Real Estate Trends – Acushnet, Massachusetts

Introduction:

In our latest market trend report looking at Eastern Massachusetts and Southern New Hampshire real estate markets, we will look at the South Coast of MA.  If this is your first time here in these reports we will examine the municipality’s year over year change in the real estate market and discuss how things are doing and where they might be going.

Today we are highlighting Acushnet, MA in Bristol County, a semi-rural town that is well known for its annual Apple and Peach festival.

Acushnet MA Real Estate - Apple/Peach Festival

Market Trends in Acushnet, MA – November 2013 and 2014:

For Acushnet, MA there are major indicators of a slowing market with listing and sales prices down significantly while the days on market were up a tremendous amount as well.  Sale volume was consistent with 5 sales in November of both years.

Average Listing Prices:

The first thing we like to look at is the average listing price.  For Acushnet, MA that went from $305,920 in October 2013, all the way down to $241,920 in October 2014.  This is a huge decrease of 20.92%.  This is obviously a very significant decrease. The local market has taken a major downswing and homeowners and their agents have dropped their prices to try to not overprice the houses.

Average Sale Prices:

The next metric is the average sale prices.  In October 2013 the average sale price for Acushnet, MA was $299,300; in October 2014 it was all the way down to $233,580.  This is again a huge decrease of 21.96%.  This decrease is also a little bit bigger than the dip in listing price.  The difference is not that big but could also indicate that prices might be falling even faster than the listing agents can compensate for them.  This seems even more likely one we see the days on market data below.

Average Days on Market:

The final major factor that is important when evaluating the market is seeing how long it is takes for houses to sell.  For Acushnet, MA the average days on market were way up year over year.  Looking at October of 2013 the average days on market were a fairly short 38.40 but in 2014 that was up to a very high 140.40, for a humungous 266% increase. We have seen in many of our previous posts that an outlier in this data can really skew things, especially on pretty small data sets like these.  However there isn’t really anything showing that is the case here.  Looking at the data the top 3 days on market houses in 2014 were all significantly higher than any in 2013 by ~2-3x and the 2nd lowest in 2014 is only less than highest in 2013 so across the board things were up a lot.

Acushnet, Mass Summary:

The Acushnet, Massachusetts real estate market has dropped off tremendously year over year.  The 20%+ declines in both listed and sale prices show these have both fallen off a cliff.  Maybe even more disturbing is the huge increase in days on market. With prices down that much it is just another kick in the gut to home owners that they went from being able to sell their house in about 5 weeks to now taking nearly 5 months and getting on average about $66K less, happy Thanksgiving! In summary if you are looking to sell a house in Acushnet, MA now you should expect to get much less for it than you would have last year.  You also should expect to take a very long time to sell it and should be willing to take a steep discount if you do not want to sit on it for a long time.

 

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

    

 

(Image credit: 2014 Apple-Peach Festival Schedule via its Facebook Fanpage)  

 

 

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