Neighborhood Condo Comparison – September 2017

Neighborhood Condo Comparison

Cambridge
September 2017: Condos sold: 39 = less 42% | Average SF: $727 = up 13%
Median Sale Price: $767,000 = up 16% | Sale price to original price: 103.9%

September 2016: Condos sold: 68 | Avg. SF: $699
Median Sale Price: $622,500| Sale price to original: 103.1%

Somerville
September 2017: Condos sold: 44 = up 22% | Average SF: $575 = up 13%
Median Sale Price: $630,000 = up 2% | Sale price to original: 102.4%

September 2016: Condos sold: 36 | Average SF: $509
Median Sale Price: $595,393 | Sale price to original: 102.4%

 

Jamaica Plain
September 2017: Condos sold: 21 = less 16% | Average SF: $477 = 4% increase
Median Sale Price: $450,000 = down 12% | Sale price to original price: 102.5%

September 2016: Condos sold: 68 | Avg. SF: $699
Median Sale Price: $622,500| Sale price to original: 104.2%

Roslindale
September 2017: Condos sold: 11 = less 15% | Average SF: $339 = 11% increase
Median Sale Price: $450,000 = up 10% | Sale price to original: 105.7%

September 2016: Condos sold: 36 | Average SF: $509
Median Sale Price: $595,393 | Sale price to original: 105.5%

Condo Comparison, June 2017

Overall estimates for residential appreciation in the Boston market over the last year is in the range of 11% and Zillow is conservatively predicting around 5% for the next year.  Is this growth sustainable?  Who knows?  What we do know is that the market is cyclical and that what goes up spirals around to a seemingly higher low than the last. Take a look at the graphs below.

Cambridge / Somerville Condo Market Comparison June 2017 vs. 2016

Cambridge:
June 2017: Condos sold: 81 = less14%  | Average. SF: $779 = 11% increase
Median Sale Price: $769,000 = up 7%  | Sale price to original price: 108%

June 2016: Condos sold: 94 | Avg. SF: $701
Median Sale Price: $716,950 | Sale price to original: 107.4%

Somerville:
June 2017: Condos sold: 53 = less18% | Avg. SF: $592 = 14% increase
Median Sale Price: $611,000 = up 2% | Sale price to original: 107.4%

June 2016: Condos sold: 65 | Avg. SF: $521
Median Sale Price: $600,000 | Sale price to original: 104.6%

Cambridge vs Somerville Condo Comparison

 

JP/ Roslindale Condo Market Comparison June 2017 vs. 2016

Jamaica Plain: 
June 2017: Condos sold: 59 = less 19%| Avg. SF: $503
Median Sale Price: $504,000 = up 3% | Sale price to original: 103.7%

June 2016: Condos sold: 73 | Avg. SF: $463 = 9% increase
Median Sale Price: $490,000 | Sale price to 0riginal: 106.1%

Roslindale:
June 2017: Condos sold: 21 = 5% increase | Avg. SF: $360 = 5% decrease
Median Sale Price: $455,000 = up 23% | Sale price to original: 105.7%

June 2016: Condos sold: 20 | Avg. SF: $378
Median Sale Price: $368,000 | Sale price to original: 103.3%

 

Condo Comparison May 2017

“BOSTON – The number of homes and condos sold in Greater Boston slipped a bit in April,” said Timothy Warren, CEO of The Warren Group. “But that is due to the fact that April last year was a gangbuster month with homes rocketing up 35.3 percent and condos gaining 18.7%. These benchmarks were too hard to match.”
Despite record-setting condo prices, sales dipped from April 2016 when there were 1,705 sold in April 2017 compared to 1,724 last year – a decline of 1.1 percent. Median condo prices rose by 3.4 percent, hitting $331,500 – the highest on record for April.  Warren Report, May 23, 2017.

Cambridge Condos End of May 2017 
Condos sold: 74 | Avg. SF: $764
Median Sale Price: $770,750 | Sale price to Original: 108.2%Cambridge Condos End of May 2016
Condos sold: 62 | Avg. SF: $756
Median Sale Price: $695,250 | Sale price to Original: 106.5%

Somerville Condos End of May 2017
Condos sold: 34 | Avg. SF: $565
Median Sale Price: $746,500 | Sale price to Original: 103.6%

Somerville Condos End of May 2016
Condos sold: 59 | Avg. SF: $593
Median Sale Price: $583,000 | Sale price to Original: 106.5%

JP Condos End of May 2017
Condos sold: 32 | Avg. SF: $509
Median Sale Price: $575,000 | Sale price to Original: 103.7%

JP Condos End of May 2016
Condos sold: 35 | Avg. SF: $499
Median Sale Price: $570,000 | Sale price to Original: 102.3%

Roslindale Condos End of May 2017
Condos sold: 9 | Avg. SF: $396
Median Sale Price: $450,000 | Sale price to Original: 110.4%

Roslindale Condos End of May 2016
Condos sold: 21 | Avg. SF: $366
Median Sale Price: $405,000 | Sale price to Original: 102.6%

All the best,
Paul

Condo Comparison, March 2017

I’m happy to say we’re enjoying an overall 58% increase in volume so far this year.  Great news given the challenges of such extremely low inventory.  In looking at the bigger Greater Boston picture, 455 condos sold in February, it was the ninth-most active February on record in Greater Boston. This represents a 3.8% decline in sales volume from the 473 condos sold at the same time last year and is slightly below the historical monthly sales average of 467.  This is also the third consecutive month that condo sales have dropped on a monthly basis.  On an annual basis, the median sales price rose 14.7% from $499,000 to a February record of $515,000.

Celebrating Success

A few highlights from our Celebrating Success event at Tony C’s