The Roxbury Real Estate market is experiencing a boom. Condo sales are through the roof and buyers cant seem to get enough. Single families and multifamilies are selling off market more than on market and being converted to condos because the demand is greatest.
Mutli family home values have aggressively increased due to the high demand for rental units and the lure of condo conversions. MF homes were selling for $532,000 in 2014 and to date (keep in mind we are only in July) are selling for $879,000.
|Multi Families||2014||2015||2016 (January to July)|
|Average Sales Price||$532,595||$574,782||$879,308|
|Days on Market (DOM)||53||57||105|
Half way through the year and condo sales have already matched the entire year of 2015 sales and surpassed that of 2014. Values have increased by $100,000. Savvy investors have taken notice and have been trying to meet the demand for luxury condos in the community.
|Condominiums||2014||2015||2016 (January to July)|
|Average Sales Price||$290,023||$404,094||$387,293|
|Days on Market (DOM)||65||58||62|
Single family sales have always been lower because they are hard to sell due to their large size. The average family does not want the responsibility of these massive Victorians. Savvy buyers have started converting them to multi-families to utilize the space.
|Single Families||2014||2015||2016 (January to July)|
|Average Sales Price||$435,975||$406,214||$444,964|
|Days on Market (DOM)||63||94||43|
For more information on the Roxbury real estate market, connect with your area specialist Terrance Moreau