Real Estate Trends – Duxbury, Massachusetts

Introduction:

Welcome back for our latest real estate market trend report.  Those of you that 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 three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward. 

Today we are highlighting Duxbury, MA in Plymouth County

 Myles Standish Monument - Duxbury MA Real Estate

Duxbury was Co-Founded by Mayflower passenger and one of the most notable early colonists Myles Standish, another distant relative of mine.  Those who read our recent post on the housing market in Derry, NH know I’m not hesitant to mention some of my more famous relatives.  :)

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

The Duxbury, MA market appears to be down significantly since last year.  Both the average listing and average sales prices were way down.  The days on market have gone up some year over year as well, however as we have seen many times that can be deceptive on the surface and it actually appears to be even worse than at first glance.  Inventory was down a little bit going from 14 sales in April of 2014 to 9 in 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Duxbury, MA the average listing price in April 2014 was $722,957.  This was down to $600,567 in April 2015.  That gives a very large 16.93% decrease year over year. 

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Duxbury, MA in April of 2014 was $692,964 and in April 2015 that was down to $566,722.  That gives an even larger increase of 18.21%.

It is worth noting that this is a case where the averages and the medians are very different.  As mentioned at other times the averages are more readily available so we use those but from time to time we see how the medians compare.  In this case those were $525,500 and $395,000 respectively, which are both a lot lower.  However the conclusion that the market is way down is even more dramatic as the decline here is an even larger 24.83%.  Regardless of what numbers you want to look at the prices are way down in Duxbury, MA since last year. 

Average Days on Market:

The final thing we look at are the average days on market, which is the measure of how long it takes for a house to sell in the current market.  For Duxbury, MA the average days on market in April of 2014 were 162.57 and the average days on market for April 2015 were 192.00, for an 18.10% 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, Framingham and Burlington outliers in the data can really skew these numbers.  This again this is the case for Duxbury, MA.  In this case there was a very high days on market house in the 2014 data.

In 2014 there was a house with 528 days on market.  Not surprising that with an average that high there were many other high ones, but this was still higher than any other by nearly 200.  When removed the new calculation for the remaining 13 houses gives an average days on market of 134.46 shaving almost a month off the original number.  Using this adjusted number we see the notable increase in days on market now become a very significant 42.79% increase.  This doesn’t change the general thought that things are selling slower than last year but it does make it much more dramatic.

Duxbury, Mass Summary:

The Duxbury, Massachusetts real estate market looks like is has fallen a lot since last year.  The significant drops in listing prices and sale prices show this pretty clearly.  The very large increase in days on market also show this very clearly.

In summary if you are looking to sell a house in Duxbury, MA now you should expect to get quite a bit less as you would have last year.  You should also expect it to take a very long time to sell compared to last year and just in general since the days on market are so high.  If you want to sell your place in a reasonable amount of time you might need to consider taking a major discount to make it stick out and grab what looks to be a fairly small buyer pool.

 

Do you need to sell your Duxbury, 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: Myles Standish Monument by ToddC4176 via Wikipedia)

 

 

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