Real Estate Trends – Acton, Massachusetts #2

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.  We are continuing to revisit some of our previous towns again in this post.

Today we are taking our 2nd look at Acton, MA in Middlesex County

 Isaac Davis Monument - Acton MA Real Estate

Back a few months ago when we analyzed the January data we saw Acton, MA was down a little bit with listing prices down almost 8% and sales prices down almost 6%.  Though the days on market were down about 40%, when adjusted for large outlier in the 2015 data, so not all indicators had the housing market going down.

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

The Acton, MA market appears to be down significantly since last year and more dramatically than what we saw in February.  Both the average listing and average sales prices were way down.  The days on market have gone up some year over year as well.  Inventory was stable going from 15 sales in April of 2014 to 14 in April 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Acton, MA the average listing price in April 2014 was $627,447.  This was down to $557,606 in April 2015.  That gives a very large 11.13% decrease year over year.  This is quite a bit larger than we saw before and a decrease of 6.39% from January.

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Acton, MA in April of 2014 was $629,717 and in April 2015 that was down to $548,544.  That gives an even larger decrease of 12.89%.  This again is much larger than the year over year decline we saw last time and the decrease since January is 7.91%.

It is also worth noting that in April of 2014 houses were selling for 100.4% of listed price, meaning that on average places were selling for above list price.  Looking at the individual sales we see that 8 of the 15 sales were above the asking price and another for exactly the list price.  This is an indicator that the market was very hot at that time.   

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 Acton, MA the average days on market in April of 2014 were 39.20 and the average days on market for April 2015 were 74.57, for a whopping 90.23% 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, Burlington and Duxbury outliers in the data can really skew these numbers.  This again this is the case for Acton, MA for April.  In this case there was a very high days on market house in the 2015 data.

In 2015 there was a house with 344 days on market; this was higher than the next 2 combined and not that much less than the next 3.  When removed the new calculation for the remaining 13 houses gives an average days on market of 53.85.  Using this adjusted number we see that the huge increase in days on market now becomes a much smaller, but still significant, 37.42% increase.  This doesn’t change the general thought that things are selling slower than last year but it does make it much less dramatic.  To give at least one positive take away for current sellers, while the days on market are up year over year they are down almost 34% since January so at least things are moving better than over the winter.

Acton, Mass Summary:

The Acton, Massachusetts real estate market looks like is has fallen a lot since last year.  The significant drops in listing prices and sale prices demonstrate this and the fact that both are down a bit over the last few months is a stronger indication of downward trends.  The significant increase in days on market also supports this conclusion. 

In summary if you are looking to sell a house in Acton, MA now you should expect to get quite a bit less than you would have last year.  You should also expect it to take longer to sell compared to last year.

 

Do you need to sell your Acton, 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: Isaac Davis Monument via Wikipedia)

 

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