Real Estate Trends – Dracut, Massachusetts (Condos)

Introduction:

This report on the local real estate market trends is the first where we will be looking at different aspect of a town we have examined before.  A couple months ago we looked at the single family real estate in Dracut, MA but now we are going to look at the condominium markethere. This is our 2nd look at a local condo market following our report on that for the Chelsea, MA real estate market a couple weeks ago.   For most towns and cities the single family market is the most important but some Massachusetts real esate markets will have large enough segements it is worth examining those as well.  Dracut, MA does have a robust condo inventory but is still much smaller than the single family one, though the trends are similar to what we saw there previously.

Dracut, MA Real Estate - Town Hall

Without further ado let’s look at the condominium market for Dracut, MA in Middlesex County.

Market Trends in Dracut, MA – September 2013 and 2014:

The real estate condo market in Dracut has gone down somewhat since last year.  Average listing prices are down, as are the average sale prices however the average days on market are down a fair amount.  The total number of properties sold is up marginally with 6 sales in 2013 and 8 sales this year.

Average Listing Prices:

The average listing price for a condo in September 2013 for Dracut, MA was $175,100; in September 2014 that went down to $161,125.  This is a pretty sizable 7.98% decrease.  This is actually a bit larger decrease we saw in the Dracut real estate market for single family homes in July.  It is normal to see larger dips for condos in a downward trending market as the lower end houses become more affordable.  I’d suspect that this is what we are seeing in this case.

Average Sale Prices:

Back in September 2013 the average sale price for a condominium in Dracut, MA was $169,317; in September 2014 it had fallen to $158,163. This represents is a 6.59% decrease.  This is more in line with the 5.4% decrease we saw in sale prices for single family homes in Dracut, MA in July.  Still a bit higher but not almost double like in the listing prices.  The fact that the sales prices are not falling as fast as the listing prices also seems to show that the Realtors in town see where the market is going and have been able to correct for it better than we have seen in some of our previous market reports.

Average Days on Market:

This is the silver lining if you are trying to sell you Dracut, MA condo now.  The days on market are down quite a bit year over year, so at least things are moving reasonably well even if at lower prices.  Last September the average days on for a Dracut, MA condo was 99.0 and this year they were down to 57.13 or a sizable 42.3% decrease. If you have been reading many of our previous market reports you will know the general disclaimer I usually make that these smaller data sets can have the numbers skewed by a single outlier.  We have seen that in many of our previous posts.  This is the case again as it was in our reports on AbingtonBedfordSeekonk, Belmont, Topsfield and Canton.  In 2013 there was one place that was all the way up at 252, which was more than 2.5x the next highest one.  If we remove this then the remaining 5 properties had an average of 68.4.  However note that this is still higher than 2014 just not as dramatic.  Taking this adjusted number the days on market were still down 16.47%.  Days on market are still an improvement from last year for sellers without a doubt.

Dracut, Mass Summary:

The condo market for Dracut, MA is definitely down year over year.  The 2 price metrics were down fair amounts which are the biggest factors to consider.  Having the days on market down is nice but only shows that as long as things are priced at the new discount levels that they will still sell (not to minimize this since that is MUCH better for sellers than not selling while being cheaper).  As often seen these were down more for condos than for the single family home Dracut real estate market we saw for July, though in that case days on market were also up, which again is the one advantage the condo have going for them at this time. In summary if you are looking to sell your Dracut, MA condominium now you should expect to get less than what you might have expected last year.  With the good news being if you might not have to take as big of a discount off your lower listed price and you should avoid sitting on it for too long.

 

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

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(Image credit: Dracut Town Office, Dracut MA, by John Phelan via Wikipedia)  

 

 

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