Real Estate Trends – Taunton, Massachusetts

Introduction:

Welcome back for another market trend report examining Massachusetts and New Hampshire real estate markets.  For those here for the first time 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.

Today we are highlighting Taunton, MA in Bristol County.

Seal of Taunton - Taunton MA Real Estate

Taunton is one of the oldest towns in the United States, founded in 1637.  Taunton was founded by settlers from England and was incorporated as a town on September 3, 1639, and was re-incorporated as a city on May 11, 1864.

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

Taunton, MA is showing all of the signs of a slowing market with listing and sales prices down and the days on market going up.  Sale volume was up slightly with 29 sales in November of 2013 and 33 in November 2014.

Average Listing Prices:

Our first metric we shall look at is the average listing price.  For Taunton, MA that was $245,802 in November 2013 then dipping down to $232,612 in November 2014.  This represents a decrease of 5.36%.  This is a modest but significant decrease.

Average Sale Prices:

Our next metric we shall check out is the average sale prices.  Back in November of 2013 the average sale price for Taunton, MA was $244,771; in November 2014 it was down to $227,345.  This is a noticeably larger decrease of 7.12%.  The difference in the decreases in listing vs. sale prices is not that big but does indicate that prices are falling faster than the local real estate agents are compensating for it.  This is also supported below when we look at the day on market changes.

Average Days on Market:

The last metric we shall look at is the days on market, which is basically how long it is takes for houses to sell.  For Taunton, MA the average days on market went up year over year, indicating it is taking longer for houses to sell.  In November of 2013 the average days on market were 69.34 but in 2014 they were up to 105.06, for a 51.51% increase Now we have seen in our previous posts for Abington, BedfordSeekonk,BelmontTopsfieldCanton,  Dracut (Condos), HamiltonWakefield, Amesbury (Condos), and Dracut #2 that some outliers can really skew the data.  That happens to be the case again here for Taunton, MA.  In this case the 2014 data is where it is skewed and makes the change less dramatic than what we have above. In November 2014 there was one very high days on market of 567, which was double the next closest.  After removing this house from the calculation the remaining 32 properties had an average days on market of 90.63.  If we use this for the calculation we get a slightly less dramatic decrease of 30.70%, which is still up quite a bit.   Regardless of which calculation you look at houses are clearly sitting on the market a lot longer than they were a year ago.

Taunton, Mass Summary:

The Taunton, Massachusetts real estate market has weakened quite a bit year over year.  The declines in both listed and sale prices show this and the sizable increase in the days on market also supports this.  The fact that sale prices are dropping faster than listing prices and properties are selling slower indicates that the market is falling faster than anyone is compensating for it. In summary if you are looking to sell a house in Taunton, MA now you should expect to get less for it than you would have last year.  You also should expect to need to take an even bigger discount off of your initial price to avoid sitting on it for a long time.

 

Do you need to sell your Taunton, 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: Seal of Taunton via Wikipedia)    

 

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