The median price of a condominium in Boston's Jamaica Plain neighborhood increased 10.2 percent in February to $360,500 compared to $327,000 in February 2013, according to data compiled by the Greater Boston Association of Realtors.
Condominium sales in Jamaica Plain increased 16.7 percent in February. There were 12 condo sales in February 2013 and 14 sales in February 2014. There were 37 condo sales through the first two months of this year compared to 27 sales during the same period last year, a 37 percent increase. There were 426 condo sales in Jamaica Plain in 2013, a 13.9 percent increase from the 374 condo sales in 2012.
There are much fewer single-family home sales than condominium sales in Jamaica Plain. There were three single-family home sales in February 2014. There were not any single-family home sales in February 2013. The median price of the three single-family homes sold in February was $637,000.
Through the first two months of the year there were seven single-family homes sold, down from eight last during the same period last year. Home buyers bought 75 single-family homes in Jamaica Plain in 2013, up 8.7 percent from the 69 homes sold in 2012. The median home price increased 17.7 percent in 2013 to $625,000. The median price was $531,000 in 2012.
Condominium inventory in Jamaica Plain is down 65.6 percent in February. There were 61 condos on the market as of February 28, 2013 compared to just 21 condos for sale in February 2014. The inventory of condominiums translates into just 0.6 months of supply, a decline of 70.2 percent. There was 1.9 months of supply in February 2013.
Between six and seven months of supply is generally considered a balanced market between buyers and sellers. The low inventory has really favored sellers in Jamaica Plain. Condos in February sold for 101.1 percent of the original list price, not including any possible seller concessions. The percentage was 101.3 percent for all of 2013.
Single-family inventory in Jamaica Plain dropped 60 percent in February. There were only four single-family homes on the market on February 28, 2014. Through the first two months of the year, single-family homes sold for 107.7 percent of the original list price. The percentage was 97.7 percent for the three single-family home sales in February.
There were not any foreclosure deeds recorded in February 2014 in Jamaica Plain, according to The Warren Group. Foreclosure deeds are the final step in the Massachusetts foreclosure process. There were three foreclosure petitions recorded in February 2014 compared to five petitions in February 2013. Foreclosure petitions are the first step in the Massachusetts foreclosure process. There were not any auction announcements in February.