Real Estate Trends – Weymouth, Massachusetts

Introduction:

Thanks for coming back for our latest real estate market trend report.  For those that are here for the first time reading one of these reports we examine a town in Massachusetts or New Hampshire and its real estate market trends.  What we do is look at the town’s year over year change in the real estate market and then discuss those observations and what they mean moving forward.

Today we are highlighting Weymouth, MA in Norfolk County, birthplace of Abigail Adams wife of President John Adams and mother to President John Quincy Adams.

Abigail Adams House - Weymouth MA Real Estate

Market Trends in Weymouth, MA – January 2014 and 2015:

The Weymouth, MA market is down a lot since last year.  Both the listing and sales prices are down significantly.  The days on market though are actually down a little bit though.  Inventory was down slightly with 29 sales in January of 2014 and 22 sales in 2015.

Average Listing Prices:

First off let’s take a look at the average listing price.  For Weymouth, MA the average list price was $334,531 in January of 2014.  This decreased all the way down to $286,241 in January 2015.  This gives a giant decrease of 14.43%.

Average Sale Prices:

Next up we will look at is the average sale prices.  For January of 2014 the average sale price for Weymouth, MA was $328,474 then by January 2015 that was down to $276,768.  That is a slightly larger decrease of 15.74%.  While this is not a huge difference with the sale prices falling faster than the listing prices are, it could indicate the market is moving down pretty quick and local real estate agents are not doing that good at keeping pace with that trend.

Average Days on Market:

The final metric we look at are the days on market.  The days of market is a measure of how long it takes for a house to sell in the market.  For Weymouth, MA the average days on market in January of 2014 was 84.31 and the average days on market for January 2015 were 70.05, for a 16.9% decrease.   This is a fairly small decrease, but not totally insignificant and is some consolation for sellers with the big price drops. Since we have had so many recent posts that have had this data skewed by large outliers it is worth noting that Weymouth did not have this.  Neither the January 2014 or January 2015 data had any points that were out of line with the rest of the other places.

Weymouth, Mass Summary:

The Weymouth, Massachusetts real estate market has cooled off tremendously since last year.  The sizable declines in both listed and sale prices show this, though interestingly these are accompanied by a decrease in the days on market, which is not expected. That final fact does give a little comfort to house sellers this year.  While prices are down a bit if they price their property correctly they are selling a little faster than last year. In summary if you are looking to sell a house in Weymouth, MA now you should expect to get less for it than you would have last year.  However you should not need to take a large discount off of your price to avoid sitting on it for a longer time if you have it priced well since things are still moving, just at lower prices.

 

Do you need to sell your Weymouth, 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: Abigail Adams Birthplace by John Phelan via Wikipedia)  

 

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