Real Estate Trends – Tyngsborough, Massachusetts

Introduction:

Welcome back again 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 the 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 Tyngsborough, MA in Middlesex County

 Tyngsborough Bridge - Tyngsborough MA Real Estate

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

The Tyngsborough, MA market appears to be down since last year.  Both the average listing and average sales prices were down.  The days on market have gone up some year over year as well.  Inventory was way up doubling from 6 sales in April of 2014 to 12 in April 2015. 

Average Listing Prices:

To start off first we are going to look at the average listing price.  For Tyngsborough, MA the average listing price in April 2014 was $373,850.  This was down to $350,217 in April 2015.  That gives a modest 6.32% decrease year over year. 

Average Sale Prices:

Next up we will be looking at is the average sale prices.  The average sale price for Tyngsborough, MA in April of 2014 was $363,083 and in April 2015 that was down to $339,298.  That gives a slightly larger decrease of 6.55%. 

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 Tyngsborough, MA the average days on market in April of 2014 were 98.67 and the average days on market for April 2015 were 181.08, for a gigantic 83.52% 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, Duxbury, Acton #2 and Taunton (Condos) outliers in the data can really skew these numbers.  This again this is the case for Tyngsborough, 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 781 days on market; this was higher than the next 3 combined.  When removed the new calculation for the remaining 11 houses gives an average days on market of 126.55.  Using this adjusted number we see that the huge increase in days on market now becomes a much smaller, but still significant, 28.26% increase.  This doesn’t change the general thought that things are selling slower than last year but it does make it much less dramatic. 

Tyngsborough, Mass Summary:

The Tyngsborough, Massachusetts real estate market looks like is has fallen some since last year.  The drops in listing prices and sale prices demonstrate this.  The significant increase in days on market also supports this conclusion. 

In summary if you are looking to sell a house in Tyngsborough, MA now you should expect to get a little 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 Tyngsborough, 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: Tyngsborough Bridge by Gary McGath via Wikipedia)

 

 

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