Real Estate Trends – Burlington, Massachusetts

Introduction:

Welcome back for our latest real estate market trend report.  If you are here for the first time what we do in these reports is examine real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  We do this by looking at the changes in several key metrics year over year for the town to see how the market has changed and then evaluate what those observations mean for that market moving forward. 

Today we are highlighting Burlington, MA in Middlesex County

 Burlington MA Town Hall - Burlington MA Real Estate

Market Trends in Burlington, MA – April 2014 and 2015:

The Burlington, MA market appears to be down a bit since last year.  Both the average listing and average sales prices were down a good amount.  The days on market look to have gone up some year over year, however as we have seen many times that can be deceptive on the surface.  Inventory was up a little bit from 9 sales in April of 2014 to 12 in 2015. 

Average Listing Prices:

First off we are going to look at the average listing price.  For Burlington, MA the average listing price in April 2014 was $519,889.  This was down to $464,600 in April 2015.  That gives a large 10.63% decrease year over year. 

Average Sale Prices:

Next we will be looking at is the average sale prices.  The average sale price for Burlington, MA in April of 2014 was $524,511 and in April 2015 that was down to $476,358.  That gives a slightly smaller decrease of 9.18%, which is still pretty large. 

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 Burlington, MA the average days on market in April of 2014 were 43.56 and the average days on market for April 2015 were 54.17, for a 24.36% increase. 

However, as we have seen many times before in our previous posts for AbingtonBedfordSeekonk, BelmontTopsfieldCanton,  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, Billerica, Waltham, Dracut (Condos) #2, Derry, NH and Framingham outliers in the data can really skew these numbers.  This again this is the case for Burlington, MA.  In this case there was a very high days on market house in the 2015 data.

In 2015 there was a house with 201 days on market.  This is actually not all that high compared to other points we have seen, however this was the only place that was over 100 and was a lot more than the next 2 highest combined.  When removed the new calculation for the remaining 11 houses gives an average days on market of 40.82.  Using this adjusted number we see the notable increase in days on market now become a small 6.29% decrease.  This changes the observation a bit.  Instead of concluding that it is taking noticeably longer to sell this year it is much more flat, as a 6% decrease in days on market is not really all that significant.

Burlington, Mass Summary:

The Burlington, Massachusetts real estate market looks like it has fallen a bit since last year.  The significant drops in listing prices and sale prices show this pretty clearly.  The fairly small decrease in days on market are more flat but is the silver lining for sellers that will be surprised by how much less than can expect to get this year.

In summary if you are looking to sell a house in Burlington, MA now you should expect to get quite a bit less as you would have last year.  You should not have to take a discount off your expected price to sell but might want to consider taking some discount to avoid sitting on it for a long time though the days on market are fairly low overall. 

 

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

 

 

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