Quincy Massachusetts 2009 Real Estate Report - Homes and Condos Sold

The Quincy MA real estate values have begun to stabilize in 2009 as compared to the previous three years. Sales activity increased for single family homes but declined in the condominium sector. As homes continue to be more affordable at the entry level, buyers are shying away from condominiums. In addition, favorable FHA financing is more available for homes than condos as many condo complexes are not FHA or VA approved. Affordability is based on monthly payments and the combination of historically low interest rates, declines in values and the $8000 tax credit has increased the demand in the first-time home buyer market.

There were 400 homes sold in Quincy in 2009 which is 12% increase over 2008 activity. The peak for the past 4 years occurred in 2006 with 416 homes sold. Values dropped slightly from $338,264 in 2008 to $330,028 in 2009. In 2006 the average sales price was $380,506 which represents an overall drop in value of -13% in the past four years. Quincy home values have remained relatively stable compared to other Massachusetts communities.

The value range for homes sold in 2009 was from $100,000 to $1,175,000 with days on market at 93 and a sales price to list ratio of 96%. These statistics are indicative of a “normal” market and point to a possible bottom being seen in the first quarter of 2009.

Sales activity in the Quincy MA condominium market dropped -10% from 321 units sold in 2008 to 291 in 2009. In 2006 there were 535 condos sold which points to the softening in the condominium market. The average sales prices dropped slightly (-1.2%) and the 2009 value of $249,086 represents a -14% decline from peak values in 2006.

The days on market improved dramatically from 137 days to 114 days and the sales price to list ratio dropped to 95%. The value range for condos sold was $88,500-$690,000 with the majority of the units selling in the $200,000-$250,000 range.

Data for this report was obtained from the MLSPin Massachusetts MLS system and is not guaranteed to be accurate.  Information was analyzed by Virtual Homes Real Estate.