Real Estate Trends – Norfolk County, Massachusetts

Introduction:

In this latest market trend report we are looking more regionally with the first “County Report” for the Massachusetts real estate market.  The advantage of doing this is that instead of looking at just a handful of properties we can analyze hundreds.  If you are familiar with statistics you know that more data points the better the analysis you can do.

Today we are highlighting Norfolk County of Massachusetts.  Norfolk County includes the towns of Avon, Bellingham, Braintree, Brookline, Canton, Cohasset, Dedham, Dover, Foxborough, Franklin, Holbrook, Medfield, Medway, Millis, Milton, Needham, Norfolk, Norwood, Plainville, Quincy, Randolph, Sharon, Stoughton, Walpole, Wellesley, Westwood, Weymouth and Wrentham.

Norfolk County Real Estate - County Map

Market Trends in Norfolk County, MA – September 2013 and 2014:

Norfolk County had close to 500 single family houses sold in September of each year.  Over these sales the average listed price was down as were the final sale prices and the day on market were up.  Overall the sales were very similar with only a slight decrease from 495 in 2013 to 488 in 2014.

Average Listing Prices:

First lets looked at is the average listing price for Norfolk County.  This went down from $554,683 in September 2013 to $538,161 in September 2014.  This decrease is 2.98%, which is not insignificant with about 500 sales in each period.  While far from any kind of “crash” this does indicate that the market has started to trend down throughout the county.

Average Sale Prices:

Next up is the average sale prices.  In September 2013 the average sale price for Norfolk County was $539,383; in September 2014 it was down to $526,651. This represents a decline of 2.36%.  This metric also shows that prices have gone down and that the market is trending downwards.  The fact that the sales prices are falling a little slower than the listing prices might show that the regions real estate agents are seeing the decline and are trying to price houses less than last year to try to keep up with the trends.

Average Days on Market:

Besides pricing seeing how long it is taking for houses to sell is the other big market indicator.  In the case of Norfolk County the average days on market are up as well.  In this case they are up a fair amount and being over a large set of sales it is pretty significant.  Looking at September of 2013 the average days on market were 60.05 and in 2014 that was up to 74.67, a 24.35% increase.

In many of our town/city level reports we saw that in the small data sets that the days on market sometimes were skewed a lot by one or two places that were very high compared to the rest.  However this is where the big data sets show the advantage as that is not the case here.  The increase of nearly 25% is definitely real and a significant factor to consider when selling your house.

Norfolk County Summary:

Each metric looked at indicates that the Norfolk County real estate market has slowed down since last year.  The roughly 2.5-3% declines in both listed and sale prices indicates that prices may have peaked in 2013.  The very large increase in the days on market is probably the larger concern.  While for so many sold properties the pricing declines are meaningful they aren’t that high, but seeing a nearly 25% increase in the time to sell properties shows that there are less buyers and they aren’t as willing to pay those slightly reduced prices.

In summary if you are looking to sell your Norfolk County, Massachusetts house you should expect to get a little less than you would  have last year and should be willing to take a bigger discount off your listed price to avoid sitting on it for a very long time.

Do you need to sell your Norfolk County, 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: Norfolk County Map, via the Norfolk County Website)

 

 

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