Real Estate Trends – Amesbury, Massachusetts (Condos)

Introduction:

Welcome to our latest market trend report looking at Eastern Massachusetts and Southern New Hampshire real estate markets.  As always we will examine the towns year over year changes in the real estate market and assess which direction things are heading.

Today we are highlighting the Condo market in Amesbury, MA in Essex County, one of the two northern most towns in MA along with neighboring Salisbury.

Amesbury Town Hall - Amesbury Massachusetts Real Estate

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

For the Amesbury, MA condo market there are signs of a slowdown with listing and sales prices down, though the days on market were also down.  Sale volume was consistent with 7 sales in November 2013 and in 2014.

Average Listing Prices:

The average listing price for an Amesbury, MA condo went down from $263,186 in November 2013, to $209,243 by November 2014.  This is a decrease of 20.50%.  This is a pretty significant decrease!  The drop is very noticeable in the mid priced properties as the high both years were within a few thousand dollars.

Average Sale Prices:

Next we will look at the average sale prices.  In November 2013 the average sale price for an Amesbury, MA condo was $256,071; by November 2014 it was down to $204,286.  This represents a nearly identical 20.22% drop compared to the listing prices above. Again this is a very significant difference.  Being almost the same decline just shows that asking prices are keeping pace meaning the local agents are neither compensating to much nor are the missing the boat by keeping listing prices way to high.

Average Days on Market:

The final major factor to evaluate the market is to see how long it is taking for houses to sell.  In the case of the Amesbury, MA condo market the average days on market is actually down a little year over year.  Looking at November of 2013 the average days on market were 247.29 but in 2014 that was down to 87.86, for a 64.47% decrease. Now we have seen in our previous posts for Abington, Bedford, Seekonk, Belmont, Topsfield, Canton, Dracut (Condos), Hamilton and Wakefield that some outliers can really skew the data.  That again happens to be the case here for the Amesbury, MA condo market.  Similar to most of these previous cases the 2013 data is where it is skewed and makes the change less dramatic than what we have above. In November 2013 there was one ridiculously high days on market of 1,166, which was nearly 4 times more than the next closest.  So removing this data point the remaining 6 properties had an average days on market of 94.17.  Using this in the calculation we get a decrease of 6.70% which is certainly still down a little but now things are more indicative of a stagnant market rather than any sizable change.

Amesbury, Mass Summary:

The Amesbury, Massachusetts real estate market for condos has definitely slowed down year over year.  The 20% declines in both listed and sale prices show things are soft and way down from last year.  After adjusting out that one extremely high days on market property we see that is also essentially flat with just a tiny improvement.  So if you are going to try to sell your Amesbury, MA condo your silver lining is that things are still selling about as fast as last year. In summary if you are looking to sell a condo in Amesbury, MA now you should expect to get less for it than you would have last year.  You also should not expect to sell it any faster than before though you probably have to be willing to take a large discount at this point to sell it in a fairly reasonable amount of time.

 

Do you need to sell your Amesbury, Massachusetts condo 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: Amesbury Town Hall by Fletcher6 via Wikipedia)  

 

 

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