Something about this neighborhood always feels under priced and under appreciated by the Greater Boston public. In recent months, in seems West Roxbury is getting some more of it’s well deserved attention from buyers. Prices made a big jump in 2014, going from average price in the mid $400,000’s to pushing well into the $500,000’s earlier this year.
Below is the average sale price of single family houses in West Roxbury. The blue line is the average price, the red line is the 4 month moving average.
So, what is next?
This year started with a lower average price, which is common in the winter months. Whether pushing the average past the $550,000 point or reverting closer to 2013 numbers remains to be seen.
At this moment there are 19 houses on the market, which gives an absorption rate of about 5 weeks, which is not much inventory. (The absorption rate is the length of time it takes to sell all current inventory. It is calculated using the last six month of sales data). The average listing price of those houses is $615,900. These two pieces of information lead me to believe there will be another spike in single family home prices in West Roxbury this year.
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