prices were down a lot while the median prices were down significantly as well.  The days on market were also up by a large amount.  Inventory was up some with 10 sales in November of 2014 and 13 in November 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For multifamily properties in Fall River, MA the average listing price in November 2014 was $190,070.  This was down to $168,638 in November 2015.  This gives a sizeable decrease of 11.28% year over year. 

Looking at the median prices we see that they are higher than the averages one year and less in the other.  For November of 2014 the median listing price for a multifamily in Fall River, MA was $197,450 and in November 2015 it was $159,900 which now gives a much larger decrease of 19.02%.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Fall River, MA multifamily properties in November of 2014 was $177,000 and in November 2015 that was down to $154,001.  That gives another very large 12.99% decrease.

We see a similar pattern with the median sale prices as we did for the listing prices.  For November of 2014 the median sales price for a multifamily in Fall River, MA was $180,000 and in November 2015 it was $139,000 giving by far the largest decrease of any of the metrics with a drop of 22.78%.

All the metrics are showing that prices are down double digits for the Fall River, MA multifamily properties market in November.  However, the median prices suggest things are down much more than the average prices indicate.  Since Medians are the preferred analysis method we would conclude that prices are down much more like the ~20% seen with the median prices rather than 11-13% you see with the averages.

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 Fall River, MA multifamily properties the average days on market in November of 2014 were 90.10 and the average days on market for November 2015 were 130.31 for a large 44.63% increase. 

Fall River, Mass Summary:

The Fall River, Massachusetts real estate multifamily market is down a huge amount since last year.  The average prices are down quite a bit and the median prices even more.  The days on market were also up a large amount indicating a much slower market as well. 

In summary if you are looking to sell a multifamily property in Fall River, MA now you should expect to get a lot less for it than you would have gotten last year.  You should also expect it to take a significantly longer time to sell compared to last year too. 

 

Do you need to sell your Fall River, Massachusetts multifamily property 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: Kennedy_Park_Fall_River by Marcbela via Wikipedia)

 

Real Estate Trends – Cambridge, Massachusetts (Multifamily)

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 Multifamily market in Cambridge, MA in Middlesex County

 Seal of Cambridge MA - Cambridge Massachusetts Real Estate

We took a look at the Single Family House Market in Cambridge last month and are following up with a look at the multifamily market.  The single families were down a ton, read on to see how the multifamiles compare.

Market Trends in Cambridge, MA – October 2014 and 2015:

The Cambridge, MA multifamily market has fallen off some since last year.   Both the average listing and sale prices were down a lot.  The median prices were down significantly as well.  The days on market were also up by a very big amount.  Inventory was fairly stable but up slightly with 6 sales in October of 2014 and 7 in October 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For multifamily properties in Cambridge, MA the average listing price in October 2014 was $1,309,150.  This was down to $1,227,000 in October 2015.  This gives a noticeable decrease of 6.28% year over year. 

 Looking at the median prices we see that they are higher than the averages both years and especially in 2014.  For October of 2014 the median listing price for a multifamily in Cambridge, MA was $1,395,000 and in October 2015 it was $1,250,000 which now gives a much larger decrease of 10.39%.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Cambridge, MA multifamily properties in October of 2014 was $1,443,500 and in October 2015 that was down to $1,244,286.  That gives another very large 13.80% decrease, which is much bigger than what we saw for the listing prices.

We see a very different pattern with the median sale prices as we did for the listing prices, where in this case it was just slightly higher in 2014 but quite a bit lower in 2015.  For October of 2014 the median sales price for a multifamily in Cambridge, MA was $1,448,000 and in October 2015 it was $1,190,000 giving by far the largest decrease of any of the metrics with a drop of 17.82%.

All the metrics are showing that prices are down for the Cambridge, MA multifamily property market in October, but to what degree is varying a lot.  The progression with each item we looked at went from a noticeable, but not huge, 7% decrease with average list price all the way up to an almost 18% drop looking at the median sale price.  The reason we see the bigger drops in sale prices is if you look the market was still very overheated in October 2014 so not only were prices up but things were also selling very fast (as we will talk more about below) and for above listing price.  Most of the 2014 sales were over list price, and most by a large amount, and in 2015 you see the more normal situation of sales being at least a little less than listings.  Since sales are more important than listings and medians are favored over averages, prices are probably down in the 13-18% range indicated by the sales prices and probably towards the high end of the range as seen with the median sale prices.

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 Cambridge, MA multifamily properties the average days on market in October of 2014 were 30.00 and the average days on market for October 2015 were 63.43 for a massive 111.4% increase. 

Sometimes the percentages can be a little deceptive but in this case it went from a very healthy 30 days on market to fairly undesirable level of over 60.  Also looking in absolute terms and how we think about the selling process it will take almost a full 5 weeks longer to sell this year compared to last year, not at all a trivial difference.

Cambridge, Mass Summary:

The Cambridge, Massachusetts real estate multifamily market is down a huge amount since last year.  The average prices are down quite a bit and the median prices median prices even more.  The days on market were also up a huge amount indicating a much slower market as well. 

In summary if you are looking to sell a multifamily property in Cambridge, MA now you should expect to get a lot less for it than you would have gotten last year.  You should also expect it to take a significantly longer time to sell compared to last year too. 

 

Do you need to sell your Cambridge, Massachusetts multifamily property 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: Seal of Cambridge MA via Wikipedia)

 

Real Estate Trends – Malden, Massachusetts (Multifamily)

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 Multifamily market in Malden, MA in Middlesex County

 Malden MA town Seal - Malden Massachusetts Real Estate

Market Trends in Malden, MA – October 2014 and 2015:

The Malden, MA multifamily market has fallen off a little bit since last year.   The average listing price was actually up very slightly, however the average sale price was down a little.  The median prices were both down as well.  The days on market are up a little bit as well.  Inventory was up some with 11 sales in October of 2014 and 16 in October 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For multifamily properties in Malden, MA the average listing price in October 2014 was $462,118.  This was up a tiny bit to $465,075 in October 2015.  This gives a meaningless increase of 0.64% year over year.  It is fair to say that the average list price was flat year over year.

 Looking at the median prices we see that it was lower than the average in 2015 but a lot higher in 2014.  For October of 2014 the median listing price for a multifamily in Malden, MA was $479,900 and in October 2015 it was $459,500 which now gives a noticeable decrease of 4.25%.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Malden, MA multifamily properties in October of 2014 was $479,435 and in October 2015 that was down to $455,994.  That gives another pretty good 4.89% decrease. 

We see a different pattern with the median sale prices compared to what we did for the listing prices; in this case they were down in both years.  For October of 2014 the median sales price for a multifamily in Malden, MA was $470,000 and in October 2015 it was $454,500 giving a smaller decrease of 3.30%.

Prices do look to be down for the Malden, MA multifamily properties market in October.  While the drops seen in 3 of the metrics were noticeable they were not huge.  I would say that the market is down a good 3-5%, though probably closer to that lower part of the range.

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 Malden, MA multifamily market the average days on market in October of 2014 were 51.36 and the average days on market for October 2015 were 68.88 for a decent 34.11% increase. 

Malden, Mass Summary:

The Malden, Massachusetts real estate multifamily market is down a little bit since last year.  The average sale price was down as well as both median prices.  The days on market were up some, further supporting a decline in the market. 

In summary if you are looking to sell a multifamily property in Malden, MA now you should expect to get less for it than you would have gotten last year.  You should also probably expect it to take a little bit more time to sell compared to last year too. 

 

Do you need to sell your Malden, Massachusetts multifamily property 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: Malden MA Seal via Wikipedia)

 

Real Estate Trends – Boston’s East Boston (Multifamily)

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 Multifamily market in the East Boston section of Boston, MA in Suffolk County

 Boston's Logan Airport - East Boston Real Estate

We continue our recent focus on areas in the city of Boston, MA showing that a lot of the general hype of the hot market is not as true now as it was in the recent past.  While Boston and the surrounding areas are still great real estate markets, you cannot take for granted that prices are constantly rising.  This article follows our 5 part series on various Boston submarkets in June, our video discussion of the market then and our article on Jamaica Plain in July and Dorchester’s multifamily market last month.

Market Trends in Boston’s East Boston – August 2014 and 2015:

The East Boston, MA multifamily market appears to have gone down a bit since last year.   The average listing and sale prices were down as were the median prices.  Though the days on market were down a good amount.  Inventory was down some with 8 sales in August of 2014 and 6 in August 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For a multifamily in Boston’s East Boston neighborhood the average listing price in August 2014 was $541,350.  This was down a little to $513,783 in August 2015.  This gives a small decrease of 5.09% year over year. 

However looking at the median prices we see they are both lower than the averages, especially in 2015.  For August of 2014 the median listing price for a multifamily in East Boston, MA was $526,950 and in August 2015 it was $444,900 which now gives a very significantly large 15.57% decline

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for a multifamily in Boston’s East Boston area in August of 2014 was $517,913 and in August 2015 that was down to $499,333.  That gives a pretty small decrease of 3.59%. 

We see a slightly different pattern with the median sale prices as we did for the listing prices above.  In this case it is a little bit higher in 2014 and quite a bit less in 2015.  For August of 2014 the median sales price for East Boston, MA was $530,500 and in August 2015 it was $420,500 giving a tremendous 20.74% decrease. 

This is a huge drop and much larger compared to the other numbers we saw.  This is the largest drop of any of the four numbers we looked at and is also generally considered the best one to use to evaluate things. 

While not totally clear cut prices are definitely down at least a little bit in the East Boston multifamily market since last year.  Since the numbers were really all over the place it is hard to really drill it down.  I would say that they are likely down more than the 3-5% numbers but probably not the 15-20% either.  Given that medians are generally considered to be the preferred metric so I would give a little more weight to those and would guess prices are probably down more in the 10% range plus or minus a little.

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 East Boston neighborhood the average days on market in August of 2014 were 41.63 and the average days on market for August 2015 were 24.67, for a fairly large 40.74% decrease.  This is a little surprising given the price drops.

East Boston, Mass Summary:

The East Boston, Massachusetts multifamily real estate market looks slightly uneven.  Looking at everything together I feel that this market is down some since last year.  With all pricing metrics down, and the medians by very large amounts, it is hard to say that the market is not down.  While the fairly large drop in days on market is a counter argument to this I would say that the fact that things are moving pretty fast is just a consolation to a seller looking at getting less for the property than last year.

In summary if you are looking to sell a multifamily house in East Boston, MA now you might expect to get a good amount less for it than you would have gotten last year.  You should however also expect it to take less time to sell compared to last year if you have it priced at the new lower level.   

 

Do you need to sell your East Boston, Massachusetts multifamily 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: Aerial view of Boston’s Logan Airport via Wikipedia)

 

Real Estate Trends – Boston’s Dorchester (Multifamily)

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 Multifamily market in the Dorchester section of Boston, MA in Suffolk County

 JFK Library in Dorchester MA - Boston Massachusetts Real Estate

Today we continue to highlight areas in the city of Boston, MA to show that the general hype of the hot market is overblown.  This article follows our 5 part series on various Boston submarkets in June, our video discussion the market then and our article on Jamaica Plain last month.

Market Trends in Boston’s Dorchester – July 2014 and 2015:

The Dorchester, MA multifamily market appears to have gone down a little bit since last year.   The average sale prices were down as were the median listing and sale prices.  The days on market were also up.  Inventory was stable with 21 sales in July of 2014 and July 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For multifamilies in Boston’s Dorchester neighborhood the average listing price in July 2014 was $517,690.  This was up a little to $523,981 in July 2015.  This gives a fairly meaningless increase of 1.22% year over year.  

However looking at the median prices we see they are both a little bit lower than the averages, especially in 2015.  For July of 2014 the median listing price for a multifamily in Dorchester, MA was $515,000 and in July 2015 it was $509,900 which now gives a still fairly inconsequential 0.99% decline

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for a multifamily in Boston’s Dorchester area in July of 2014 was $514,006 and in July 2015 that was down to $505,457.  That gives a pretty insignificantly small decrease of 1.66%. 

We see the same pattern with the median sale prices as we did for the listing prices above but much more dramatically with the 2015 number.  For July of 2014 the median sales price for Dorchester, MA was $515,000 and in July 2015 it was $480,000 giving a much larger 6.80% decrease. 

While not a huge drop it is not trivial and much larger compared to the other numbers we saw.  This is the largest drop of any of the four numbers we looked at and is also generally considered the best one to use to evaluate things.  While not cut and dry I would say that prices are down at least a little bit in the Dorchester multifamily market since last year.

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 Dorchester neighborhood the average days on market in July of 2014 were 45.76 and the average days on market for July 2015 were 60.52, for a fairly large 32.26% increase. 

Dorchester, Mass Summary:

The Dorchester, Massachusetts multifamily real estate market looks slightly uneven.  Looking at everything together I feel that this market is down some since last year.  While both the average listing price and median list price as well as the average sale price only changed by small amounts the median sale price was a good amount less than last year and with the increased days on market a small decline in the market is the best conclusion.  Digging a bit deeper we also see the gap for both average and median prices between listing and sale prices were large in 2015.  Seeing sellers taking a bigger discount with higher days on market, so it is taking longer to sell, is pretty consistent with what you would expect to see with a decline in the market.

In summary if you are looking to sell a multifamily house in Dorchester, MA now you might expect to get a 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 Dorchester, Massachusetts multifamily 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: JFK Library by Fcb981 via Wikipedia)

 

 

 

 

Real Estate Trends – Newton, Massachusetts (Multifamily)

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.

It has been a while since we last looked at a Multifamily market (Not since we did Lowell and Brockton in back to back posts in February) so we are going to look at that niche.  It is much smaller than the single family and Condo markets in most places so most towns do not have enough data to even do a report.  However it is good to take a look at the places that do have a viable multifamily market so we will try to highlight those a little more regularly.

Today we are highlighting the Multifamily market for Newton, MA in Middlesex County

 Newton Massachusetts Seal - Newton MA Real Estate

Near the end of last month we highlighted the Condo Market in Newton and saw it was down a little bit.  Let’s see if the trends are similar or not for Multifamily properties.

Market Trends in Newton, MA – July 2014 and 2015:

The Newton, MA Multifamily market appears to be down a good amount since last year.  Both the average listing and average sales prices were down quite a bit.  The days on market though look to be down substantially since last year at first glance, this does seem well overstated with a deeper look though.  Inventory was fairly consistent going from 8 sales in July of 2014 to 9 in July 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Newton, MA multifamilies the average listing price in July 2014 was $932,000.  This was down to $770,756 in July 2015.  This gives a huge 17.30% decrease year over year. 

With that big of a change we definitely want to look at the median prices for multifamilies in Newton, MA as well.  Looking at those numbers we see it is a bit different in 2014 but pretty close in 2015.  For July of 2014 the median listing price for a Newton, MA multifamily was $949,499 and in July 2015 it was $679,000 which actually gives a much larger 28.49% decrease.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Newton, MA multifamilies in July of 2014 was $902,375 and in July 2015 that was down to $786,894.  That gives a noticeably smaller, but still very large, decrease of 12.80%. 

Looking at the median prices we see that they are a smaller than the average prices, but are both a lot closer than the listing price were.  For July of 2014 the median sales price for a Newton, MA multifamily was $890,000 and in July 2015 it was $768,000 giving a slightly larger 13.71% decrease compared to the averages.  While the decrease was also higher here for the median prices, like the listing prices were, the difference was fairly small and just supported a similar level of decrease.

Both methods show that prices are down significantly for Newton, MA multifamilies from last year. 

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 multifamily properties in Newton, MA the average days on market in July of 2014 were 64.0 and the average days on market for July 2015 were 20.33, for a very significant 68.23% 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 , Halifaxand Braintree (Condos) outliers in the data can really skew these numbers.  This again is the case for Newton, MA multifamilies in July.  In this case there was a very high days on market place in 2014.

In 2014 there was a house with 320 days on market; this was higher the other 7 properties combined with 62.5% of the total days on market for all 8 houses.  When removed the new calculation for the remaining 7 properties gives an average days on market of 27.43. 

Using the adjusted numbers we see that there is a much smaller 25.88% decrease.  So the general did not change from thinking things were down since last year.  However the perception went from being down a very large amount to now being a much more modest decrease.

Newton, Mass Summary:

The Newton, Massachusetts multifamily real estate market looks like is has declined quite a bit since last year.  The significant drops in listing prices and sale prices, by both averages and medians, show things are down.  However, the decrease in days on market is a slight counter argument.  While days on market are important to track they are far less important overall than the prices when looking at a market.  In addition to that it is worth noting that they were fairly low in both years so while the decrease is still noticeable it just made a good situation a bit better.

In summary if you are looking to sell a multifamily house in Newton, MA now you should expect to get significantly less for it than you would have expected to get last year.  In addition you should also expect it to take a little less time to sell compared to last year.

 

Do you need to sell your Newton, Massachusetts multifamily 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: Newton MA Seal via Wikipedia)

 

 

Real Estate Trends – Lowell, Massachusetts (Multifamily)

Introduction:

In this real estate market trend report we are going to once again take a look at multifamily properties.  This will be our second consecutive report looking at a multifamily market following our report on Brockton Multifamilies last week.  If you are here for the first time what we do in these reports is examine a city or town in Massachusetts or New Hampshire and its year over year real estate market trends.  Then we look at those observations and analysis what they mean going forward.

Today we are highlighting the multifamily market of Lowell, MA in Middlesex County.

Lowell City Hall - Lowell MA Real Estate

We took a look at Lowell’s single family market back in December, and plan on revisiting this market soon.

 Market Trends in Lowell, MA – January 2014 and 2015:

The Lowell, MA multifamily market is down slightly since last year.  Both the listing and sales prices are down somewhat.  The days on market are up a fair amount though.  Inventory was pretty steady with 10 sales in January of 2014 and 11 in January 2015.

Average Listing Prices:

As always we will first take a look at the average listing price.  For Lowell, MA multifamily properties the average list price was $240,420 in January 2014.  This went down to $231,535 in January 2015.  This gives a slight decrease of 3.70%.

Average Sale Prices:

Next we look at the average sale prices.  For January of 2014 the average sale price for a Lowell, MA multifamily was $232,190 and in January 2015 that was down just a tad to $229,444.  That would be a smaller decrease of 1.18%.  This is a pretty tiny difference.  Since the actual sale prices are falling less than the list prices this could indicate that local agents have seen the market has slowed down and have been able to compensate accordingly.

Average Days on Market:

Finally we look at are the days on market.  The days of market are a measure of how long it is taking for a house to sell in the market.  For Lowell, MA multifamily properties the average days on market in January of 2014 was 54.3 and the average days on market for January 2015 were 96.55, for a pretty large 77.8% increase. However, as we have seen in many of our previous posts for the municipalities of Abington, BedfordSeekonk, Belmont, Topsfield, Canton, Dracut (Condos)Hamilton, Wakefield, Amesbury (Condos), Dracut #2, Taunton, Reading, Stoughton , Wrentham, Stoneham, Dedham, Nashua, NH , Tewksbury and Brockton (Multifamily) outliers can skew the data.  This also happens to be the case here for Lowell, MA multifamily properties as well.  In this instance it is the 2015 data that is skewed.  We will see that this makes the increase we see less dramatic. In 2015 there was one place that was high at 303 days; this was close to double the next highest one.  When we remove this point the other 10 houses were left with an average of 75.9.  Using this instead we see that the increased is now 39.78%.  So either way the days on market were up a lot but if we use the adjusted number they are up less.

Lowell, Mass Summary:

The Lowell, Massachusetts multifamily real estate market has been pretty stagnant since last year.  The small declines in both listed and sale prices to seem to signal that things might be heading downward.  The significant increase of the days on market also support observation even more since that indicator has changed more.  While prices are only a little less than flat if the days on market keep increasing that usually is followed by lower prices as well. In summary if you are looking to sell a multifamily house in Lowell, MA now you should expect to get about the same of maybe a little bit less for it than you would have last year.  You also should also be willing to take a discount off of your initial price to avoid sitting on it for a longer time.

 

Do you need to sell your Lowell, Massachusetts multifamily 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: Lowell City Hall by EMW via Wikipedia)  

 

Real Estate Trends – Brockton, Massachusetts (Multifamily)

Introduction:

In our latest real estate market trend report we are going to take a look at multifamily properties.  This will be our second report looking at those after our look at Suffolk County Multifamily homes back in late November.   For those of you here for the first time in these reports we examine a city or town in Massachusetts or New Hampshire and its real estate market trends.  Then we look at the municipality’s year over year change in the real estate market and discuss those observations and what they mean moving forward.

Today we are highlighting the multifamily market of Brockton, MA in Plymouth County.

Brockton MA Seal - Brockton MA Real Estate

Market Trends in Brockton, MA – January 2014 and 2015:

The Brockton, MA multifamily market is down a bit since last year.  Both the listing and sales prices are down a lot.  The days on market are up a fair amount as well.  Inventory was steady with 11 sales in both January of 2014 and 2015.

Average Listing Prices:

First we will take a look at the average listing price.  For Brockton, MA multifamilies the average list price was $305,909 in January 2014.  This decreased all the way down to $267,573 in January 2015.  This gives a tremendous decrease of 12.53%.

Average Sale Prices:

Next we look at the average sale prices.  For January of 2014 the average sale price for a Brockton, MA multifamily was $291,818 and by January 2015 that was way down to $264,882.  That would be a smaller decrease of 9.23%.  This is a pretty big difference compared to the listing prices.  This could indicate that local agents have realized the market is going down and have been able to compensate fairly well by getting their listed prices closer to where things are currently selling.

Average Days on Market:

The final metric we look at are the days on market.  The days of market are a measure of how long it is taking for a house to sell in the market.  For Brockton, MA multifamilies the average days on market in January of 2014 was 68.0 and the average days on market for January 2015 were 117.36, for a pretty large 72.6% increase. However, as we have seen in many of our previous posts for the municipalities of Abington, BedfordSeekonk, BelmontTopsfield, Canton, Dracut (Condos)HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton , Reading, Stoughton , Wrentham, Stoneham, Dedham, Nashua, NH and Tewksbury an outlier can really skew the data.  That happens to be the case here for Brockton, MA multifamily properties as well.  In this instance it is the newer 2015 data that is skewed.  We will see that this makes the increase we see less dramatic. In 2015 there was one place that was high at 338 days, this was almost as much as the next 2 highest combined.  When we remove this point the other 10 houses were left with an average of 95.3.  Using this instead we see that the increased is now 40.15%.  So either way the days on market were up a lot but if we use the adjusted number they are up less.

Brockton, Mass Summary:

The Brockton, Massachusetts multifamily real estate market has cooled off significantly since last year.  The very sizable declines in both listed and sale prices confirm this.  The significant increase of the days on market also solidify this observation. In summary if you are looking to sell a multifamily house in Brockton, MA now you should expect to get quite a bit less for it than you would have last year.  You also should expect to need to take a large discount off of your initial price to avoid sitting on it for a longer time.

 

Do you need to sell your Brockton, Massachusetts multifamily 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: Brockton MA USA Town Seal via Wikipedia)    

 

Real Estate Trends – Suffolk County, Massachusetts (Multifamily)

Introduction:

This market trend report is out second “County Report” where we look at the entire segment of the market in an entire county to get bigger set of data to examine the whole region.  This is also our first report looking at Multifamily properties.  The advantage of doing this is that we can analyze hundreds of properties rather than just a handful.  In the case of multifamily properties many towns and cities might not have any sales in a given month but across a region it will give more data to examine.

Another note on the type of properties examined.  The data used is from the MLS and not many large multifamily properties are listed on there, as they are usually handled by highly specialized commercial real estate agents.  So the vast majority of these are 2 and 3 family homes with a fair number of 4 families.  However there are a small number of small apartment buildings that are included (most 5-10 units) since there is only a few and they are not more expensive than small units and the number of total units were similar year to year.  If these were clearly skewing the data we would eliminate anything above 4 families.

Today we are highlighting Suffolk County in Massachusetts.  Suffolk County includes the cities of Boston, Chelsea, Revere and Winthrop.

Suffolk County Real Estate - Boston, Chelsea, Revere and Winthrop Map

Market Trends in Suffolk County, MA – October 2013 and 2014:

Suffolk County had about 85 multifamily houses sold in October of each year.  Over these sales the average listed price was down as were the final sale prices and the days on market were up.  Overall the sales were very similar with only a slight decrease from 87 in 2013 to 85 in 2014.

Average Listing Prices:

First we can look at is the average listing price for Suffolk County multifamily properties.  This number went down from$650,803 in October 2013 to $605,100 in October 2014.  That is a decrease of 7.02%, which is pretty significant generally and with about 85 sales in each period it is spread over enough sales to be very meaningful.  This indicates that the booming multifamily market has definitely started to cool down and is starting to really trend down throughout the county.

Average Sale Prices:

The next to examine is the average sale prices.  In October 2013 the average sale price for Suffolk County was $641,708.  Then in October 2014 it was down to $588,598. This represents an even larger decline of 8.28%.  This metric also shows that prices have gone down and that the multifamily market is trending downwards.  The fact that the sales prices are falling a bit faster than the listing prices might show that the regions real estate agents are not compensating for the decline and are trying to still hype up prices on the multifamily houses to last year’s levels.

Average Days on Market:

The final thing to see is how long it is taking for houses to sell in the current market.  In this case Suffolk County the average days on market are up as well as prices being down.  The days on market are up a little bit year over year.  Looking at October of 2013 the average days on market were 54.49 and in 2014 that was up to 61.26, a 12.42% increase.  This is a pretty significant increase given the fairly large data sets we are looking at.

In many of our town reports we saw that in the small data sets that the days on market sometimes were skewed a lot by one place that was very high compared to the rest.  However this is where the big data sets have a big advantage as any single sale is not that big of a factor.  In this case there are some outliers but you actually see the same types of them both years (indicating that they might not be that odd after all) so we did not adjust for them.  The increase of nearly 12.5% is real and a significant factor to consider if looking to sell your multifamily house in Suffolk County.

Suffolk County Summary:

Every metric we look at indicates that the Suffolk County multifamily real estate market has slowed down since last year.  The greater than 7% and 8% declines in listed and sale prices indicate that prices may have peaked in 2013.  The increase in the days on market is also a large concern.  While the pricing declines are the major concern they aren’t the only issue.  The fact that the days on market are also up almost 12.5% it shows it is also harder to sell the properties even at the now reduced prices.  If places sit for longer that will often lead to price drops so if that trend continues it can further push prices down.

In summary if you are looking to sell your Suffolk County, Massachusetts multifamily house you should expect to get a bit little less than you would  have last year and should be willing to take a bigger discount off your listed price to avoid sitting on it for a very long time.

Do you need to sell your Suffolk County, Massachusetts multifamily property 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: Suffolk County Map by Beland, via Wikipedia)