Real Estate Trends – Stoneham, Massachusetts

Introduction:

Welcome back for our latest real estate market trend report.  In these reports we examine a town in Massachusetts or New Hampshire and its real estate market.  If this is the first one you have read, these reports look at the town’s year over year change in the real estate market and talk about these observations and what they mean for the market now and moving forward.

Today we are highlighting Stoneham, MA in Middlesex County.

Stoneham Sign - Stoneham MA Real Estate

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

The Stoneham, MA market has definitely declined since last December.  Both the listing and sales prices are down t, while the days on market have increased as well.  Inventory was up a lot with 13 sales in December of 2013 and 20 in December 2014.

Average Listing Prices:

The first thing we will look into is the average listing price.  For Stoneham, MA the average list price was $485,623 for December 2013.  This decreased down to $465,582 in December 2014.  This is a modest decrease of 4.13%.

Average Sale Prices:

The next thing we will look at is the average sale prices.  For December of 2013 the average sale price for Stoneham, MA was $486,964 and by December 2014 that was down to $465,687.  That would be a similar decrease of 4.37%. An interesting point to mention is in both years the sale price is actually higher than the list price.  We recently saw this phenomenon in our reports for Arlington, MAand Lynnfield, MA, though in both those case it was only in 2013.  In December of 2013 places were selling at 100.3% of list and in 2014 it was an almost unperceivable 100.02%.  While interesting there doesn’t seem to be much to draw from this other than the local agents seem to consistently understand the market and have their listings priced accurately.

Average Days on Market:

The final thing we look at are the days on market, which is a measure of how long it is takes for a house to sell in the market.  For Stoneham, MA the average days on market in December of 2013 was 54.0 and the average days on market for December 2014 was 89.0, for a sizable 64.8% increase. We have seen in several of our previous posts for the municipalities of AbingtonBedfordSeekonk, Belmont, TopsfieldCanton, Dracut (Condos), HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton, Reading, Stoughton and Wrentham that an outlier can really skew the data.  That happens to be the case again for Stoneham, MA.  In this case it is the 2014 data that is skewed.  We will see that this doesn’t change the basic observation that days on market are up, but it will temper the extent of the change. In 2014 there was one place that was very high at 476 days, this was just slightly less than the next three highest combined!  If we remove this point the other 19 houses were left with an average of 68.63.  Using this instead we see that they increased by a much smaller 27.1%.

Stoneham, Mass Summary:

The Stoneham, Massachusetts real estate market has cooled off somewhat since last year.  The declines in both listed and sale prices make this clear as well as the increase in the days on market. In summary if you are looking to sell a house in Stoneham, MA now you should expect to get quite a bit less for it than you would have last year, while only down ~4% that represents over $20K.  You also should expect to need to take a discount off of your initial price to avoid sitting on it for a longer time.

 

Do you need to sell your Stoneham, 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: Stoneham Welcome Sign via Wikipedia)  

 

Speak Your Mind

*