Real Estate Trends – Dracut, Massachusetts #2

Introduction:

Welcome back for our latest market trend report looking at Eastern Massachusetts and Southern New Hampshire real estate markets.  While we will be looking mostly at the year over year trends as we always do in these posts this is also the first time we are going to revisit a previous town we have looked at.

Today we are again looking at the market in Dracut, MA in Middlesex County.

Dracut Middies Logo - Dracut MA Real Estate

The first one of these posts we did back in August was on Dracut and we also did one of our first post on Condos about Dracut back in late October.  Since it has been more than a quarter since we first looked at this market it seemed like an interesting idea to go back and see if the market is still showing the same year on year changes and we can also see how things compare since we first looked at the town.

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

The pattern of decline in our previous article on Dracut, MA has continued and the gap has actually widened with listing and sales prices down quite a bit more than the annual decline we saw in the July data.  However the days on market were also down. Sale volume was consistent with 17 sales in November 2013 and a slight increase to 19 in 2014.

Average Listing Prices:

The average listing price in Dracut, MA went down from $322,112 in November 2013, to $269,937 by November 2014.  That is a decrease of 16.20% and is quite significant.  For comparison the percentage decrease year over year in July was only 4.2%.  That is a pretty big increase in the gap in a few months.  Qualitatively it is pretty easy to see that in 2013 the market was still trending up as the list prices went up about $22K in this time and in 2014 they went down about $18K.

Average Sale Prices:

Next looking at the average sale prices in November 2013 the average sale price for Dracut, MA $316,728; by November 2014 that was down to $261,368.  This represents a slightly larger 17.48% drop compared to the listing prices.  Again this is a very significant difference especially compared with the 5.4% decrease we saw in July.  Again this follows the same pattern of the market trending down the last few months as well as year over year.  In this case sale prices were up almost $19K in 2013 and down just over $20K in 2014 in this timeframe.

Average Days on Market:

The last metric we always evaluate is the average days on market to see how long it is taking for houses to sell.  In the case of Dracut, MA this is actually down year over year.  Looking at November of 2013 the average days on market were 106.35 but in 2014 that was down to 75.95, for a 28.58% decrease. Now we have seen in our previous posts for Abington, Bedford, Seekonk, Belmont, Topsfield, Canton, Dracut (Condos), Hamilton, Wakefieldand Amesbury (Condos) that some outliers can really skew the data.  That again happens to be the case here for Dracut, MA.  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 very high days on market of 468, which was more than 170 higher than the next closest.  After removing this data point the remaining 16 properties had an average days on market of 83.75.  If we use this for the calculation we get a more modest decrease of 9.31% which is certainly still down but not nearly as dramatic as before.  Still greater than 9% is not trivial so this is definitely the silver lining for sellers in major declining market.  It is also worth noting that these are both up since July.

Dracut, Mass Summary:

The Dracut, Massachusetts real estate market has definitely slowed down a lot year over year and over the last few months.  The 16-18% declines in both listed and sale prices show things are soft and way down from last year.  We also see that this rate of decline has picked up significantly since the summer showing this declining trend more definitively.  The saving grace for sellers right now are that even after adjusting out that one extremely high days on market house we see that properties are selling fast than they had been, and almost as fast as in July, which is pretty good since typical real estate seasonality would lead you to expect to see this to increase. In summary if you are looking to sell a house in Dracut, MA now you should expect to get a lot less for it than you would have last year.  You also should not expect to have to take a large discount to sell it in a fairly reasonable amount of time, as long as you have it priced right at the new lower level.

 

Do you need to sell your Dracut, Massachusetts house 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 Middies Logo via DPS Superintendant Steven Stone’s Google+ Page)    

 

 

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