Real Estate Trends – Wakefield, Massachusetts #2

Introduction:

Welcome to our latest real estate market trend report.  Those of you joining us here for the first time, in these reports we examine housing market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  This is done by looking at the changes in three key metrics year over year for the town to see how the market has changed.  We then evaluate what those observations mean for that housing market moving forward. 

Today we are once again highlighting Wakefield, MA in Middlesex County

 Wakefield Common - Wakefield MA Real Estate

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

When we examined Wakefield, MA back in November of 2014 the housing market there seemed to be pretty flat with only very small drops in pricing metrics, and a small decrease in the days on market.  Now looking at the most recent data the Wakefield, MA market appears to be down significantly year over year now.  Both the average listing and average sales prices were down dramatically, though the days on market were pretty much stagnant.  Inventory was down tremendously going from 23 sales in April of 2014 to just 8 in 2015. 

Average Listing Prices:

First we will take a look at the average listing price.  For Wakefield, MA the average listing price in April 2014 was $514,665.  This was down to $404,688 in April 2015.  That gives a massive 21.37% decrease year over year. 

However this is the first time we have a noticed a situation where the average and median numbers are substantially different and the median gives a much smaller decrease.  For Wakefield, MA this month using the respective Median values of $475,000 and $414,900 we see a decrease of 12.65%.  This is still a very large decrease, but not nearly as big as using the averages.  Regardless of which you look at the general observation that listing prices are down significantly is still true.

Average Sale Prices:

Next we take a look at the average sale prices.  The average sale price for Wakefield, MA in April of 2014 was $521,059 and in April 2015 that was down to $397,488.  That gives an even larger decrease of 23.72%.

Of course the same observation as above for listing price is the case here as well.  So again using the respective medians of $475,000 (Yes it is the same as the listing price) and $415,000 we that this decrease is an almost identical 12.63% as seen with the listed prices.  Once again the general observation that the market is down significantly is true in either case but just not a jarringly huge using the median numbers.

Average Days on Market:

Finally 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 Wakefield, MA the average days on market in April of 2014 were 50.13 and the average days on market for April 2015 were 49.38, for a meaningless 1.50% decrease.

Wakefield, Mass Summary:

The Wakefield, Massachusetts real estate housing market has fallen off significantly since last year.  The huge drops in both the listing prices and sale prices, using the averages or the medians, show this.  The days on market are stagnant which is the only small positive for home sellers.

In summary if you are looking to sell a house in Wakefield, MA now you should expect to get a lot less than you would have last year.  You should also expect it to take more or less the same time to sell compared to last year.  While prices are down a lot you probably do not need to take a discount off your price to sell in a reasonable amount of time if you have it priced at the new lower level.

 

Do you need to sell your Wakefield, 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: Wakefield Common by RedSoxFan274 via Wikipedia)

 

 

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