Jamaica Plain Real Estate Part I: Agents Discuss Condo Market

The “open house” and “for sale” signs are out on the streets and porches — the spring real estate season is upon us! To get a feel for the local landscape, Jamaica Plain News asked several area real estate agents about different elements of the market: condos, single-family homes and rentals, as well what they’re hearing from buyers and sellers and advice they would provide to sellers, buyers and renters. This is the first article in a series this week.

What are you observing in the Jamaica Plain condo market?

Randal Engelmann, Focus Real Estate

We are still experiencing very low inventory in all price ranges. The buyers are motivated and positioned to make very aggressive offers. Sellers need to keep in mind that the buyers are still paying the highest prices for nicely renovated homes. There is still a premium for something in great condition.

Tristan Rushton, Coldwell Banker

This continues to be a fast-paced market with only a few condos on the market for more than a week. The average condo is continuing to sell quickly, with multiple offers, at a record price. This is particularly true under $1,000,000.

Maureen McElroy, Jamaica Hill Realty

In terms of sales, condos are the bulk of all sales in Jamaica Plain.

Here are some stats (as of April 6) for JP condos year to date vs. 2016 at the same time:

  • 26 active condos ranging in price from $327,839 to $1,495,000
  • 59 condos pending
  • 65 sold from Jan. 1, 2017, to April 6, 2017
  • Average sales price of $603,083 and average price per square foot of $480
  • At this time last year, 70 condos had sold, with an average sales price of $534,577 and average price per square foot of $445.

Inventory continues to be extremely low and prices have continued to rise. This is a seller’s market. There are more buyers than available properties. We are seeing multiple offers with condos going well over the asking price.

Karen McCormack, McCormack & Scanlan

Strength! Newly listed condominiums receive offers immediately after open houses unless they are very overpriced. The lack of inventory continues to leave buyers feeling  hopeless about the likelihood of finding their next home.

Sellers continue to have the upper hand; therefore, buyers are often left with little power to negotiate favorable terms. Although, if they are lucky enough to secure the property they love, that is favorable!

Josh Brett, Nextdoor Realty Team at Unlimited Sotheby’s International Realty

The spring market is here! The inventory of condominium listings in JP is increasing. Buyers now have some options, which is pleasing all around. Advance preparation is still imperative, as many attractive condominiums are going off the market with aggressive offers as fast as they are being put on. It is still early spring so much more activity to come.

Josh Muncey, Ellen, Janis, & Josh Real Estate Team

The market in general is consistent with years past in that it’s very competitive and the demand for homes to purchase outstrips the current supply. This year is even worse than last because the inventory is much lower. It’s almost half of what it was one year ago. This is adding fuel to the fire of the market’s competitiveness, and buyers are frequently bidding well above the asking price and make other terms more favorable to the seller.