Real Estate Trends – Taunton, Massachusetts (Condos)

Introduction:

Welcome back for our latest real estate market trend report.  For 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 the Condo market in Taunton, MA in Bristol County

 Bristol County Court in Taunton - Taunton MA Real Estate

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

The Taunton, MA Condo market appears to be down quite a bit since last year.  Both the average listing and average sales prices were down a significant amount.  The days on market appear at first glance to have gone down some year over year, however as we have seen many times that can be deceptive on the surface and it actually appears they might actually be up somewhat.  Inventory was up a bit going from 6 sales in April of 2014 to 10 in 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Taunton, MA Condos the average listing price in April 2014 was $202,417.  This was down to $182,479 in April 2015.  That gives a sizable 9.85% decrease year over year. 

Average Sale Prices:

Next we will be looking at is the average sale prices.  The average sale price for Taunton, MA Condos in April of 2014 was $200,600 and in April 2015 that was down to $177,229.  That gives an even larger decrease of 11.65%.

Average Days on Market:

The last item 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 Taunton, MA Condos the average days on market in April of 2014 were 74.50 and the average days on market for April 2015 were 54.40, for a 26.98% decrease. 

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, Duxbury and Acton #2 outliers in the data can really skew these numbers.  This again this is the case for Taunton, MA Condos.  In this case there was a very high days on market house in the 2014 data.

In 2014 there was a place with 212 days on market.  This was more than the next three highest combined and 47.43% of the total of all 6 places.  When removed the new calculation for the remaining 5 Condos gives an average days on market of 47.0.  Using this adjusted number we see the notable decrease in days on market now become a Modest 15.74% increase.  This changes the general thought that things are selling faster than last year to they are actually a little slower.

It is worth pointing out that there was a borderline high one in 2015 as well.  I did not think it was quite far enough away from the next few to easily say it was a statistical outlier.  However if that point was eliminated then we would have seen a very small decrease in days on market, so you are free to make your own assumptions and conclusions with this metric.

Taunton, Mass Summary:

The Taunton, Massachusetts real estate Condo market looks like is has fallen off a bit since last year.  The sizable drops in listing prices and sale prices show this pretty clearly.  The small increase in days on market (At least in my opinion) also support this conclusion.

In summary if you are looking to sell a Condo in Taunton, MA now you should expect to get a bit less than you would have last year.  You should also expect it to take a little longer to sell compared to last year.  If you want to sell your place in a reasonable amount of time you could consider taking a discount to sell faster, but probably is not necessary.

 

Do you need to sell your Taunton, 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: Bristol County Superior Cout_Taunton by Marcbela via Wikipedia)

 

 

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