Real Estate Trends – Methuen, Massachusetts

Introduction:

Thanks for joining us for our latest market trend report examining the real estate market in a town or city in Massachusetts or Southern New Hampshire.  For those of you that have not seen one of our reports before, we take a look at the municipality’s year over year change in the real estate market and discuss what these observations might mean for the market now and going forward.

Today we are highlighting the city of Methuen, MA in Essex County.

Methuen City Hall - Methuen MA Real Estate

Market Trends in Methuen, MA – December 2013 and 2014:

The Methuen, MA real estate market has cooled off since last year.  The listing and sales prices are both down year over year and the days on market are also up during this time.  Inventory was up a lot with 23 sales in December of 2013 and 32 sales in December 2014, a 39% increase.

Average Listing Prices:

The first item to take a look at is the average listing price.  For Methuen, MA the average listing price for December 2013 was $300,713.  In December 2014 the average listing price decreased to $279,800.  For a decrease of 6.95%, this is a fairly significant change.

Average Sale Prices:

The next thing that we will be taking a look at is the average sale prices.  In December of 2013 the average sale price for Methuen, MA was $296,333.  Then in December 2014 that was down to $273,519.  That is a slightly larger decrease of 7.70%.  While the sale prices are falling faster than the listing prices the difference is small enough that it is hard to make any conclusions based on that.  It can give a small indication that the local real estate agents are not lowering their listing prices fast enough to compensate for a declining market, but it is probably well within the noise.

Average Days on Market:

The final metric we will be looking at is the days on market.  This is a measurement of how long it is taking for a house to sell in the market.  For Methuen, MA the average days on market in December of 2013 were 76.13, in December 2014 they were 92.50. This gives a 21.5% increase which is a noticeable increase. As we have seen in several of our previous posts some outliers in the data can really skew these numbers.  However in the case of Methuen, MA that is not the case and there are no drastic outlying data points that need to be accounted for.

Methuen, Mass Summary:

The Methuen, Massachusetts real estate market has slowed down since last year.  The declines in both listed and sale prices clearly show this, as does the increase in the days on market.  These are all somewhat small but significant and makes it look like Methuen may be on the edge of a more sizeable market dip.  This will be one that will be interesting to see how it goes in 2015. In summary if you are looking to sell a house in Methuen, MA now you should expect to get 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 longer time.

 

Do you need to sell your Methuen, 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: Methuen City Hall – 2006 via Wikipedia)  

 

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