Real Estate Trends – Boston’s West Roxbury (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 looking at the Condo market in the West Roxbury neighborhood of Boston, MA in Suffolk County

 Welcome to West Roxbury Sign - Boston's West Roxbury Massachusetts Real Estate

We have previously looked at the single family market in West Roxbury back in June.  Boston overall is dominated by condos with just a few areas that have significant numbers of single family homes.  West Roxbury is one of the few places that has a pretty good mix of both.

Market Trends in West Roxbury, MA – September 2014 and 2015:

The West Roxbury, MA condo market has fallen off some since last year.   The average listing and sale prices were actually pretty flat; however the median prices were down significant amounts.  The days on market were pretty flat but were down ever so slightly.  Inventory was up a little going from 6 sales in September of 2014 up to 8 in September 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For a condo in Boston’s West Roxbury neighborhood the average listing price in September 2014 was $291,167.  This was up a little to $299,988 in September 2015.  This gives a very slight increase of 3.03% year over year. 

However, taking a quick look at the median prices reveals that they are quite a bit different than the averages.  For September of 2014 the median listing price for condos in West Roxbury, MA was $314,500 and in September 2015 it was $223,500 which now gives an extremely large 28.93% decline.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for a condo in Boston’s West Roxbury area in September of 2014 was $285,000 and in September 2015 that was up a little again to $289,625.  That gives another almost negligible 1.62% increase. 

We see the same pattern with the median sale prices as we did for the listing prices, though not quite as dramatic as with the listing prices.  For September of 2014 the median sales price for West Roxbury, MA condos was $297,500 and in September 2015 it was $219,500 giving another extremely large 26.22% decrease.

It is interesting to see such different conclusions for pricing for condos in Boston, MA’s West Roxbury neighborhood depending if you look at the averages or the medians.  This is a good example of why medians are generally favored in these analyses.  In this case there were a couple of very high sales in 2015 that were out of line with all the other sales from either year and pulled the average that year way up.  Looking at the rest of the sales 5 of the others were the same or less than any sale in 2014 but that spread is much tighter.  While it might be too much to totally dismiss the averages it is probably reasonable to say that prices are down, and by a sizable amount.  They might not be down 25%+ that the medians say, but they are certainly down and by a good amount.

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 condo in West Roxbury, MA the average days on market in September of 2014 were 52.67 and the average days on market for September 2015 were 50.63, for an insignificantly small 3.87% decrease. 

West Roxbury, Mass Summary:

The West Roxbury, Massachusetts real estate condo market looks to be down since last year.  The average prices were pretty flat with very small increases; however the median prices were both down by very large amounts.  This huge drop in the median prices more than negates any tiny increase in the less favored average prices.  While the days on market were down a little as well, they were not by very much, and they were on the high side in both years, so this is of little consequence for a seller. 

In summary if you are looking to sell a condo in Boston’s West Roxbury area right now you should expect to get a lot less for it than you would have gotten last year.  However, you could also expect it may take just a little less time to sell compared to last year too. 

 

Do you need to sell your West Roxbury, 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: Welcome to West Roxbury via @breakingWRnews ‘s Twitter page)

 

 

Real Estate Trends – Boston’s West Roxbury

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 West Roxbury area of Boston, MA in Suffolk County

 West Roxbury VA Hospital - Boston MA Real Estate

This is the third of our 5 part series looking at parts of Boston, MA and showing that the general sentiment that the Boston housing market is red hot is not universally true.  Many areas are still doing very well but many others in the city and bordering towns are slowing down and are even in decline.  The MYTH of the hot Boston market is that you can make that sweeping statement.  Each market needs to be evaluated on its own to get a true picture of what is happening.

Links to the rest of the articles added as soon as they are released: Part 1 – Boston, Part 2 – Hyde Park, Part 4 – North End (Condos) and Part 5 – The Fenway (Condos).

Market Trends in Boston’s West Roxbury – May 2014 and 2015:

The housing market in Boston’s West Roxbury neighborhood appears to be down significantly since last year.  The average listing prices and the average sale prices were both down a lot.  The days on market were also up a good amount since last year as well.  Inventory was identical with 15 sales in both May of 2014 and in May 2015. 

Average Listing Prices:

First we are going to look at the average listing price.  For West Roxbury the average listing price in May 2014 was $536,240.  This was down to $479,540 in May 2015.  That gives a pretty large 10.57% decrease year over year. 

If we look at the medians we see listing prices of $559,000 and $449,900 for a much larger drop off.  In this case we see a huge 19.53% decrease year over year.

Average Sale Prices:

Next we will look at the average sale prices.  The average sale price for Boston’s West Roxbury in May of 2014 was $541,633 and in May 2015 that was down to $481,720.  That gives a slightly larger 11.06% decrease. 

Taking a look at the median sale prices as well we see median sale prices of $570,000 and $450,000.  Similar to the listing prices above the decline is even more dramatic than what we saw with the averages with a staggering 21.05% decrease.  Suffice to say no matter what you look at prices are way down since last year.

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 West Roxbury the average days on market in May of 2014 were 41.33 and the average days on market for May 2015 were 61.33, for a very significant 48.39% 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 and Boston’s Hyde Park outliers in the data can really skew these numbers.  This again is the case for West Roxbury for May.  In this case there was a very high days on market house in the 2014 data.

In 2014 there was a house with 173 days on market, which was almost as high as the next 3 combined and almost 28% of the total days on market for all 15 houses.  When removed the new calculation for the remaining 14 houses gives an average days on market of 31.93.  Using this adjusted number we see that the very large increase in the days on market now becomes even bigger at 92.08%!  This does not change the general observation that things are selling much slower than last year, but it does increase the magnitude of the increase and the wow factor of the increase. 

West Roxbury, Mass Summary:

The West Roxbury, Massachusetts real estate market has fallen off tremendously since last year.  The very large drops in both listing prices and in sale prices make this very clear.  The staggering increase in days on market is even more support of this observation.  What we see here with West Roxbury is as clear as you can get that not every market in the city is universally doing well.

In summary if you are looking to sell a house in Boston’s West Roxbury now you should expect to get much less than you would have last year.  You should also expect it to take a much longer time to sell compared to last year.  With the large increase in days on market sellers might need to consider taking even more of a discount to keep from sitting on their property for a long time.

Join us tomorrow for Part 4 – North End (Condos) of this series when we will switch gears a little and look at one of the condo markets in the city, as we also will in Part 5 – The Fenway (Condos), since condos make up a majority of the homes in the city. 

 

Do you need to sell your West Roxbury neighborhood of Boston, Massachusetts house fast?  If you would like to sell your home fast and hassle free  schedule a consultation with us today.

Please share your questions and comments below.

 

 

 

(Image credit: West Roxbury’s VA Hospital via designandbuildwithmetal.com)