Real Estate Trends – Canton, Massachusetts #2

Introduction:

In this real estate market trend report we will be revisiting a previous town’s single family market for only our 2nd time.  As we do these reports for a longer time we will start to follow up on previous municipalities more, while trying to cover as many overall as we can, to see if the previous observations are changing or staying on the same trajectory seen before.  Previously we have looked twice at the Dracut market.

Today we are revisiting Canton, MA in Norfolk County.

Canton Town Hall - Canton MA Real Estate

Market Trends in Canton, MA – February 2014 and 2015:

The Canton, MA market seems to be following a similar pattern now as it did in October when she looked at the Real Estate Trends for September of 2013 and 14. At that time we saw both average listing and sales prices down ~10% and a big increase in the days on market.  This month we also see significant decreases in year over year listing and sale prices, though this time we see a decrease in the days on market. The inventory for both years we see levels similar to the September 2014 number of 9, with 7 sales in February of 2014 and 8 in 2015.

Average Listing Prices:

Previously we saw a decrease of 9.43% in year over year average listing prices.  The average listing price for Canton, MA in February of 2014 was $686,386 and in February 2015 that was down to $454,763.  This gives a huge decrease of 33.75%.  However this is an example where using the average prices could be an issue.  In this case you have a single listing in 2014 of almost $1.4M which is much more than anything else and is pulling that average up a lot.  In this case we will take a look at the Median pricing to see if that differs greatly. Looking at the median listing prices we see they are $650,000 in February of 2014 and 389,450 in 2015.  Using those numbers we see that the decrease is now 40.08%, which is actually a bit larger than we saw before with the average prices.  This does help to validate that using the averages, rather than the more traditional medians, is valid as this was one where you saw the averages could have been badly skewed yet the percentages were pretty close and gives the same conclusion that the average listing prices are way down year over year.

Average Sale Prices:

For the average sale prices we saw an even larger 10.24% decrease in our previous report.  The average sale price for Canton, MA in February of 2014 was $652,786 and in February 2015 that was down to $444,188.  That gives a slightly smaller, but still huge decrease of 31.96%.  Of course not shockingly the same house that was listed for almost $1.4M also sold much higher than anything else at almost $1.3M (BTW Good job to those buyers getting the price down $120K :) ).  While I will assume using the median numbers will not change what we see much based on the listed prices we will examine them for the sales prices as well to complete and consistent. Looking at the median sale prices we see they were $562,500 in February of 2014 and 393,500 in 2015. Using those numbers we see that the decrease is now 30.04%, which is very close to the decrease using average numbers.  Both ways show that the listing prices are dropping a little more than the sale prices.  This can indicate that the local agents are doing a good job of getting their clients to price their properties with the tumbling market.

Average Days on Market:

Finally we will look at the average days on market.  Back in September’s data we saw an increase in the days on market.  The level would vary depending on if we removed data points that appeared to skew the data.  Using, what I feel is, the best data (removing the single biggest outlier) it was an increase of 76% year over year.  After the bad news for sellers with the pricing info we do actually see that the days on market are down a little bit year over year. For Canton, MA the average days on market in February of 2014 was 106.57 and the average days on market for February 2015 were 81.38, for an encouraging 23.64% decrease.  Though it is worth noting that all these are still way up from the 45.53 days on market we first observed in the September 2013 data.

Canton, Mass Summary:

The Canton, Massachusetts real estate market has continued to fall dramatically year over year.  The >30% decreases in both listing and sales prices make this strikingly clear.  The modest decline in the days on market is little more than consolation prize for a seller.  While it is good that they can expect to not sit on a place as long most would probably rather sell it for about $140K more on average. In summary if you are looking to sell a house in Canton, MA now you should expect to get far less than the amount you could have expected for it last year.  

 

Do you need to sell your Canton, 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: Canton Town Hall, by John Phelan, via Wikipedia)      

 

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