Review of Real Estate Market Conditions and Property Values in West Roxbury, MA

Posted by: Tim White
Posted on: Sunday, July 1, 2007 at 1:11 pm
Categories: Market Conditions, Home Buying, Home Selling, Market Conditions, Market Conditions, Jamaica Plain, West Roxbury, Roslindale

Over the past 10 days, I’ve reported in detail on the various market dynamics that influence residential property values in West Roxbury.  As noted in the three (3) previous posts written on this subject, in order to understand what is happening across the overall market segment for the end of the 2nd quarter in 2007, it was necessary to break the analysis down and examine the data in subsets.  First, we focused on West Roxbury’s single-family market segment, next we addressed the condition of the condo market, and, finally, we explored the goings on in the multi-family market.  Taken together, these three (3) market subsets tell us much of the story as to what’s happening in the residential marketplace for West Roxbury.

In this post, I will attempt to bring it all together in an effort to provide readers with a sense of what is occurring across the entire market.

A quick review:

  • Single-Family Market–by far is in the best shape when compared to condos and multis.  The most significant aspect of this market segment as illustrated by its trend-line is that the ratio of single family homes under contract versus the total number of homes for sale is higher than at any other time in the past two (2) years.
  • Condo Market–Although struggling over the past 18 months there are definite signs over the last quarter of a strengthening market.  While inventory is still a bit on the high side, the number of under contracts has been increasing in recent months.  Opportunities on the buy side remain strong.
  • Multi-Family Market–Of the three (3) market segments, the multi-family market in West Roxbury has taken the hardest hit.  After investments in multi-families hit a fever pitch in 2003-2004, fueled in large part by the city-wide condo craze which spread like wildfire through Boston from 1999-2004, this market segment has experienced a significant downward shift in median sales prices and number of units sold. 

An interpretation of the real estate market data suggests that after an extended, but not necessarily dramatic (e.g. soft landing), adjustment period (some would say necessary market correction after an historic seven (7) run that saw in astonishing rate of appreciation year over year and subsequent rise in values), the market has returned to normalcy where there is a healthy balance of supply and demand overall.  While some segments have been slow to recover (i.e. multi-family), the market as a whole is, once again stable, and even beginning to tighten in some segments as some indicators suggest.

Next up:  The Roslindale Real Estate Market…

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