Real Estate Trends – Dracut, Massachusetts (Condos) #2

Introduction:

We and back for our latest real estate market trend report.  In this report we are going to revisit the Condo market for Dracut, MA after a few months.  We examined the September data for Dracut, MA Condos back in October and saw that it was down a fair amount from the previous year.  It has been long enough we wanted to see if things have changed at all.

Today once again we are highlighting the condo market in Dracut, MA in Middlesex County.

Market Trends in Dracut, MA – March 2014 and 2015:

The Dracut, MA condo market appears to be down since last year, the pricing declines are slightly larger than what we saw for Dracut, MA Condos in September. However, the days on market are actually down somewhat.  Inventory was down quite a bit getting cut in half from 10 sales in March of 2014 to just 5 in 2015.

Average Listing Prices:

The first thing we are going to look at is the average listing price.  For Dracut, MA condos the average listing price in March 2014 was $178,333.  This was down a bit to $165,440 in March 2015.  That gives a decline of 7.23%.  This is actually a little bit less than the 7.98% we previously saw for Dracut, MA Condos.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for Dracut, MA condos in March of 2014 was $174,458 and in March 2015 that was down to $159,400.  That gives a larger decrease of 8.63%.  This is a bit bigger than the 6.59% decrease we saw in the previous look at Dracut, MA Condos.  Also it is worth noting that before the listing prices were down more than the sales prices but now sales are falling faster.  One could infer that the market has continued to fall and faster than agents are compensating with their listing prices.

Average Days on Market:

Finally we look at the average days on market, the measure of how long it takes for a house to sell in the current market.  For Dracut, MA condos the average days on market in March of 2014 were 76.10 and the average days on market for March 2015 were 71.80, for a fairly meaningless 5.65% decrease. However, as we have seen so many times in our previous posts for AbingtonBedford, Seekonk, BelmontTopsfield, Canton,  Dracut (Condos)HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton, Reading, Stoughton, Wrentham, Stoneham, Dedham, Nashua, NH , Tewksbury, Brockton (Multifamily), Lowell (Multifamily), Acton, Foxboro, Pembroke, Chelmsford, Beverly,  Framingham (Condos), Plymouth County (Condos), Marlborough, Billericaand Waltham outliers in the data can really skew these numbers.  This again this is the case for Dracut, MA condos.  In this case there were very high days on market house in both the 2014 and the 2015 data. In 2014 there was a house with 328 days on market.  This accounted for over 43% of the total days on market for all 10 condos.  When removed the new calculation for the remaining 9 condos gives an average days on market of 48.11, a very significant decline.  In 2015 there was a house with 168 days on market.  This accounted for almost 47% of the total days on market for all 5 condos.  When removed the new calculation for the remaining 4 condos gives an average days on market of 47.75, another very significant decline.  Using these two adjusted numbers we see that the average days on market change becomes a totally negligible 0.75% decline. The general conclusion that the decline was insignificant is made more conclusive with that smaller change.  With a less than 1% difference it is actually much more accurate to say that it was totally flat year over year.  One other thing worth noting is that both these adjusted days on market are a bit lower than the corresponding ones seen previously for Dracut, MA Condos.

Dracut, Mass Summary:

The Dracut, Massachusetts real estate condo market looks like is has continued to decline since last year, keeping up the previous trend.  The drops in listing prices and sale prices show a noticeable decline and with the flat days on market things are clearly down.  Compared to the year over year changes we observed previously for Dracut, MA Condos we see that things have gone down more as sales prices are down more and previously days on market had gone down but now are flat. In summary if you are looking to sell a condo in Dracut, MA now you should expect to get a fair amount less for it than you would have last year.  If priced correctly things are moving just as fast as they were last year, and faster than they were in the fall.  

 

Do you need to sell your Dracut, 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: MA Rt38 North entering Dracut MA by John Phelan via Wikipedia)    

 

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