Quincy MA Condominium Market Report April 2016

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Real Estate Agent with YourStories Realty Group powered by Castles Unlimited® MA# 9517963

Marina Bay condo for saleQuincy MA Condominium Market Report April 2016. Within the last three months there were 202 properties on the MLSPIN in one of the many status's of real estate from Active to Canceled.  A normal market has about 6 months of inventory.  Right now Quincy does not have this much inventory. When a market has 78 listings sold over three months and only 68 on the market there is less than one month of inventory of listings.  This is horribly low and would in most cases increase competition and price, but this is not always the case for some very specific reasons.  More on that in the Expired and Canceled Listings area of this report.

Condominium Active Listings: 68    Avg. Liv.Area SqFt: 1,213.16     Avg. List$: $382,437    Avg. List$/SqFt: $315     Avg. DOM: 53.84     Avg. DTO: 13.86

Marina Bay Townhouse for Sale

Marina Bay Townhouse for Sale

There are 32 listings that are UAG, under agreement, and that indicates that we would have a month and one half of inventory with the same 68 listings on Active.  The UAG's are the sold's of next month.

Condominium Under Agreement Listings: 32    Avg. Liv.Area SqFt: 1,141.34     Avg. List$: $340,219    Avg. List$/SqFt: $301     Avg. DOM: 47.19     Avg. DTO: 25.78

In all cases we are getting quick offers on any condominium that is price correctly. Getting the price right is critical to getting the most for your property in this market.  It is not what you, the Seller wants.  It is not what the Agent suggests, often lead to this conclusion by the Seller's desires. The price is determined by the Buyer and they will do their homework.

Condominium Sold Listings: 78    Avg. Liv.Area SqFt: 1,113.64     Avg. List$: $310,617    Avg. List$/SqFt: $287     Avg. DOM: 72.76     Avg. DTO: 48.91    Avg. Sale$: $305,349   Avg. Sale$/SqFt: $28

No condominiums are alike, but in real estate they get bundled and segments into price, per square foot, Marina Bay Quincy townhouse for salebedrooms, bathrooms and so on.  What we can see in the Sold's is that both the Active Sales and the UAG sales both have higher prices per square foot than the Buyers are buying.  And yet it is also not true that all condominiums would be worth an average per square foot price as the next. For instance a view. Square footage near a view is always worth more.  So is granite over formica and so on.

Condominium Expired Listings: 13    Avg. Liv.Area SqFt: 1,021.00     Avg. List$: $286,876    Avg. List$/SqFt: $289     Avg. DOM: 118.69

Condominium Canceled Listings: 11    Avg. Liv.Area SqFt: 1,392.09     Avg. List$: $452,600    Avg. List$/SqFt: $322     Avg. DOM: 110.55

As you can see most of these Expired and Canceled listings are fairly overpriced. Today's consumer will not over pay.  If a property is correctly priced a Buyer will compete for a property and in that way pay more than a usual price, but that is the only situation where you will get more than you would correctly value a property. This has been the Quincy MA Condominium Market Report April 2016

Posted by

Larry Lawfer, Realtor®YourStories Realty, It's all about you,

Larry Lawfer

Partner

Realtor®, Director of Marketing

YourStories Realty Group powered by Castles Unlimited®

837 Beacon St

Newton, MA 02459

larry@yourstoriesrealty.com, 617-774-8292

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Rainmaker
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Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Looks like the spring market is coming to historic Quincy! Make it a good one for you

Apr 06, 2016 09:09 PM #1
Rainmaker
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Larry. Great report. Sounds like some of the inventory is overpriced so the real inventory is very competitive. Enjoy your day!

Apr 06, 2016 09:23 PM #2
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