Real Estate Trends – Plymouth County, Massachusetts (Condos)

Introduction:

In this latest market trend report we are looking more regionally with another “County Report” for the Massachusetts real estate market.  The advantage of doing this is that instead of looking at just a handful of properties we can analyze dozens if not hundreds.  Those of you that are familiar with statistics you know that more data points the better the analysis you can do.

In this case we will be looking at the condo sales in Plymouth County.  In most areas there are significantly less condo sales than detached single family houses and for many towns there would not be enough to make any meaningful assessments.  There are several cities and towns that have a large condo segment, and Suffolk County is actually dominated by them, but that is the exception.

Plymouth County is made of the Cities of Bridgewater and Brockton and the Towns of Abington, Carver, Duxbury, East Bridgewater, Halifax, Hanover, Hanson, Hingham, Hull, Kingston, Lakeville, Marion, Marshfield, Mattapoisett, Middleborough, Norwell, Pembroke, Plymouth, Plympton, Rochester, Rockland, Scituate, Wareham, West Bridgewater, and Whitman

Plymouth County Map - Plymouth County Massachusetts Real Estate

Market Trends in Plymouth County, MA – February 2014 and 2015:

The Plymouth County, MA condo market has declined slightly since last year.  The average listing prices are down a small amount and average sales prices were down by a small amount also.  The days on market did increase some year over year.  Inventory was pretty consistent with 47 sales in February of 2014 and 50 sales in February 2015.

Average Listing Prices:

First let’s look at the average listing price.  For Plymouth County, MA condos in February 2014 the average list price was $297,788.  This was down a bit to $285,123 in February 2015.  That gives a small decrease of 4.25%.

Average Sale Prices:

The next item to examine is the average sale prices.  The average sale price for Plymouth County, MA condos in February of 2014 was $292,603 and in February 2015 that was down some to $275,932.  That results in a slightly larger decrease of 5.70%.  The fact that sale prices are falling more than the listed prices can indicate that the local agents are chasing the market down and are not totally keeping up with the declines.

Average Days on Market:

Finally we will take a look at the average days on market, a measure of how long it takes for a house to sell in the market.  For Plymouth County, MA condos the average days on market in February of 2014 was 137.0 and the average days on market for February 2015 were 144.1.  This gives us a small 5.18% increase.

However, as we have seen many, many times now in our previous posts for AbingtonBedfordSeekonk, BelmontTopsfieldCanton,  Dracut (Condos)HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton , Reading, Stoughton , Wrentham, Stoneham, Dedham, Nashua, NH , Tewksbury and Brockton (Multifamily), Lowell (Multifamily), Acton , Foxboro , Pembroke, Chelmsford, Beverly and Framingham (Condos) outliers in the data can skew things significantly.  This is the case for Plymouth County, MA condos as well.  In this instance there was a high days on market property in the 2014 data.  In bigger data sets you can smooth out a lot of things, but also a real outlier can be even more obvious.  In this data there was one place with 878 days on market which was more than 2.5 times the next largest one.

When removed from the calculation you have the remaining 46 houses with an average days on market of 120.89, a pretty sizable decline with so many properties.  Using this adjusted number we see the increase now becomes a much larger 19.20%.  This does somewhat change the general conclusion.  Initially a 5% change in the days on market is not that impressive.  While closer to 20% is still not huge for this metric, but it does lead to a conclusion more that they are in fact increasing, vs. a strong argument that things were more flat.

Plymouth County, Mass Summary:

The Plymouth County, Massachusetts condo market looks like is has started to decline since last year.  The small decreases in both listing prices and sale prices support this, as well as the increase in the days on market.

In summary if you are looking to sell a condo in Plymouth County, MA now you should expect to get slightly less for it than you would have last year.  You should also expect to have to wait a little longer to be able to sell it for your price.  You should be prepared to take a discount to sell faster if you want to avoid sitting on it for too long.

 

Do you need to sell your Plymouth County, Massachusetts condo 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: Plymouth County Map via Worcestermass.com)

 

 

 

Comments

  1. Phillip Holt says:

    How about adding information regarding any municipalities that had/have more than the median about of condo activity and how your various measuring points for that entity compares with your over-all conclusions.?

  2. Hi Philip,

    Thanks for reading and commenting.
    Those are very good suggestions.
    In this case one reason we did the report county wide is that there was limited inventory in most places.
    We will try to take a look at some of the places that do have a reasonable inventory to see if some places are pulling the overall numbers up or down.

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