Massachusetts 2015 Condo Market Review
This Massachusetts 2015 Condo Market review shows that sales in 2015 were steady, while prices overall rose 3%. But – and it’s a big but – the inclusion of Boston in numbers for all 353 cities and towns in the State distort the result. In this report I break out Boston and show how the rest of the State fared in 2015.
Sales
Condo sales in Massachusetts have been steady for the last three years, but are still sharply down from the 2005 peak.
Source: MLS, Oliver Reports
Median Price
It may appear surprising, at first blush, that the median price of a condo in Massachusetts should show a 20% increase over the 2005 level. There is a one word explanation: Boston.
The first chart shows just the overall condo market, while the second breaks out Boston and shows Massachusetts ex Boston. Removing Boston from the calculation reduces the increase since 2005 to 10%, while the median price in Boston has increased more than 50% in the same period.
Source: MLS, Oliver Reports
Summary
The inclusion of Boston condos – the main market in the city – distorts the numbers for the State overall. Nevertheless, it is encouraging that the median condo price, excluding Boston, still reached a new paek level in 2015.
The Massachusetts economy remains strong – GE’s decision to relocate to Boston will only help – and mortgage rates are once again close to all-time lows.
Barring geopolitical disasters, the outlook for 2016 is for a gently improving market in Massachusetts.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or [email protected].
Read Which broker should I hire to sell my home?
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Massachusetts 2015 Housing Market Review
The Single Family (SFH) market in Massachusetts in 2015 saw a 10% increase in sales and a 3% increase in the median price, returning the latter to within 1% of the 2004 peak.
Sales
The 10% increase in 2015, all of which came in the second half of the year, took sales just above the prior peak in 2004.
Source: MLS, Oliver Reports
Median Price
The median price increased a modest 3%, taking it to within 1% of the 2005 peak.
As is quite normal, the highest prices were achieved in Q2 and Q3.
Source: MLS, Oliver Reports
Summary
While it is hard to draw meaningful conclusions from numbers covering 353 cities and towns, the overall picture is of a market that has largely returned to normal.
The Massachusetts economy remains strong – GE’s decision to relocate to Boston will only help – and mortgage rates are once again close to all-time lows.
Barring geopolitical disasters, the outlook for 2016 is for a gently improving market in Massachusetts.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or [email protected].
Read Which broker should I hire to sell my home?
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
You can REGISTER to receive email alerts of new posts on the right hand side of the home page at www.OliverReports.com.
@OliverReports
Sales and home prices rise in Essex County
In the first 11 months of 2015 sales and prices of both SFHs and Condos in Essex County and Massachusetts have increased at generally similar rates:
The sales increase for condos seems to be the one out of sync between Essex County and the State as a whole so I have looked at the breakdown by County, showing that sales were flat in the two largest Counties:
MLS, Oliver Reports
Overall, these numbers confirm the reports all year of a market that has returned to the normal condition of gently rising prices. (more…)
Time to think outside Marblehead Neck
You would like to buy a house on the water, but you have noticed the amount of traffic on the Neck and are concerned with exposure to storms.
So what to do?
The answer is: think outside the Neck.
Read Marblehead’s Unknown Oceanfromt properties and you may be surprised to learn that between Preston Beach and Beach Street there are 32 homes (and likely a few more when the FY2016 assessments are announced in December as this area is appreciating) with an Assessed Value over $2 million.
Two of these properties are currently for sale and details can be seen by clicking on 11 Crown Way and 2-4 Coolidge Road.
Crown Way has an Open House today 1-3 and both house will be open next Sunday (if not sold before then).
Are Home Sales really booming?
I read a report recently saying that sales of Single Family Homes (SFHs) in Essex County in July jumped sharply compared with a year ago, although prices showed only modest gains.
I am always wary of one-month numbers – which is why I do not usually report them – so I have taken a look at sales for July (and August), the 4 months, May to August, which are the peak sales months of the year, and the year to date.
Here are the results for Essex County and for Massachusetts as a whole. While there was a spike in July, YTD sales in both Essex County and Massachusetts are up 7%. (more…)
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