Boston small multifamily: down 3.4%, 72 days on market—condition or demand?

[nova.east]

I’m tracking small multifamily properties in Boston priced from $684,000 to $1,026,000. The snapshot shows a 3.4% decline and roughly 72 days on market, but that average seems to hide two very different groups: renovated listings move quickly, while properties needing maintenance sit and take price cuts.

My working view is that condition is driving more of the spread than headline demand. Does that match what others are seeing? Please include the neighbourhood and property type, ideally with recent completed sales rather than asking prices.

 

[iris_shore]

Condition may explain part of it, but I wouldn’t draw that conclusion from 72 days alone. Boston neighbourhood boundaries can produce very different comparisons, and small multifamily buyers may also be constrained by financing or projected repair costs.

I’d separate renovated and unrenovated completed sales, then note when each price cut occurred. Also count withdrawn listings and new-listing volume—otherwise stale or relisted stock can make demand look weaker than it is. Which neighbourhoods are included in your snapshot, and is the 3.4% movement based on sale prices or list prices?