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 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 Fenway (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 Fenway neighborhood of Boston, MA in Suffolk County

Back last June Condos in the Fenway was one of the first reports we did for the city of Boston.

Market Trends in Boston’s Fenway – June 2015 and 2016:

The Boston, MA Fenway neighborhood condo market has fallen off a lot since last year.   The average prices are down and the median prices were down more.  The days on market were up a lot, though that might be overstated some.  Inventory was level with 13 sales in June of 2015 and also in June 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 Fenway area of Boston, MA for June 2015 was $547,038.  This was down to $490,431 in June 2016.  This gives a fairly large decrease of 10.35% year over year. 

Looking at the median prices we see that they were higher in both years.  For June of 2015 the median listing price for condos in Boston’s Fenway was $575,000 and in June 2016 it was $505,000 which now gives a larger decrease of 12.17%. 

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 Fenway section of Boston, MA in June of 2015 was $567,462 and in June 2016 that was down to $504,162.  That gives another large decrease of 11.15%, slightly higher than we saw for the average list price. 

We see the same pattern that we did for the median list price.  For June of 2015 the median sales price for a condo in Boston, MA’s Fenway neighborhood was $588,000 and in June 2016 it was $513,000 giving another larger decrease of 12.76% and the largest of the four pricing metrics. 

Prices have gone down a fair bit for condos in Boston, MA’s Fenway area in June.  The overall range was not that large going from a little over 10% to not quite 13% down.  The average list price was the lowest but also is the least useful of the metrics.  Dismissing that one gives a tighter range that is more like 11-13%.  Medians are the preferred metric for real estate pricing analysis and in this case those are both at the top of this range with the most important of them, the median sale price, as the highest overall.  So overall it is safe to say prices are down at least double digits it is also likely they are down at the top of the range we saw with a decrease of a little under 13%. 

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 Fenway section of Boston, MA the average days on market in June of 2015 were 16.15 and the average days on market for June 2016 were 39.62 for a huge increase of over 145%.

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, Dedham #4, Boston’s Brighton (Condos), Winthrop (Condos), Littleton #2, Ipswich, Westport, Franklin (Condos) and Groveland outliers in the data can really skew these numbers.  This again is the case for condos in Boston’s Fenway neighborhood in June.  In this instance there was a very high days on market place in 2016.

In 2016 there was a property with 211 days on market; this was more than the next 5 properties combined and almost 41% 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 25.33. 

Using the adjusted numbers we now get a much smaller increase of 56.84%.  This does not change the basic conclusion that the days on market were up a lot.  However this increase went from a humongous one to a large but not outlandish amount.  Also to be fair while up quite a lot even this high number is generally considered to be a pretty good number but last year they were terrific.

Boston MA’s Fenway Summary:

The Boston, Massachusetts Fenway condo real estate market is down a since last year.  The average prices were down a bit while the median prices were down even more.  The days on market were also up a significant amount which further shows a weakness in the market from last year.

In summary if you are looking to sell a condo in Boston, MA’s Fenway section now you should expect to get 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 Fenway 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: Landmark Center by Grk1011 via Wikipedia)

 

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 – Winthrop, Massachusetts (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 Winthrop, MA in Suffolk County

 Winthrop MA Seal - Winthrop Massachusetts Real Estate

This is the first time we have looked at condos here but did look at Winthrop, MA’s single family market back last spring.

Market Trends in Winthrop, MA – April 2015 and 2016:

The Winthrop, MA condo market has fallen off since last year.   The average prices were down a lot, as were the median prices as well.  The days on market look to be down a little bit.  Inventory was up slightly with 5 sales in April of 2015 and 7 in April 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  For the Winthrop, MA condo market the average listing price in April 2015 was $414,740.  This was down to $308,229 in April 2016.  This gives a decrease of 25.68% year over year. 

Looking at the median prices we see that they were higher in both years.  For April of 2015 the median listing price for Winthrop, MA condos was $449,000 and in April 2016 it was $310,000 which now gives an even larger decrease of 30.96%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Winthrop, MA in April of 2015 was $403,280 and in April 2016 that was down to $297,900.  That gives another large decrease of 26.13%, and pretty similar to the average list price. 

We see the same pattern that we did for the median list price with both being higher.  For April of 2015 the median sales price for Winthrop, MA condos was $429,000 and in April 2016 it was $310,000 now unlike the median listing prices giving a fairly big decrease of 27.74%. 

Prices are down significantly for condos in Winthrop, MA this month.  The overall range of the drop is not that large being roughly 25.5-31%.  However the median listing price is a bit off from the other ones being the high water mark of just under 31%.  The range for the other 3 metrics is a tighter being more like 25.5-28%.  While I think it is fair to just leave it at that, it is still worth noting that I would say it will probably be on the higher end of the range.  Since sales are obviously more informative than listing prices the 2 sale price metrics were higher.  Also the medians are the more standard way to evaluate pricing for real estate and the median sale price was the highest of these so the best overall guess is that prices are down just under 28%.

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 Winthrop, MA the average days on market in April of 2015 were 66.60 and the average days on market for April 2016 were 55.57 for a fairly small 16.56% 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, Dedham #4 and Boston’s Brighton (Condos) outliers in the data can really skew these numbers.  This again is the case for Winthrop, MA condos in April.  In this instance there was a very high days on market place in 2016.

In 2016 there was a property with 153 days on market; this was more than the next 3 properties combined and over 39% 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 39.33. 

Using the adjusted numbers we now get a much larger decrease of 40.94%.  This does not change the basic conclusion that the days on market were down.  However, initially the decrease looked to be pretty small but now it actually is fairly substantial.

Winthrop, Massachusetts Summary:

The Winthrop, Massachusetts real estate condo market is down a lot since last year.  The average prices were down and the median prices were down even more.  The days on market were down quite a bit though.  That is a nice piece of information to sellers but does not negate price drops over 25%.

In summary if you are looking to sell a Condo in Winthrop, MA you should expect to get a lot less for it than you would have gotten last year.  However, you should also expect it to take a bit less time to sell compared to last year as well. 

 

Do you need to sell your Winthrop, 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: Winthrop MA Seal via Wikipedia)

 

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.

Please share your questions and comments below.

 

 

 

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

 

Real Estate Trends – Boston’s Back Bay (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 once again highlighting the Condo market in The Back Bay area of Boston, MA in Suffolk County

 Back Bay and Charles River in Boston MA - Boston's Back Bay Real Estate

We took a look at this market back at the end of February and saw a big drop to start the New Year.

Market Trends in Boston’s Back Bay – March 2015 and 2016:

The Condo market in the Back Bay neighborhood of Boson, MA market has fallen off substantially since last year.   The average prices were down tremendously and the median prices were down significantly more.  The days on market were pretty flat but down a just bit.  Inventory was up a little with 16 sales in March of 2015 and 21 in March 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  For a condo in Boston’s Back Bay the average listing price in March 2015 was $1,862,125.  This was down to $1,424,995 in March 2016.  This gives a significant decrease of 23.47% year over year. 

Looking at the median prices we see that it was much lower in both years.  For March of 2015 the median listing price for condos in Boston, MA’s Back Bay section was $1,324,500 and in March 2016 it was $825,000 which now gives an even significantly larger decrease of 37.71%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for Back Bay condos in March of 2015 was $1,754,647 and in March 2016 that was down to $1,391,786.  That gives a smaller decrease of 20.68% compared to the average list price. 

We see the same pattern as we did with the listing prices here for the median sale prices.  For March of 2015 the median sales price for Boston, MA’s Back Bay condos was $1,299,500 and in March 2016 it was $836,000 giving another substantially larger decrease of 35.67%. 

Prices are down a lot for Back Bay condos in March according to all of our metrics.  This is actually almost exactly what we saw for these in the January data with averages dropping in the 20s and the medians dropping in the 30s.  Similar to that report the range is fairly large and the drops in the averages is quite large medians are the preferred method for evaluating real estate prices.  Therefore we would conclude that prices are down the greater than 35% indicated by those.

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 Boston, MA’s Back Bay neighborhood the average days on market in March of 2015 were 78.63 and the average days on market for March 2016 were 75.71 for a meaningless 3.71% decrease. 

Back Bay, Massachusetts Summary:

The Back Bay of Boston, Massachusetts’s Condo real estate market is down a tremendous amount since last year.  The average prices were down a ridiculous amount and the median prices were down by significantly more.  The days on market were pretty much flat with just a tiny decrease. 

In summary if you are looking to sell a condo in The Back Bay section of Boston, MA now you should expect to get much less for it than you would have gotten last year.  You can also expect it to take about the same time to sell compared to last year as well. 

 

Do you need to sell your Boston’s Back Bay, 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: Back Bay and Charles River, Boston MA via Wikipedia)

 

Real Estate Trends – Boston’s South 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 again highlighting the Condo market in the South End Section of Boston, MA in Suffolk County

 Braddock Park in Boston's South End - Boston MA' South End Real Estate

We looked at Condos in the South End recently back in December, where we saw the market was down some with a large decline in the average prices but smaller decreases in the medians.

Market Trends in Boston’s South End – February 2015 and 2016:

The Condo market in Boston, MA’s South End neighborhood has fallen off since last year.   The average prices were down and the median prices were down by even more.  However the days on market are down some at first glance and this might actually be understated.  Inventory was down slightly with 18 sales in February of 2015 and up to 16 in February 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  For condos in the South End section of Boston, MA the average listing price in February 2015 was $1,170,106.  This was down to $1,071,401 in February 2016.  This gives a good sized decrease of 8.44% year over year. 

Looking at the median prices we see that it was much lower in both years.  For February of 2015 the median listing price for condos in Boston, MA’s South End was $887,000 and in February 2016 it was $704,500 which now gives an extremely large decrease of 20.57%. 

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 South End section in February of 2015 was $1,164,121 and in February 2016 that was down to $1,073,474.  That gives a bit smaller decrease of 7.79% compared to the average list price. 

We see basically the same pattern as we did with the listing prices for the median sale prices.  For February of 2015 the median sales price for South End condos was $928,250 and in February 2016 it was $693,625 giving another much larger decrease of 25.28%, and the largest of the 4 by a good amount.

All of our pricing metrics shows that prices are down a bit for condos in the South End neighborhood of Boston, MA this month.  Interestingly it is a different pattern than we saw last time, as well as being a more extreme and definitive drop.  Back in December we saw the averages down in the higher teens but medians only down in the 2-5% range.  The medians are now the higher drop and even the lowest one is still down just under 8%.  So pricing looks worse than it was a few months ago. 

As for exactly how big the current drops are there is quite a big gap from the 7.5-8.5% range seen with the averages and the more than 20-25% one seen in the medians.  Medians are the preferred method for real estate analysis so we would always tend to put more weight on those, especially the median sale price.  In this case there are reasons to see why this is the preferred metric, as you can see that a couple sales that were at the very top to the market definitely brought the average up a lot for 2016.  While in contrast only 2 of the 18 sales in 2015 were less than the 2016 median and the 4 lowest sales were all in 2016 (as well as 5 of the lowest 6 and 9 of the lowest 11).  This supports the idea that the market is in fact down a lot but the averages are artificially propped up by a stronger showing in the high end of the market.  Given this information prices do appear to be down a lot, at least 20% and probably closer to the 25% seen in the median sale price.

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 Boston, MA’s South End section the average days on market in February of 2015 were 67.72 and the average days on market for February 2016 were 47.19 for a pretty large 30.32% 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 and Salem NH #2 outliers in the data can really skew these numbers.  This again is the case for South End condos in February.  In this instance there was a very high days on market place in 2016.

In 2016 there was a property with 238 days on market; this was almost as much as the next 4 properties combined and over 31.5% of the total days on market for all 16 Properties.  When removed the new calculation for the remaining 15 properties gives an average days on market of 34.47. 

Using the adjusted numbers we now get a decrease of 49.10%.  This does not change the general conclusion of the days on market being down.  Now instead of a fairly large drop we see that it is actually much larger than it initially looks. 

South End, Massachusetts Summary:

The South End, Massachusetts real estate condo market is down a good amount since last year.  The average prices were down somewhat with the median prices being down by a significantly more substantial amount.  The days on market were down a large amount though, which definitely could be used to refute a drop in the market.  However, this just is not enough to counteract price drops over 20%.

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

 

Do you need to sell your South End, 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: Braddock Park in Boston’s South End by Payton Chung via Wikipedia)

 

Real Estate Trends – Boston’s Roslindale (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 Roslindale Section of Boston, MA in Suffolk County

Roslindale MA Welcome Sign - Boston Massachusetts's Roslindale Real Estate  

Market Trends in Boston’s Roslindale – February 2015 and 2016:

The Condo market in Boston, MA’s Roslindale neighborhood has fallen off since last year.   The average prices were down and the median prices were down by even more.  However the days on market do appear to be down at first glance though, however that might not really be accurate.  Inventory was up substantially with 5 sales in February of 2015 and up to 12 in February 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  For condos in the Roslindale section of Boston, MA the average listing price in February 2015 was $401,300.  This was down to $368,113 in February 2016.  This gives a good sized decrease of 8.27% year over year. 

Looking at the median prices we see that it was higher in 2015 and lower in 2016.  For February of 2015 the median listing price for condos in Roslindale, MA was $409,000 and in February 2016 it was $352,000 which now gives a much larger decrease of 13.94%. 

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 Roslindale section in February of 2015 was $390,300 and in February 2016 that was down to $366,750.  That gives a bit smaller decrease of 6.03% compared to the average list price. 

We see basically the same pattern as we did with the listing prices for the median sale prices.  For February of 2015 the median sales price for Roslindale, MA condos was $395,000 and in February 2016 it was $346,000 giving another much larger decrease of 12.41%. 

All four of our pricing metrics shows that prices are down for condos in the Roslindale neighborhood of Boston, MA this month.  However, there is a good size gap between the averages and the medians.  The average prices are clearly down but only in the mid to high single digit range while the medians are well over 10% down.  Given that medians are the much more common and preferred method of evaluating real estate pricing we would give much more weight to those numbers.  Therefore prices are more likely down in the 12-14% range indicated there, though since the median sale price was closer to the bottom of the rage that is probably the best overall guess.

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 Boston, MA’s Roslindale section the average days on market in February of 2015 were 93.00 and the average days on market for February 2016 were 72.25 for a pretty nice 22.31% 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 and Foxboro #2 outliers in the data can really skew these numbers.  This again is the case for Roslindale, MA condos in February.  In this instance there was a very high days on market place in 2015.

In 2015 there was a property with 203 days on market; this was more than the next 2 properties combined and almost 44% of the total days on market for all 5 Properties.  When removed the new calculation for the remaining 4 properties gives an average days on market of 65.50. 

Using the adjusted numbers we now get an increase of 10.31%.  This does change the general conclusion of the days on market being down.  Now instead of a modest drop the days on market now appear to be up by a small amount. 

Roslindale, Massachusetts Summary:

The Roslindale, Massachusetts real estate condo market is down a good amount since last year.  The average prices were down somwhat with the median prices being down by an even more substantial amount.  The days on market were up a moderate amount, which only further supports a drop in the market. 

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

 

Do you need to sell your Roslindale, 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: Roslindale Welcome Sign via Roslindale Village)

 

Real Estate Trends – Boston’s South Boston (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 South Boston neighborhood of Boston, MA in Suffolk County

 South Boston Massachusetts Landscape - South Boston MA Real Estate

Market Trends in Boston’s South Boston – February 2015 and 2016:

The condo market in the South Boston area of Boston, MA is a little uneven this month.   The average and the median prices tell pretty different stories about where pricing stands.  The days on market appear to be down a fair amount, but as we have seen in the past this may be a bit overstated.  Inventory was up some going from 21 sales in February of 2015 to 26 in February 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  For condos in Boston, MA’s South Boston neighborhood the average listing price in February 2015 was $600,876.  This was down to $593,131 in February 2016.  This gives a very small decrease of 1.29% year over year. 

Looking at the median prices we see that they were higher in 2015 but lower in 2016.  For February of 2015 the median listing price for Condos in Boston’s South Boston area was $625,000 and in February 2016 it was $539,450 which gives a very larger decrease of 13.69%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for condos in South Boston, MA in February of 2015 was $585,571 and in February 2016 that was down just a touch to $584,702.  That gives a completely negligible decrease of 0.15%. 

We see the same pattern with the median sale prices as we did for the listing prices.  For February of 2015 the median sales price for South Boston, MA Condos was $615,000 and in January 2016 it was $525,500 giving the largest decrease we have seen at 14.63%. 

We are seeing to very different stories for the pricing for Condos in Boston, MA’s South Boston neighborhood depending if you are looking at the averages or the medians.  The averages say that prices are mostly flat with the declines seen likely being well within the noise.  However looking at the medians all of a sudden instead of a fairly flat market we see steep declines of 13-15%.  Medians are the preferred method of analysis so we would give most of the weight of those.  That being said we do not like to totally dismiss the averages so while it would be legitimate to say that prices are down around 15% based on the median sale price that may be a little overstated.  However it is impossible to look at those median price changes and not assume that South Boston condos are not down at least double digits this month.

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 South Boston area of Boston, MA the average days on market in February of 2015 were 84.76 and the average days on market for February 2016 were 61.37 for a pretty sizable 25.24% 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 and Georgetown outliers in the data can really skew these numbers.  This again is the case for Boston, MA’s South Boston condos in February.  In this instance there was a very high days on market place in 2015.

In 2015 there was a property with 391 days on market; this was almost as much as the next 3 properties combined and almost 22% of the total days on market for all 21 Properties.  When removed the new calculation for the remaining 20 properties gives an average days on market of 69.45. 

Using the adjusted numbers we now get a more modest decrease of 11.63%.  This does not change the general conclusion of the days on market being down.  However instead of a fairly large drop the days on market now appear to be down a pretty small amount.

South Boston, Massachusetts Summary:

The condo market in the South Boston area of Boston, Massachusetts market is down some since last year.  The average prices were pretty much flat but the median prices were down significantly.  The days on market were down some though, as another counter argument to how much the market is down. 

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

 

Do you need to sell your South 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: South Boston Landscape by Luciof via Wikipedia)