Real Estate Trends – Lowell, Massachusetts

Introduction:

Welcome back to our latest market trend report examining the real estate markets in Eastern Massachusetts and Southern New Hampshire.  If this is your first time here, in these reports we will examine the city’s year over year change in the real estate market and discuss how things are doing and where they might be going.

City of Lowell MA - Lowell MA Real Estate

Today we are highlighting Lowell, MA in Middlesex County, the 4th largest city in Massachusetts.

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

Lowell, MA is showing some early indicators of a slowing market with listing and sales prices down.  However the days on market were down a bit.  Sale volume was very consistent with 32 sales in November of 2013 and 31 in 2014.

Average Listing Prices:

The first thing we’ll look at is the average listing price.  For Lowell, MA that went from $241,712 in November 2013, down to $235,787 in November 2014.  This represents a decrease of 2.45%.  This is a fairly small decrease.  However these small changes are often the first indicator of a downward trend.  It will be interesting to see how Lowell trends into 2015.

Average Sale Prices:

The next metric we will check out is the average sale prices.  In November 2013 the average sale price for Lowell, MA was $230,138; in November 2014 it was down to $226,515.  This is again a modest decrease of 1.57%.  This decrease is a little bit smaller than the dip in listing price.  The difference is not that big but could indicate that local agents see that prices are going down and have compensated better with the listing prices.  This actually makes sense when we look at the days on market next.

Average Days on Market:

Seeing how long it is takes for houses to sell is the final major factor that is important when evaluating the market.  For Lowell, MA the average days on market were down year over year.  Looking at November of 2013 the average days on market were 90.19 but in 2014 that was down to 69.81, for a 22.60% decrease.  Seeing the drop in listing prices being less than the drop in selling prices looks to me that things are selling a little faster as prices are being more on target than they were last year. So the prices are falling but are selling a little closer to the listed price (sales at about 95% of list in 2013 and just over 96% in 2014) so things are selling a tad faster too.

Lowell, Mass Summary:

The Lowell, Massachusetts real estate market has softened a little year over year.  The ~2% declines in both listed and sale prices show these both might be heading to more of a drop.  The days on market being down does give some validity that maybe the market is just stable.  We will keep an eye on Lowell the next couple months to see which way things go in the New Year. In summary if you are looking to sell a house in Lowell, MA now you should expect to get slightly less for it than you would have last year.  You also should expect to sell it a little faster than in 2013 if you have it priced right and should not need to take any steep discount on it to avoid having to sit on it for a long time.

 

Do you need to sell your Lowell, 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: City of Lowell via the City of Lowell MA website)  

 

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