Real Estate Trends – Abington, Massachusetts

Introduction:

This is our 2nd report we will publish on the real estate trends in our target communities in Eastern Massachusetts and Southern New Hampshire.Our goal is to show how the market has changed year over year in the town we are spotlighting. The market trends will sometimes show the market may be improving and you can sell your house for a higher retail price quickly.  At other times the market has slowed down and prices are declining while days on market are increasing.  When that happens you might want to considering selling fast and take less than you thought you would be asking originally.

Abington, MA Town Sign 

Today we are highlighting Abington, MA in Plymouth County.

Market Trends in Abington, MA – July 2013 and 2014:

Overall the Abington, MA real estate market has slowed down a bit year over year.  The average listing prices are down as are the average sale prices.  Also the days on market are down significantly.  The overall number of properties sold also decreased dramatically from 21 to 10.

Average Listing Prices:

In July 2013 the average listing price in Abington was $371,738; in July 2014 it was down to $351,140. This represents a 5.54% decrease year over year.  That is a fairly significant change.  This would tend to indicate that people are paying less, and the real estate agents know it.  If the local agents know that prices are going down they are adjusting their price recommendations to try to not overprice their listings.  However they are not always ahead of the curve on this as we will see below.

Average Sale Prices:

In July 2013 the average sale price in Abington was $363,548; in July 2014 it was down to $339,670. This represents a 6.57% decrease year over year.  Again this is a fairly significant decrease.  It also would indicate that the actual prices are dropping faster than the real estate agents are compensating for with the decreased listing prices.

Average Days on Market:

In July 2013 the average days on market in Abington were 132.33; in July 2014 it was down to 72.30. This represents a whopping 45.4% decrease year over year.  This is obviously a huge decrease!  However in this case if you look closely at the raw data there are 2 places that are highly skewing the 2013 figure.  Two listings were on for 1151 days and 505 days, if you remove those then the other 19 places had an average of 59.1 days, which is a bit less than 2014.  Also worth nothing is that 7 of those other 19 sold in less than 10 days and there were 2 other listings well over 200 days and longer than anything in 2014, so this is not just cherry picking of data, they are true outliers from the normal trends.  If you use this adjusted figure for 2013 then the days are actually up by 22.3%.  This would tend to also support that people and their agents are listing places to high.

Abington, Mass Summary:

With fewer sales, lower listing prices and even lower sale prices along with the higher adjusted days on market it is clear that the Abington, Massachusetts market has slowed considerably from July 2013 to July 2014. In summary if you are looking to sell your Abington, MA home now you should expect to get less than you might have thought you might.  You should also be willing to take a bigger discount off your listed price or be prepared for it so sit for awhile before selling.

 

Do you need to sell your Abington, Massachusetts house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

Please share your questions and comments below.

 

 

(Image credit: Abington CAM)

 

 

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