Quincy MA Real Estate Report
Quincy MA Monthly Real Estate Statistics
July 2011 June 2011 July 2010
Single Family:
Homes Sold: 23 42 34
Original List Price: $416,373 $325,604 $354,467
Final List Price: $404,239 $311,700 $336,814
Average Sold Price: $384,674 $296,624 $324,647
Average Days on Market: 154 104 69
Median Sales Price: $328,000 $296,500 $317,500
Condos:
Home Sold: 26 21 17
Original List Price: $256,404 $258,862 $284,317
Final List Price: $248,219 $254,033 $278,117
Average Sold Price: $238,000 $245,236 $262,194
Average Days on Market: 111 116 78
Median Sales Price: $230,650 $237,250 $237,000
Multi-Umit:
Homes Sold: 8 11 8
Original List Price: $405,200 $467,500 $437,286
Final List Price: $385,638 $448,690 $421,024
Average Sold Price: $357,625 $433,809 $411,050
Average Days on Market: 115 93 146
Median Sales Price: $352,500 $450,000 $413,000
SUMMARY:
As the Statistics show the number of Single Family home sales have dropped from 42 in June to 23 in July. July of 2010 had 34 single family sales. July is typically slower as we are in the Summer vacation time, however the drop has been more than expected this year. Sales were down in May, June and July. Prices have not changed much at all. Prices of Single Family homes have actually increased with the median price climbing to $328,000.
Condo number od sales are up from 21 in June to 26 in July, however prices have dropped from $237,250 to $230,650.
Multi-Unit sales are down from June and prices have fallen sharply. This sharp drop could be just that lower priced Foreclosures and Short Sales are showing up in this months closings. I don’t expect this trend to continue.
Prices have increased for single-family, with condos dropping slightly and multi-family’s down considerably from June.Also if you compare this July to last July, Quincy has not changed all that much. It looks like prices are going to continue climbing at least in the near future for single family homes as Foreclosures have slowed down dramatically. Multi Unit homes I think are going to show an improvement in the coming months and condos should taper off as the Lenders ease up on Mortgage Requirements regarding Condos.
Foreclosures are still not hitting the market. If the trend continues to slow down, meaning fewer and fewer foreclosures coming on the market, we should see a turn around with prices starting to head upwards.
Properties Currently Under Agreement in Quincy MA:
Single Family: There are currently 50 properties under agreement compared to 49 last month. The Average Listing Price is $295,994, which is a slight decrease over last month.
Condos: 34 under agreement with an Average List Price of $246,612 which is slightly higher than last month in number of condos under agreement and Average Listing Price.
Multi-Unit: 16 under agreement, one less than last month with an Average List Price of $339,874 or about $30,000 less than last month.
My thoughts are that we are going to see a price increases for the near future if the Debt Ceiling Bill is passed. There seems to be fear in the Market as the uncertainty of what is going to happen should they not pass the bill. The unemployment rate in Massachusetts has dropped from 7.8%in June to 7.6% compared to the National Average of 9.2% which has remained the same as last month. As more jobs are created, home sale should also increase. The trend appears to be heading in that direction.
Watch for next month’s Report to see if the price increases continue.
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