Quincy, MA Monthy Market Report mid September 2018. The interest rates are rising, the temperatures will be going dow and the real estate market is shifting. Here is a look at what is going on in Quincy, MA in the last 30 days.
Single Family Active Listings: 90 Avg. Liv.Area SqFt: 1,917.84 Avg. List$: $653,127 Avg. List$/SqFt: $350 Avg. DOM: 65.01 Avg. DTO: 21.80
Single Family Under Agreement Listings: 34 Avg. Liv.Area SqFt: 1,520.94 Avg. List$: $486,808 Avg. List$/SqFt: $330 Avg. DOM: 33.12 Avg. DTO: 22.09
With 90 Active and 34 under agreement many non real estate people will look at this and call it a robust market. Well, that is partly true. The other part is that with interest rates rising the Buyer’s ability to buy is going down.
Single Family Sold Listings: 75 Avg. Liv.Area SqFt: 1,629.97 Avg. List$: $550,642 Avg. List$/SqFt: $347 Avg. DOM: 35.41 Avg. DTO: 24.43 Avg. Sale$: $551,916 Avg. Sale$/SqFt: $351
What we see here is called a truly robust market. When more houses are being sold than are currently on the market that is significant. Looking at houses that stay on the market longer than a month usually means that the agent or the Seller saw these stats and thought they could ask for more. That is not the case. Houses correctly priced sell, those that are overpriced to not.
Single Family Expired Listings: 4 Avg. Liv.Area SqFt: 2,666.25 Avg. List$: $742,225 Avg. List$/SqFt: $294 Avg. DOM: 36.00
Single Family Canceled Listings: 4 Avg. Liv.Area SqFt: 1,908.25 Avg. List$: $516,975 Avg. List$/SqFt: $280 Avg. DOM: 66.75
I always look at these two stats as well. They usually indicate the prices that are too high. Today that is not the case. The average price per square foot (one of the 17 ways that appraisers look at the valuation of a home) is lower than the average price of the Sold homes. This bears further scrutiny and may mean the condition of the house is too high for it’s square footage, or the place was never updated.
This is the Quincy, MA Monthy Market Report mid September 2018