Real Estate Trends – Avon, Massachusetts

Introduction:

In our latest examination on the real estate trends in the communities in Massachusetts and Southern New Hampshire .  We will be showing how the local real estate market has changed year over year in the city or town we are spotlighting in the report. At times the market may be improving and you can sell for a higher retail price fairly quickly.  At other times the market has slowed down.  The prices maybe declining while the days on market could be increasing.  When we see those cases you may consider selling fast and taking less than you thought you would be originally (unfortunately you well be less likely to get that high regardless of your willingness to accept it).

Town Of Avon, MA Seal

 Today we are highlighting Avon, MA in Norfolk County.

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

The overall Avon, MA real estate market has slowed down a lot since July of 2013.  Average listing prices are down as well as the average sale prices, this is also accompanied by a significant increase to the days on market too.  The overall number of properties sold was basically stagnant going from 6 to 7.

Average Listing Prices:

In July 2013 the average listing price for a single family house in Avon, MA was $299,683; in July 2014 that was all the way down to $258,214. This represents an impressive 13.84% decrease year over year.  That is a very significant change.  This would indicates that buyers are paying much, much less, and the real estate agents are trying to compensate for this as best that they can.  If the local agents know that prices are going down they are adjusting their price recommendations to try to not overprice their listings, however we will see they are not doing enough to avoid this.

Average Sale Prices:

In July 2013 the average sale price in Avon was $294,000; in July 2014 it was down to $253,357. This represents a nearly identical 13.82% decrease year over year.  Again this is a very 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.  This also is supported by the very big increase in the average DOM (days on market) discussed next.

Average Days on Market:

In July 2013 the average days on market in Avon were 34.50; in July 2014 it was up to 62.43. This represents a whopping 81% increase year over year.  This is obviously a huge increase!  This would indicate that listings are overpriced and sale prices are going down faster than real estate agents are compensating for the changes in the market.  It should be pointed out that with such small data sets one outlier can really skew the data.  We saw this in our previous report on Abington, MA and Bedford, MA.  However in this case the highest single days on market were on a place in 2013 and actually skewed that set where taking that out the other places had an average almost half at 17.8.  The 2014 set had 2 that were a little shorter than the 2013 long, and had another that was over the average so no single house really skewed the 2014 data.  So seeing that the 2013 data is actually somewhat misleadingly high it makes this effect seem even more dramatic than it already was.

Avon, Mass Summary:

With much higher DOM, much lower listing prices and even lower sale prices it is clear that the Avon, Massachusetts market has slowed down considerably year over year.  The drops in prices are pretty eye catching at over 13%, if you had hoped to catch more upswing before selling you may have made a big mistake. In summary if you are looking to sell your Avon, MA home now you should expect to get less than you might have thought and should be willing to take a bigger discount off your listed price or be prepared for it so sit for several months before selling.

 

Do you need to sell your Avon, 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: “Avon MA seal” from Wikipedia via the Town of Avon website)  

 

 

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