Real Estate Trends – Reading, Massachusetts

Introduction:

We are back for our latest market trend report examining Eastern Massachusetts and Southern New Hampshire real estate markets.  In these reports we will examine the municipality’s year over year change in the real estate market and discuss these observations and what they might mean for the market.

Today we are highlighting Reading, MA in Middlesex County.

Parker Tavern - Reading Massachusetts Real Estate

Reading was incorporated on June 10th 1644 and later had the towns of North Reading and Wakefield break off.

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

Reading, MA is showing signs of a slowing market with listing and sales prices down and the days on market going up.  Inventory was up with 12 sales in November of 2013 and 16 in 2014.

Average Listing Prices:

Let’s start with the first metric we’ll look at which is the average listing price.  Reading, MA had an average list price of $523,333 in November 2013 that went down to $496,356 in November 2014.  This represents a decrease of 5.15%, which is a meaningful decrease.

Average Sale Prices:

The next metric we consider is the average sale prices.  In November of 2013 the average sale price for Reading, MA was $518,904; in November 2014 that was down to $494,556.  This is a slightly smaller decrease of 4.69%.  The difference in the decreases between listing vs. sale prices is small, but could indicate that the local real estate professionals are recognizing the prices are falling and are compensating for it reasonably well.

Average Days on Market:

Finally the last thing we look at is the days on market, which is how long it is takes for a house to sell in this market.  Reading, MA had an the average days on market in November of 2013 of 24.50 and the average days on market in 2014 were up to 58.50, for a whopping 139% increase! We have seen in several of our previous posts for the municipalities of AbingtonBedfordSeekonkBelmont, TopsfieldCanton, Dracut (Condos), HamiltonWakefield, Amesbury (Condos), Dracut #2 and Taunton that an outlier can really skew the data.  That happens to be the case here for Reading, MA as well.  Similar to most of these it is actually the 2013 data that is skewed and in this case makes the above even more dramatic. In November 2013 there was one house with a days on market of more than double any of the others.  After removing this from the calculation the other 11 properties had an average days on market of 17.45.  If we use this for the calculation we get an increase of 235%, which is quite a bit bigger than the already startling initial figure.   Regardless of which calculation you look at houses are clearly sitting on the market much longer than they were a year ago.

Reading, Mass Summary:

The Reading, Massachusetts real estate market has definitely weakened since last year.  The declines in both listed and sale prices make this clear.  Also the sizable increase in the days on market cements this point. In summary if you are looking to sell a house in Reading, 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 very long time.

 

Do you need to sell your Reading, 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: Parker Tavern Reading MA by Swampyank via Wikipedia)  

 

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