Real Estate Trends – Stoughton, Massachusetts

Introduction:

Welcome back for this latest market trend report examining Massachusetts and New Hampshire real estate markets.  If this is the first time you have read one, in these reports we examine the municipality’s year over year change in the real estate market and discuss the observations and what they mean for the market.

Today we are highlighting Stoughton, MA in Norfolk County.

Stoughton MA Sign - Stoughton MA Real Estate

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

The Stoughton, MA market has declined quite a bit since last year.  Listing and sales prices are down a lot, however the days on market have actually declined.  Inventory was down a bit with 27 sales in November of 2013 and only 19 in November 2014.

Average Listing Prices:

The first metric we look at is the average listing price.  Stoughton, MA had an average list price of $353,766 in November 2013, which went all the way down to $301,063 in November 2014.  This represents a large decrease of 14.90%, which is a very large and significant decrease.

Average Sale Prices:

The next metric we examine is the average sale prices.  In November of 2013 the average sale price for Stoughton, MA was $345,610.  By November 2014 that was down to $291.961.  This is a similarly large decrease of 15.52%.  The difference in the decreases between listing vs. sale prices is small, but the fact that the actual sale prices are going down faster than the list prices could indicate that the local real estate professionals are not compensating for these falling prices fast enough as the market goes down.

Average Days on Market:

The final thing we look at is the days on market.  This is how long it is takes for a house to sell in this market.  For Stoughton, MA it had an the average days on market in November of 2013 of 81.52 and the average days on market in 2014 actually went down to 76.53, for a modest 6.12% decrease! We have seen in several of our previous posts for the municipalities of AbingtonBedfordSeekonk, Belmont, TopsfieldCanton, Dracut (Condos), HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton and Reading that an outlier can really skew the data.  That happens to be the case here for Reading, MA as well.  In this case it is actually the 2014 data that is skewed and makes the above more dramatic. In November 2014 there was one house with a days on market almost as high as the next 3 highest ones combined at 448 days.  After removing this from the calculation the other 18 properties had an average days on market of 55.89.  If we use this for the calculation we get a decrease of 31.44%, which is quite a bit bigger than that initial figure.   Initially the difference in how long a property was sitting on the market seemed to be fairly small but if you use this modification it seems that places are in fact moving a bit faster than last year.

Stoughton, Mass Summary:

The Stoughton, Massachusetts real estate market has weakened quite a bit since last year.  The very large declines in both listed and sale prices make this clear and more than negate the decrease in the days on market being seen.  While it is good that places seem to sell faster than last year if priced right that is only a small consolation to selling for ~15% less than last year. In summary if you are looking to sell a house in Stoughton, MA now you should expect to get quite a bit less for it than you would have last year.  You also should expect to need to take a bigger discount off of your initial price to avoid sitting on it for a very long time.

 

Do you need to sell your Stoughton, Massachusetts house 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: Welcome to Stoughton via Stoughton Patch)    

 

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