Real Estate Trends – Boston’s North End (Condos) #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 Condo market in the North End neighborhood of Boston, MA in Suffolk County

 Aerial view of Boston's North End - Boston Massachusetts's North End Real Estate

Back last June we first looked at Condos in the North End as one of the first reports we did for the city of Boston.

Market Trends in Boston’s North End – July 2015 and 2016:

The Boston, MA’s North End neighborhood condo market has fallen off a bit since last year.   The average prices are down and the median prices were down more.  The days on market were down some though.  Inventory was up a bit with 7 sales in July of 2015 and up to 11 in July 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In the average listing price for a condo in The North End area of Boston, MA for July 2015 was $530,429.  This was down to $506,795 in July 2016.  This gives a fairly modest decrease of 4.46% year over year. 

Looking at the median prices we see that they were lower in both years.  For July of 2015 the median listing price for condos in Boston’s North End was $499,000 and in July 2016 it was $430,000 which now gives a much larger decrease of 13.83%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in the North End section of Boston, MA in July of 2015 was $528,214 and in July 2016 that was down to $493,813.  That gives a decrease of 6.51%, and a 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 a condo in Boston, MA’s North End neighborhood was $500,000 and in July 2016 it was $430,000 giving another larger decrease of 14.00%, and the largest of the four pricing metrics. 

Prices have gone down a fair bit for condos in Boston, MA’s North End area this month.  The overall range was good sized going from 4.5-14%.  Medians are the preferred metric for real estate pricing analysis and those were both much higher  Both the median list and sale price were close at right around 14% declines.  Looking at those the best guess is that prices are down about 14% here.

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 the North End section of Boston, MA the average days on market in July of 2015 were 53.29 and the average days on market for June 2016 were 34.91 for a sizable decrease of over 34.49%.

Boston MA’s North End Summary:

The Boston, Massachusetts North End condo real estate market is down a bit since last year.  The average prices were down a bit while the median prices were down even more.  The days on market were down some though which is a small counter argument to the down market, but I do not feel that it puts a dent in the price drops seen here.

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

 

Do you need to sell your North End section of Boston, Massachusetts Condo 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 the North End by Sfoskett via Wikipedia)

 

Real Estate Trends – Boston’s North End (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 changes in three key metrics year over year for the municipality to see how the market has changed and evaluate what those observations mean for that market moving forward.

Today we are highlighting the condo market in The North End area of Boston, MA in Suffolk County

 North End at Dusk - Boston MA Real Estate

This is the fourth of our 5 part series looking at parts of Boston, MA and showing that the general statement that the Boston housing market is red hot is not always true.  There are many areas are still doing very well, however many others have slowed down and several are declining.  The MYTH we want to dispel is that a blanket statement like “The Boston market is hot” is appropriate and that such general thinking can lead to poor decisions.  Each market in and around the city needs to be evaluated on its own merits to understand how it is trending now.  In the first 3 posts we looked at single family markets, today and in the final part tomorrow we will be looking at Condo markets since a large portion of the dwellings in the city of Boston are condominiums. 

Links to the rest of the articles added as soon as they are released: Part 1 – Boston, Part 2 – Hyde Park, Part 3 – West Roxbury and Part 5 – The Fenway (Condos).

Market Trends in Boston’s North End- May 2014 and 2015:

The condo market in Boston’s North End neighborhood appears to be down significantly since last year.  The average listing prices and the average sale prices were both down a lot.  Despite that the days on market were down a lot since last year, giving a surprising counter to the falling prices.  Inventory was down slightly with 10 sales in May of 2014 and 8 in May 2015. 

Average Listing Prices:

First we are going to look at the average listing price.  For North End Condos the average listing price in May 2014 was $786,590.  This was down to $536,588 in May 2015.  That gives a gigantic 31.78% decrease year over year. 

However this might be overstated since if we look at the medians we see listing prices of $612,500 and $547,450 for a much smaller drop off.  In this case we see a still fairly significant 10.62% decrease year over year.

Average Sale Prices:

Next we will look at the average sale prices.  The average sale price for condos in Boston’s North End in May of 2014 was $766,900 and in May 2015 that was down to $540,500.  That gives a slightly smaller 29.52% decrease. 

Not surprisingly if we take a look at the median sale prices as well we see a similar pattern as with the listing prices above.  Median sale prices of for North End condos in 2014 were $611,500 and $553,000 in 2015.  Using these numbers we again see a much smaller but still quite significant decrease of 9.57%.

Average Days on Market:

The final metric we are going to 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 the North End the average days on market in May of 2014 were 105.80 and the average days on market for May 2015 dropped all the way to 40.38, for a very significant 61.83% decrease.  This is a little surprising given the drops in prices.

The North End, Mass Summary:

The North End, Massachusetts real estate market has fallen off quite a bit since last year.  The large drops in both listing prices and in sale prices make this argument pretty clear.  The very large decrease in days on market is a counterpoint to this observation though.  However with fairly large decreases in prices it is safe to say the market is down since last year, but with things selling faster it can keep prices from falling to much very fast.

In summary if you are looking to sell a condo in Boston’s North End neighborhood right now you should expect to get much less than you would have last year.  However you should expect it to sell in a shorter time compared to last year if you have it priced right. 

Join us tomorrow for Part 5 – The Fenway (Condos) and final post of this series when we will look at another condo market in the city. 

 

Do you need to sell your North End neighborhood of Boston, Massachusetts condo 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: Boston MA North End at Dusk via newurbanarchitect.com)