Real Estate Trends – Lowell, Massachusetts #2

Introduction:

Thanks for joining us for our latest real estate market trend report.  If you have been reading these for a while you will notice we are starting to follow up on previous reports on various cities and towns.  As we have less and less new towns to look at we will be going back to other places more and more. 

Today we are revisiting Lowell, MA in Middlesex County

 

Back in December we looked Lowell’s housing market and saw it was fairly flat, now we wanted to check back to see how it looked after a few months.

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

The Lowell, MA market has mostly stayed flat in March as well.  Both the average listing and average sales prices were down a small amount.  The days on market were up slightly as well, which is different than previously seen.  Inventory was very consistent with 29 sales in March of 2014 and 30 in 2015. 

Average Listing Prices:

The first thing we are going to look at is the average listing price.  For Lowell, MA the average listing price in March 2014 was $237,614.  This was down a bit to $235,713 in March 2015.  That gives a negligible decline of 0.80%.  This is even smaller than the 2.45% we saw for the November data.

Average Sale Prices:

The next item we are going to be looking at is the average sale prices.  The average sale price for Lowell, MA in March of 2014 was $235,862 and in March 2015 that was down to $231,495.  That gives a slightly larger decrease of 1.85%.  Still very small and gives more weight for calling the market flat.  Also it is very similar to the 1.57% seen last time.

Average Days on Market:

Finally we will look at the average days on market, which is the measure of how long it takes for a house to sell in the current market.  For Lowell, MA the average days on market in March of 2014 were 94.38 and the average days on market for March 2015 were 101.50, for a small 7.54% increase.  This is the only point that is a bit different than when we looked at the Lowell housing market before.  At that time the days on market went down 22.60% year over year.  Which the percent increase isn’t big the total swing of just over 30% is worth looking at.  It is also worth noting the March 2014 numbers were only a little higher than the previous November while in 2015 they are up over a month since then.

Lowell, Mass Summary:

The Lowell, Massachusetts real estate market has continued to be flat since last year.  The drops in both listing prices and sale prices were very small, and even smaller than seen previously.  The very small increase in days on market also seems to indicate more stability than a down trending market.   The fact that days on market were actually up some is the only reason that one might say that the market has changed at all since November.    

In summary if you are looking to sell a house in Lowell, MA now you should expect to get pretty much the same for it as you would have last year.  There is also no particular reason you should need to consider taking a discount to sell it.  One might consider it though just since, while stable, the days on market are quite high being over 100. 

 

Do you need to sell your Lowell, Massachusetts house 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:  “Merrimack and Concord” via Wikipedia)

 

 

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