Quincy 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: $315 Avg. DOM: 53.84 Avg. DTO: 13.86
There are 32 listings that are UAG, under agreement, and that indicates that we would have a month and one half of inventory with the same 68 listings on Active. The UAG’s are the sold’s of next month.
Condominium Under Agreement Listings: 32 Avg. Liv.Area SqFt: 1,141.34 Avg. List$: $340,219 Avg. List$/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: $282
No condominiums are alike, but in real estate they get bundled and segments into price, per square foot, bedrooms, bathrooms and so on. What we can see in the Sold’s is that both the Active Sales and the UAG sales both have higher prices per square foot than the Buyers are buying. And yet it is also not true that all condominiums would be worth an average per square foot price as the next. For instance a view. Square footage near a view is always worth more. So is granite over formica and so on.
Condominium Expired Listings: 13 Avg. Liv.Area SqFt: 1,021.00 Avg. List$: $286,876 Avg. List$/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