Real Estate Trends – Haverhill, Massachusetts (Condos)

Introduction:

We are back for another real estate market trend report looking at a city or town in Massachusetts or New Hampshire. We will continue the recent trend of looking at the market for Condos.  The condo market in various towns is a pretty significant portion of the single family residences so it is good to get the pulse of that segment as well.

Today we are highlighting the condo market in Haverhill, MA in Essex County.

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

The Haverhill, MA condo market has mostly flattened out since last year.  The average listing prices are down a small amount as were the average sales prices.  The days on market did increase a bit as well year over year.  Inventory was down slightly with 16 sales in February of 2014 and 13 sales in February 2015.

Average Listing Prices:

First let’s look at the average listing price.  For Haverhill, MA condos in February 2014 the average listing price was $171,255.  This was down some to $163,937 for February 2015.  That gives a small, but noticeable, decrease of 4.27%.  This does indicate that things are going down some.

Average Sale Prices:

Next we will look at is the average sale prices.  The average sale price for Haverhill, MA condos in February of 2014 was $165,681 then in February 2015 that was down slightly to $160,896.  That results in a very small decrease of 2.89%.  Again it is possible this is an early indicator that things are moving down, but it is small enough that it can just be noise in the data.  It is worth noting that sales prices were not down as much as listed prices so if there is a correction going on the local real estate agents seem to be ahead of it with pricing.

Average Days on Market:

The Final thing we look at is the average days on market, which is a measure of how long it takes for a house to sell in the market.  For Haverhill, MA condos the average days on market in February of 2014 was 116.25 and the average days on market for February 2015 were 142.85.  This gives us an increase of 22.88%.  This is a noticeable increase but not particularly high for this metric. In the past we have seen many reports where the days on market were skewed by a large outlier and we had to adjust the results because of it.  Since that has been so prevalent recently it is worth specifically noting that this was not the case for either year for the Haverhill, MA condos.  While both years had some pretty high ones, they both had several and they were all fairly close to one another.

Haverhill, Mass Summary:

The Haverhill, Massachusetts condo market looks like is has flattened out somewhat, and maybe is starting to fall a bit, since last year.  The small decreases in listing prices and sale prices support this, as does the increase in the days on market. None of these things are down dramatically but the consistent pattern might be a leading indicator that things are going to move down in the near future. In summary if you are looking to sell a condo in Haverhill, MA now you should expect to get about the same amount, or slightly less, for it as you would have last year.  You also should also be prepared to wait a little longer to be able to sell it for your price compared to last year.  

 

Do you need to sell your Haverhill, Massachusetts condo 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: Winnekenni Castle via Wikipedia)    

 

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